I have been creating a movement asking IFA in every city to go and create a will for themselves (to start with) and all their clients. This is surely a revenue generating activity for them – and they will need a lawyer to do it.
It is not to say that the IFA does not have a role. In fact many IFA undermine their role by referring the client to a lawyer. That is stupid.
There are 3 parts to writing a will. What role does the IFA play?
- motivating the client enough to write a will
- the cost of writing a will is Rs. 7000, cost of NOT WRITING could be 0 to 10L
- making sure that all the dependents and stake holders are included
- telling the client how to communicate the content of the will to the family
- deciding who in the family needs to know the full content
- Keeping an audio / video recording of the will explanation / writing
- Explaining in a non English language the content of the will
- making sure that all the assets are mentioned accurately
it is almost endless. The IFA should invite say 10 couples at a time and get the will made. If this is not done, the client will go away saying “good gyaan” and do NOTHING about it.
Once all this is done the IFA should send a draft will to the client and get him to fill up all the details – Pan, aadhar, address, address of the properties to be mentioned in the will, get a print out, get the client’s signature and then do a print out. This print out will be signed by the client for accuracy and retained by the IFA.
All these raw material will then be taken to the lawyer, the will printed out, and NOTARISED.
Having a written will is almost mandatory (forget the exceptions!), it helps in getting the probate.
My take is –
Have a written will,
have it NOTARISED for sure. Registration is recommended, but not compulsory.
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