Will- Meaning and when is it required

Are you an owner of the property?

But having a fear of what to do of it after your death?

Can create a ‘Will’ and vest the property into someone’s safe hand after your death.

‘Will’ is a legal declaration disclosing the testator’s (person creating the will) intention of the transfer of the property into someone’s hand after his death.

A Will is an important document which enables the individual / any living person to rightfully leave his assets and wealth to whomever he chooses to, after his death.

REQUIREMENTS FOR A VALID WILL

To avoid a Will being challenged on the basis of its validity, it is important to ensure that all requirements for a valid Will have been satisfied which are as follows:

• must be in writing;
• must be signed by the person executing the Will(testator);
• must be signed in the presence of at least 2 witnesses and
• must be signed by the 2 witnesses in presence of testator.

GOVERNING RULES OF A WILL

Laws relating to Will are governed by the provisions of the Indian Succession Act, 1925. However Muslims are not governed by the Indian Succession Act, 1925 and they can dispose their property according to Muslim Law.

ESSENTIAL CHARACTERISTICS OF A WILL

• Will is a legal declaration of testator‘s intention with respect to transfer of the property after his death.

• The declaration must be with respect to property of the testator.

• The declaration should be effective and operative only after the death of the testator.

• Will is not effective during the lifetime of testator and can be revoked at anytime during his life time.

WHO CAN EXECUTE A WILL

Section 59 of the Indian Succession Act, 1925 deals with persons capable of making wills. These are elaborated below:

1.      Every person who is of sound mind

2.      A person who is not a minor i.e., above of 18 years of age can make a will

3.      Any married woman can make a will of any property

4.      Persons who are deaf or dumb or blind can make a will provided they are able to know

            what they do by it.

5.       A person who is ordinarily insane may make a Will during an interval in which he is of sound mind.

IMPORTANT CLAUSES TO INCLUDE IN A WILL

Some of the points elaborated below must be covered for making an effective Will:

1.      Revocation

This clause is necessary at the time when the testator already has previous wills. A revocation clause will revoke the older wills and proofs that only this document is now the controlling force on the testator’s estate. 

2.      Description of the property

Details of the property on which the beneficiary is entitled to use and enjoy the said property after the testator’s death.

3.      Appointment of executor or personal representative

One of the important clause in a will is mentioning a name of individual who would serve as the will’s executor or Personal Representative. He will be responsible of gathering the estate’s assets and distributing them to the beneficiaries.

4.      Guardianship of children

In case a testator has minor children then this clause allows him to mention the name of guardian for his minor children in the event of the testator’s death.

This clause usually takes effect if the other spouse is deceased or incapacitated.

5.      Failure clause

In case where the beneficiaries and eligible heirs named in the Will dies before a testator death, then their estate will be given to the government.