Everybody is concerned about the things which mattered to them the most, it can be their family, friends, business or estate and to make themselves satisfactory they try to preserve and save their estate, while they try to provide a better future to their family or loved ones, but what will happen to their family or loved ones after their demise?
The Person’s estate can be distributed after his death among the loved and dear ones to whom he specifically wants to give it through a Will. If a person dies without leaving behind his Will, his property will devolve through intestate succession in which the distribution takes place between the spouse and his heirs after the death of that person,
Therefore, it is preferred that one should make a Will to ensure that one’s actual intention is being followed and the estate is devolved according to his wish.
What is a Will?
According to Section- 2(h) of the Indian Succession Act, 1925,
“A Will or Testament is a legal declaration of the intention of a person when he wants to distribute his estate as a testator to the people who would be inheriting the estate after his death.
It is to be duly noted that the testator cannot include any property in his Will, which is a joint family property or ancestral property.”
Who can make a Will?
According to Section 59 of the Indian Succession Act, 1925,
- A Will can be made by any person who attains majority at the age of 18 years,
- A Person must not be mentally challenged, but if a person who at the time of making the Will is mentally sound, that Will shall be valid in the eyes of Law,
- A Will is not valid, when at the time of the making of the Will the person is not able to understand the nature and consequences of his acts due to intoxication.
Advantages of Will.
- Instructions Delivered: A Will leaves explicit details and directions about the deceased’s property and estate.
- No Confusion: A Will specifies about the share of the property to be given to the inheritor, as declared by the testator. Thus, there can be no confusion about the distribution with respect to the property.
- Protection to Business: A Will plays an important role in the protection of the one’s business, by passing on their company or power of attorney to one’s preferred heirs.
- Safety for Minor Children: The Testator can create safety instructions for his minor children by appointing a guardian of his choice and can also make financial arrangements for them.
- Revocation and Modification: A Will can be revoked during the testator’s lifetime, and a will can also be modified, if circumstances change and the testator wants to remove or include any of the relatives or near ones, he can make the same changes in his Will.
- No requirement of a Lawyer: A person can make his own Will all by himself, there is no requirement to get a Will made by a lawyer, so there will be no trouble of visiting the lawyer every day.
Important Details and Clauses to be Included under a Will.
A Will should contain the following details, such as:
- The Person making the Will, or the Testator should state his Name, Age, Lineage, and Address under it.
- The Testator must state the beneficiaries, there can be one or multiple beneficiaries, the details like their Name, Age, Address, and Relationship of the beneficiary with the Testator.
- The Estate or Property details which the testator wants to give to the certain beneficiary under his Will after his demise, the details of the estate or property is important, like the registration number, the date of registration and other details which are relevant and important to the subject.
- The Details and whereabouts of other assets should be described specifically,
- The Testator should appoint an Executor of his Will, thus after the death of the testator, the Will shall be executed by the Executor.
- The Date and Signature should be clearly mentioned at the below of the document, and if any detail is mentioned after the signature that detail shall be declared void.
Revocation of Will.
The Termination or Revocation of the Will can be done by:
- Writing and declaring an intention to revoke the Will,
- Burning of the Will,
- Execution of a Subsequent Will,
- Tearing of the Will,
- Otherwise Destroying the Will,
- Loss of Will shall be presumed to be revoked.