By Aakanksha Surana (Jr. Associate, Lex Services)
Every person’s desire is that his hard-earned money and properties that he has acquired during his life shall be distributed to such person/people who shall take care of it. Thus, a Will is made by such person to ensure his property is correctly devolved after his death. Hence, in simple words, a Will is the legal document that expresses a person’s (“Testator”) wishes as to how his property shall be devolved after his death.
Nothing is promised in life, except death.World’s maximum litigation is on distribution of properties. So, if you aren’t comfortable drafting your own will, consider consulting a lawyer or estate planner. However, before you do that, brush up on these essential things you should know about writing a will.
WHY WILL?:
- The Testator does not want to distribute his property as per law of succession.
- Through his Will the Testator can make use of and/or distribute his property as per his wishes.
- To avoid any misuse and/or waste of his property after his death.
- To appoint guardian for his minor children so as to manage the affairs of his estate after his death.
- To avoid any possible disputes between the legal heirs in respect of distribution of his
estate.
REQUISITE OF WILL: –
- Doctor/Medical Certificate is required certifying soundness of Testator.
- Atleast one executor.
- Should be a written document showing how the estate shall be distributed after the Testator’s death. There is No fixed format of a Will.
- Signature of the Testator.
- Minimum two Attesting witnesses.
CODICIL:
Codicil is an instrument made in relation to a will, explaining, altering or adding to its dispositions and is deemed to be a part of will. The purpose of codicil is to make small changes in the will, which has already been executed. Codicil must be reduced in writing and has to be signed by the testator and attested by two witnesses (if possible, by the same witnesses).
REVOCATION OF A WILL:
One can revoke a will at any time and for any reason. Many people revoke wills because they want to draft a new one after divorce, remarriage, or the birth of a child. The following are the ways to go about revoking your will which are as follows:
- By making the Deed of Revocation and signing the same as per the signatures required while making a Will.
- By making second Will or Codicil or any other document in the nature of Will.
- By destroying the original Will, however the intention of the Testator should be to cancel the Will.
IS REGISTRATION OF A WILL COMPULSORY?
In India, registration of Will is not compulsory. As per Section 18 (e) of the registration Act, 1908, registration of a will is optional. If the Testator wishes to register his will, nominal stamp duty along with registration fees is payable. However, non-registration of a Will does not lead to any inference against its genuineness. Thus, in simple words a Will can be written on a piece of paper without it being notarised or registered. However, the only advantage of registering a Will is that it provides a definitive legal backing in case of disputes.
CONCLUSION:
Will plays a significant role as it makes proactive decisions for deceased person’s loved once rather than leaving them unsettled. Whether you plan on writing a Will today or in the future, keep in mind the essentials of the Will to execute a valid Will.
DISCLAIMER
This article is the personal view of the Author. This article is for information purpose only. This newsletter is not a substitute for professional advice. Lex Services disclaim all responsibility and accept no liability for consequences of any person acting or refraining from acting on the basis of any information contained herein.
Copyright©: Lex Services. All rights reserved.
