INTRODUCTION
A Will mainly aims at:
- Disposition of property
- Being made according to the wishes of the testator
Its primary Characteristics are:
- It takes effect after the death of the testator
- It is revocable during the lifetime of the testator
KINDS OF WILLS
1. Conditional/ Contingent Will:
- This is only enforceable in the event of the happening of the mentioned contingency
2. Joint Will:
- Two or more persons may agree to make a conjoint will
- This does not imply joint ownership
3. Mutual Will:
- Two testators may confer reciprocal benefits through this instrument
4. Duplicate Will:
- This is for safety purposes
- One copy stays with the testator
- The duplicate copy is kept with a bank/ executor/ trustee
- Mutilation /Destruction of testator's copy revokes the Will
- Both copies must be duly signed and attested
5. Concurrent Will:
- This is generally used for disposition of properties in different countries
- They are to be treated as independent of each other
6. Privileged Will:
- A soldier in actual warfare may pronounce his will orally before two witnesses
ADVANTAGES OF A WILL
- Avoidance of any family dispute by
clear disposition of property in the will
- Easy transmission of property on the basis of the will
- Properties can be earmarked/apportioned for each beneficiary, leading to avoidance of dispute amongst legal heirs
- Equitable distribution of property not necessary.
- Some legal heirs may be excluded.
- Disputes between legal heirs is averted.
- Fraudulent family members can be excluded
- Sensible choice today
- Advantageous from the tax planning perspective
- Special responsibilities can be catered to towards a needy family member
- Special provision can be made for non family members
- If No will,
- you may be required to still go to the court for Letter of administration of properties, and
- if only moveable properties left, one may be asked to obtain succession certificate from the court.
- Usually Banks for bank accounts having good sum of money in the account or lockers /companies w.r.t. shares etc., insist upon succession certificate.
- If there is a dispute who is the legal heir, this is the easiest way of planning.
- Corporate restructuring / settlement after death.
WHO CAN MAKE A WILL?
- The person should be of sound mind
- The person should be a major
- Person with disability (impaired hearing, vision or speech)
- An insane person in a lucid interval of sanity
- Foreigners and convicts
The following cannot make a will:
- A person who is intoxicated or ill to a level that hampers his comprehension
- Corporate bodies are incapable of making a will
ELIGIBILITY FOR MAKING A WILL
- As has been provided for in Section
59 of the Indian Succession Act, the following are the basic
criteria for making a will:
- Testamentary capacity and sound disposing mind
- Knowledge of contents
- Free from undue influence/ fraud/ coercion
- Voluntary act
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