As one becomes older there is a need to facilitate the easy disbursement of one's posessions and properties to one's loved ones and dependants, so that there will be no legal battles among them. For this reason it is advisable that everyone with some property or wealth should prepare a "WILL".
A "WILL" can be defined as "A legal statement written by an individual, stating the manner in which his or her wealth may be distributed after his or her demise." A person making a Will is known as a "TESTATOR".
It is best that one consults an advocate before preparing a Will. It would be better if the advocate is a person on whom you have the utmost confidence.
Here are some guidelines to prepare a WILL.
It is better to make a Will at a younger age. As and when events or changes in the family necessitate changes the Will can be changed. One of the advantages

of making a Will at an earlier age is that unscrupulous relatives could contest the legality of the Will made by a very old person on the basis that the

person was not of sound mind when the Will was made.
A Will must always be dated. If more than one Will is made then the one having the latest date will nullify all other Wills. In fact it would be better to

make a statement nullifying all other Wills.
A Will should be Simple, Precise and Clear. Otherwise there may be problems for the legal heirs. Sometimes relatives and others may try to distort the interpretation of the Will for their own benefit. It is always better to take the advise of a trusted advocate.
A Will can be hand-written or typed out. No stamp paper is necessary.
There should be an Executor of the Will who would be entrusted with the responsibility of ensuring that the assets are distributed according to the provisions of the Will. Sometimes more than one Executor may be required to execute the Will. The Testator (person making the Will) should take the prior consent of the person whom he or she wishes to name as the Executor.
A Will should be signed by the Testator in the presence of atleast two Witnesses who have to attest the same. The full names and addresss of the Witnesses should be clearly indicated in the Will. It would be better if one of the Witnesses is a medical practitioner, but this is not essential. The practitioner should certify that the Testator is of sound mind (especially if the Testator is of an advanced age) and he or she should also note his or her registration number and degree (educational qualification). A Witness should not be a beneficiary of the Will. A Witness should also not be an Executor of the Will.
Each page of the Will should be serially numbered and signed by the Testator and the Witnesses. This is to prevent substitution, replacement or insertion of a page or pages by persons with fraudulent intentions. At the end of the Will the Testator can indicate the total number of pages in the Will. Corrections if any should be countersigned.
The Will may be kept in a safe place like a bank vault. The Executor and the beneficiaries should be informed where the Will is kept. It is advisable to keep a signed copy of the Will with a trusted advocate. Duplicate copies of the Will may be made, signed by the Testator and the Witnesses and kept at separate places so that if one is misplaced the other may be used.
Sometimes the value of certain items of the assets (example: value of share certificates) may fluctuate. In such a situation, it is better to mention the percentage of such item/s which should go to each beneficiary.

Whenever changes in the family circumstances or other reasons necessitate any change in the Will in the intervening period (from the time of making the Will to the time of demise of the Testator), the structure of the Will can be amended. Even if there are changes in the nature of the property or assets, an amendment may be needed.
For making changes only in certain clauses of the Will, a Codicil (supplement) is to be prepared which should be read in conjunction with the Will and which has the power to make appopriate changes in the relevant clauses of the Will.
If there are too many changes in the Will, it is better to prepare an entirely new Will.
It is not compulsory for one to register a Will with the Registering Authority, but in case any property or asset is given to any charitable organisation, then registration should be done.
A person's Will becomes operative only after his or her demise.There is no restriction in the way a person can deal with his or her property even after writing the Will.
(The details provided above are only guidelines. You are well advised to seek legal advice before executing a Will)

Other than ensuring good health what are the things that elders must ensure while planning for the future?
The three most important things that one must remember while planning for the future are: 1) to invest one's money safely, 2)insure oneself for medical

benefits and 3)Write a Will.
What are the schemes being offered to Senior Citizens regarding investment and insurance?
helpagesociety.org has given below some links to learn about a few schemes offered to Senior Citizens.
LIC Policy NavPrabhat - A Special Plan for Senior Citizens Senior Citizens' Unit Plan (SCUP) from Unit Trust of India


LIC's "NAV PRABHAT" : (Courtesy LIC of India)
Old age may bring in its wake, not only wisdom but also problems. Some people may be faced with financial problems, others may have health problems and yet others may have relatives dependent on them. To take care of some of the problems of old age, LIC has, in the 'Year of Senior citizens', come out with "Nav Prabhat". It provides for risk cover at a comparatively low cost and relief for disability due to accident or illness and an option for a life pension after the maturity of the policy. It is a plan that not only takes care of old age needs but also provides for dependants.
UNIQUE FEATURES :
Disability Benefit : This is the only plan which offers benefits on total permanent disability due to sickness and even on partial permanent disability due to accident. The benefits will be in the form of waiver of further premiums and regular payments of 5 to 10% of the Sum Assured every year during the term of

the policy subject to certain conditions.
BENEFITS :
(a) Maturity Benefit: On the life assured surviving the maturity date, a sum equal to the total amount of premiums paid during the term of the contract (excluding all extra premiums, if any) together with Loyalty Addition, if any, will become payable. The policyholder will have an option to have the maturity

benefit in the form of an immediate life pension at the rates prevailing at the time of maturity.
(b) Payment on Death : On death during the term of the policy, the basic Sum Assured together with Loyalty Addition, if any, will be payble.
(c) Accident Benefit : Accident Benefit is available subject to certain conditions.
(d) Loyalty Addition : Likelihood of Loyalty Addition subject to certain conditions.

ELIGIBILITY CONDITIONS

a. Minimum age at entry 50 years nearest birthday
b. Maximum age at entry 70 years nearest birthday
c. Minimum age at Maturity 60 years nearest birhtday
d. Maximum age Maturity 75 years nearest birthday
e. Minimum policy term 5 years
f. Sum Assured Mimimum of Rs. 50,000 and in multiples of
Rs. 50,000 thereafter up to a Maximum of Rs.20,000
g. Modes of Premium Yly, Hly, Qly, Single Premium

LIC Policy NavPrabhat - A Special Plan for Senior Citizens
LIC's Other policies

Unit Trust of India's "Senior Citizens' Unit Plan" (SCUP) Senior Citizens' Unit Plan is a hospitalisation insurance scheme which helps you to save for hospitalisation costs for you and your spouse up to Rs. 5 lakhs after the age of 58 years, at the best private hospitals in the country. At present UTI has tied up with 184 hospitals in 55 cities and towns across the country for this purpose. Apart from the hospitalisation cover the investor will also be receiving a regular annuity from the age of 58. Further, the investor can also have a lumpsum savings - referred to as the residual amount which could be withdrawn after 61. Hospitalisation cover however, will continue for lifetime of both the member and his/her spouse.
Features
1. Date of introduction : 03/05/1993.
2. A medical insurance Scheme which provides hospitalisation cover.
3. The cover includes the investor and his spouse.
4. Tie up with 184 hospitals in 55 cities and towns across the country.
5. After completing 54 years of age, the investor will be issued an identity card and a log book for both the investor and his/her spouse.

6. The investor or his/ her spouse can produce the identity card and log book at any of the 184 empanelled hospitals and avail of treatment without having to settle the bills. Bills will be settled by M/s New India Assurance Co. Ltd.

7. After the investor completes 58 years of age he/she and his / her spouse gets a hospitalisation cover of Rs.2.5 lakhs, which is later enhanced to Rs.5 lakhs on the investor completing 61 years. After the investor becomes entitled for hospitalisation cover, for every claim free year, the hospitalisation cover is enhanced by 5 % (subject to ceiling of 10 such enhancements).

8. There is an expense limit of Rs.1.5 lakhs for every illness(defined as a continuous period of treatment for a period of 45 days or relapse within 45

days).
i. The units are sold at par i.e. Rs.10/-.
ii. Any individual who is between 18-54 years of age can join the Plan.
ii. Amount to be invested depends on the age