What is will
A will is a crucial legal document that allows individuals to plan the distribution of their assets and properties as per their wishes after their lifetime. In India, the Indian Succession Act of 1925 defines a will as the formal expression of a Testator’s desires regarding their assets to be executed after their demise. Additionally, under the General Clauses Act of 1897, a will encompasses a codicil and any document that voluntarily disposes of property after death. Understanding the legal aspects surrounding wills is fundamental for effective estate planning.
Essentials of a Valid Will
A Will should be drafted in clear and concise language to avoid any ambiguities. The Testator should have a clear and proper understanding of the contents of the Will. A Will can be either written or typed. It is important to enumerate the list of each asset rather than just providing a blanket statement. Under section 63 of the Indian Succession Act 1925, the Testator has to sign the Will, or it has to be signed by another person authorized by the Testator. The mark of the signature should have to be placed, as it should show the intention of the Testator to give effect to the Will and have to be attested by at least two or more witnesses.
Various essential elements required to have a valid Indian Will are laid down by the Indian Succession Act of 1925:
1. Every person who writes a will must be of sound mind and above the year 18.
2. A person incapable of making valid judgments cannot create a will.
3. Every person cannot create a will if he is in such a state of mind, whether arising from intoxication, illness, or any other cause, that he does not know what a person is doing.
4. Any will or part of it will be obtained through fraud or coercion.
When does a will matter
If a person passes away without creating a valid will, it will be considered intestate. In such cases, the individual’s assets and properties will be distributed under the relevant laws. Effective estate planning is crucial, with a will playing a key role in this process to mitigate uncertainties.
Wills are vital in estate and succession planning, catering to individuals across all economic categories. A carefully tailored will may guarantee that your wishes are respected after a lifetime.
