What is a Will?
A will is a legal document that expresses a person’s wishes for the distribution of his property, both real and personal, as well as his obligations among his legal heirs. After the writer’s death, the will becomes enforceable. If the person is still alive, the will cannot be enforced. To inherit property through a will, you must also have a succession certificate. When a family dispute arises, the will may need to be proved in court, which requires the presence of two witnesses who witnessed that the will was written. The Indian Succession Act of 1925 covers wills regardless of the person’s caste or religion.
Can someone write a will?
A person of sound mind who is at least 18 years old may make a will in accordance with their wishes, according to the Indian Succession Act of 1925. Whom the person drafting the will wishes to receive his possessions and who he does not depends only on him. No one is able to wear them for this. Everyone who drafts a will has the right to include all assets, including shares and immovable and moveable property.
Why does one need a will?
You can protect the rights of your family by preparing a will. It is entirely up to you to decide who you want to donate your property to and who not.
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It simplifies the process of allocating your inheritance to your heirs.
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By doing so, property disputes within the household can be avoided as you can specify in your will who will inherit what. As a result, family arguments can be avoided.
You can also include instructions for the care of your dependents, including children and pets, by writing a will. This careful assessment of every element of your life can provide you with comfort, you should have the confidence that your loved ones will be taken care of even after you are gone.
What happens if a will is not created?
It facilitates simple transfer of ownership using a will and property mutation.
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Your legal heirs will be able to quickly modify the property through this.
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The Hindu Succession Law is used to divide property.
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As per Indian law, a will is enforceable everywhere in India.
If a person dies without a will. In that case, India is subject to the Indian Succession Act 1965. Suppose the will is missing for six months after the death of the testator. Then, his parents will be declared his legal heirs after naming his children as his eldest son. Without a will, the law of succession often results in children inheriting first, followed by parents. If a person dies without leaving a will, the court has to decide how the property should be divided. As per Indian law, The blood relatives of the deceased will get the property. If there is no family member left, then the property will go to close relatives.
What assets are allowed to be named in a will?
- Gold, bank accounts and personal property all fall under the Hindu Succession Act 1965. This will not include any property acquired jointly with another person.
- Apartments, land, plots, and other real estate holdings
- Automobiles, bikes, cars, trucks, etc.
- Shares, brokerage accounts and bank accounts
- Pets – which are like family to me –
- Personal belongings (clothes, furniture, books, etc.)
An executor is a person or an agent designated to handle the distribution of the testator’s assets.
A testator is someone who has made a will.
To draft a will, you have to do specific things or get legal guidance.
A last will and testament is a legal document that determines what happens to your assets and wishes when you pass away.