How to make a will in India?

 

What is a Will?

A Will is a legal declaration made on a document by a person describing how his assets will be distributed after his death. It is a one-time document that takes effect after a person's death and allows them to make informed decisions as to how their wealth, property, and assets will be distributed after their death.

A will is a legal document, but there is no standard format for them since they can be typed or written on any document, not just stamp paper. The owner of a Will has the right to change or cancel it at any time before death.

Considering "making a will" is morbid, so many of us don't approach it with the proper mentality.

Why is making a Will Important?

It is so crucial to have a will that it should be the first thing you do with your money. Especially in cases where your family structure is complex, and you wish to leave money to various family members, you should draft your WILL right now, not tomorrow or later.

In India, for instance, if you pass away without a Will, your assets will be distributed according to Hindu Succession Law (government regulations that determine how wealth should be divided among family members). When you die without a Will in India, your assets are distributed according to the Hindu Succession Law (Government regulations that determine and occasionally even.

What type of Property can be Added to a Will?

You can add all your Movable and immovable properties to your Will.

Here is a detailed list of Of Property And Assets that you can include in your Will-

• Real estate, including buildings, land, and other real property

• Cash, such as money in checking accounts, savings accounts, and money market accounts.

• Intellectual property, royalties, patents, copyrights, etc. Intangible personal property, such as stocks, bonds, and other forms of business ownership.

• Property that is not productive, such as cars, artwork, jewelry, furniture, etc.

• In a Will, you can also mention your "residuary estate," which consists of any assets not specifically bequeathed to someone. If other beneficiaries are not named as residuary beneficiaries, a "residuary beneficiary" will inherit the remaining assets.

Here is a list of properties you can not include in a Will

• The property will automatically pass to the surviving owner if it is a joint tenancy (owned equally by two people), such as a house owned jointly with your spouse.

• Any trust, retirement plan, or insurance policy that clearly states a beneficiary 

• The transfer of stock or bonds to another party upon death (property for which a beneficiary has already been named)

Can you add your ancestral Property to the Will?

An ancestral property island that has passed down through the generations (your grandfather and father) without being divided or partitioned, which was purchased by your great grandfather.

You can only include ancestral property in your will if you have assets in your name. According to Hindu succession laws, as long as you own the assets, you can transfer them to anyone through a will.

Is it mandatory to register a will?

Registering a Will is not necessary!

There is no law requiring you to register a will! An unregistered will is also valid!

Nevertheless, we suggest registering your Will because, in the event of a dispute, it will be accepted by a court easier. 

Furthermore, if you lose or destroy your will, you can get a copy from the registrar's office!

The registration is optional, under Section 18 of the Registration Act, 1908. But, is advisable to register a WILL as a registered WILL cannot be tampered with, mutilated, destroyed, or stolen.

What is the cost of Registration of a Will?

Using Vakilsearch can save money in lawyer's fees, but registration of the will is exempt from stamp duty. You may, however, be required to pay a small registration fee, which varies by state.  

When is the right time to write a Will?

A person of legal age (21 years of age) with a sound mind can prepare a Will.

You should have a Will no matter what your age is (it should be over 21 of course) if you intend to distribute property at the time of death!

Conclusion:

Will-making is a complex legal process. Making a will in India is not as simple as in other countries because of the differences in the law regarding how assets are distributed after death. The wills and trusts that are written in India will be governed by the laws of the state where they are executed, which may vary from state to state. The Indian Supreme Court has also made it mandatory for all wills to be witnessed and notarized, which can take several days to complete.