What is a Legal Will?
A will is a legal document by which a person expresses their wishes as to distribute his property on their demise and names one or more persons, the executor, to manage the estate until its ultimate distribution.
What is a will in Indian law?
As per the Indian Succession Act 1925, a Will is a legal declaration of the intent of the testator, regarding his property which he wishes to be carried into effect after his death.
Is Unregistered will valid?
The principal characteristic of a WILL to be lawfully valid is 2 persons attesting witness to the will when the testator signs in their presence. If only one person signs as a witness then it is not a valid Will. Will need not be registered. An unregistered will is valid if it is signed by two attesting witnesses.
Who can be a witness to a will?
Most states necessitate that witnesses to the will should not stand to inherit under the terms of the will. A beneficiary’s spouse may also stand to be disqualified from being a witness. If a beneficiary to the will serves as a witness, the will to that person could be declared void by a court.
Advantages of a Making will
- Effortless Transition: A will bring in order with regard to how your assets will be handled after your death.
- Enables Choice: In case of an intestate death (without a will), your assets would devolve as per the laws of inheritance, which may not be as per your wishes. A will is where you can state exactly how you want your assets to devolve.
- Time taken: Approx. 3 to 4 working days will be required to deliver the will after the information is received. In case of modification it approx. 2 days.
Persons capable of making the Will
- Sound mind.
- Not being a minor.
- A wedded woman who suffers from no disability.
- A person who is DEAF, DUMB or BLIND is also eligible to make a will if he is capable of understanding or knowledge as to what by it.
- A person who is insane can make a will during the period where there is no attack of insanity.
6 Elements of a Will
The six essential elements of a valid will are:
- As a writer of the will must be at least 18 years of age or in other words an adult.
- You must have the testamentary capacity and must state in writing that you are of sound mind and are writing the will of your own accord.
- A statement declaring the document as your will must be included.
- An executor should be appointed.
- The document must cover at least 1 provision that name a guardian for a minor child and/or at least one provision providing for the allocation of your estate.
- If the will is not written in your handwriting (i.e., typed), you must sign the will and it must be attested to by two witnesses who are not beneficiaries and who saw the will signed by you.
Types of Will
Different type of legal will are as follows:
- Unprivileged Will.
- Privileged Will.
- Conditional or Contingent Wills.
- Joint Wills.
- Concurrent Wills.
- Mutual Wills.
- Duplicate Wills etc.