Will Preparations for Secure Transfer of Property
Making a WILL (a written document) is a work of responsibility and needs detailing. Take help from our top legal experts to handle all your Will-related issues!
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A Will is a legally obligatory document that accurately ensures what will happen to your property
and assets after your demise. The Indian Succession Act 1925 says that anyone with a sound mind and
18+ years of age or who wants to bequeath their property to their close ones and for their comfort
can make a will. In India, a Will can be either hand-written or typed. However, the 'typed' Will is
more convincing if such situations arise. Especially if you have more than one legal heir, the
absence of a Will may result in complications and doubts.
An owner can cancel or revoke their Will anytime before their death. However, life is full of
uncertainties. The biggest uncertainty is death. So, don't take a chance when you can make
everything clear now. Contact Legal251 and let our aces handle all your Will-related issues.
How to
apply
Secure Inheritance of your property by Will
A Will acts as a crucial legal declaration to secure an inheritance for the heir. It allows one to explicitly designate who receives the property it can be a spouse, children, a chosen legatee, or a charity. A properly drafted and registered will eliminate ambiguity and potential disputes among the heirs after death.
In the absence of a Will, the process of intestacy comes into the role. This means the law dictates how the assets are to be distributed, which may not reflect the wishes of the one creating the will. Probate court becomes involved, which can be lengthy and expensive.
By creating a Will, one ensures his wishes are followed while distributing his property after his death. The designated heirs receive what is intended, and the process is significantly smoother during an already difficult time following the death of the testator. While not compulsory, a Will provides peace of mind knowing that the legacy is handled by the plan.
Will for transfer of Property
A Will is a crucial legal document used to transfer property according to the testator (the person writing the Will) wishes after their death. It acts as a testamentary disposition, a legal declaration of the intentions of the testator regarding their property. Unlike a deed, which transfers property immediately, a Will takes effect only after the testator passes.
Without a Will, a person dies intestate, and the law dictates how their property (real estate, bank accounts, investments like mutual funds, etc.) is distributed. This may not align with the deceased person's wishes and can lead to property disputes among heirs. While there's no prescribed format (except in some states like Louisiana), a legally valid Will in India typically follows these guidelines as per the Indian Succession Act :
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The Will must be written and signed by the testator in the presence of two or more witnesses who are of legal age (usually 18) and not beneficiaries in the Will. The witnesses must then sign and certify that they saw the testator sign willingly. -
The Will should list the assets (immovable property, personal property, etc.) and designate beneficiaries for each. It can also name an executor to manage the distribution of the estate and a guardian for minor children.
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There are different types of Wills, each with its formalities (e.g., holographic wills handwritten and signed by the testator, living trusts created during the testator's lifetime). Consulting a lawyer ensures your Will meets all legal requirements.
How to write a will in accordance with the Indian Succession Act, of 1925?
While a Will doesn't require a specific format, including certain legal details is crucial for its validity. Here's how to ensure wishes concerning the disposal of property and assets are properly documented:
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Title and Introduction :-
Begin with a clear title, such as "Last will of [Your Full Legal Name]." Declare that the one making the will is of sound mind and body when creating this Will.
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Inventory of Assets :-
List the testator's possessions, including real estate, bank accounts, investments, and valuables.
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Designating Beneficiaries :-
Clearly state who will inherit the assets. This can be individuals, charities, or even a combination. Please specify the exact portion each beneficiary will receive, or the percentage of the estate they are entitled to.
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Executor and Guardian :-
Appoint a trusted individual, the executor, to manage the distribution of the assets according to the Will's instructions. If the testator has minor children, designate a guardian to care for them after death.
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Signing and Witnessing :-
Signature on each page of the will in the presence of two witnesses who are at least 18 years old and not beneficiaries in the Will. The witnesses must then sign and affirm that they saw the testator signing the Will willingly.
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Final Touches :-
Include the date and location of the signing along with the complete names and addresses of witnesses.
What is Codicil to Will?
It is a legal document that allows for modifications to an existing Will. It functions as an amendment, letting someone change specific parts of their Will without creating a completely new one. This proves useful in various scenarios:
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Perhaps a new property was acquired or a grandchild was born. It allows for these updates to ensure the Will reflects current wishes.
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Changes in relationships or a desire to alter the distribution of assets can be addressed through a Codicil. One can modify beneficiaries or the allocation percentages they receive.
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If a section of the Will seems unclear, a Codicil can provide further explanation to avoid potential disputes after the testator's passing.
It is important to remember that Codicils have specific legal requirements. Typically, they need to be signed by the testator and witnessed by the same number of people required for the original Will. While Codicils are suitable for minor changes, for substantial revisions, consulting a lawyer to create a new Will might be more appropriate.
Benefits
All Assets Revealed
Fair Property Distribution
Financial Security
Appointing Guardians for Minors
Diminise Legal Troubles
Inventory of Assets
Less Stress & Disputes
Flexibility of Choice
Funerary Instructions
Less Inheritance Tax
Avoid Statutory Devolution
Registration Process
Our legal experts will review all the documents you submit to lessen the chances of incorrect or misleading information to make the process smooth.
Our best lawyers are here to help you with document requirements and Will necessities.
The respective professional will move further with your documents to apply for your Will.
After successfully verifying all your documents, the applicant will get his Will within 5-6 months or with some more delay.
It's recommended to wait until one of our experts contacts you to let you know your Will has been generated.
FAQs on Will
To distribute your assets according to your choices/wishes and to prevent disputes amongst the legal heirs, you should make a Will. A properly drafted Will helps distribute assets in specified proportion amongst your spouse, children, parents, and whosoever you want to transfer it.
Your assets and property will be divided and distributed as per the Succession Laws based on the deceased person’s religion.
You can make a Will anytime after attaining the age of 18 years. However, one should make a Will after getting married and having children, as these factors considerably drive the contents of a will.
The court will appoint an administrator to carry out the executor's responsibilities.
No. It is upon the testator if he wants to register his Will or not. However, for a safe side, if a Will is registered, it will be a documented proof safe in the registrar's hands, as it cannot be tempered afterward.
Anyone aged 18+ years with a sound mind can be a witness to the Will. However, it is recommended that one must not have beneficiaries as witnesses.
No, at least two witnesses should sign the Will to make it valid, even if it is not registered.
Yes, you can change/update your will anytime by discarding the old Will and drafting a new Will. If the Will is filed before the registrar, then the agent(s) appointed by the testator may apply for amending the registered Will.
Yes, handwritten Wills are legal in India. However, it should be comprehensive and should follow the criteria or essentials of a valid Will.
According to Section 73 of the Indian Succession Act 1925, a person can revive a revoked Will by re-executing it.
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Legal251 has one of the biggest client bases, thus it makes us one of the best online platforms in India, which can help you with your Will Preparation according to the succession act. It doesn't matter where you are, we are ready to serve you online.
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The legal251 team is also known for its complete support and assistance among its clients. We not only will support you after your service is completed but we also appreciate your feedback for further improvement.
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