What Is a Will?

A Will is a legal declaration. Certain formalities must be completed to make a valid Will like getting it signed and attested, as required by law. The main intention of a Will is to dispose of one’s property— assets which will be given to others following the death of its Testator. A Will only becomes enforceable after the Testator’s passing. It serves to grant absolutely no rights to the legatee (i.e. the heir) prior to the death of the Testator.

Do I need a Will?

A will is a planned, systematic and useful tool for Succession Planning. Along with protecting the rights of the heirs, it also serves to take care of any special needs or requirements they may have.

If you are looking for ways to legally and financially safeguard the interests of your family in the event of your death, a will is fundamental.

It can also facilitate the exclusion of undesirables, i.e. serve as a record for disinheritance and stop/help disproportionate distribution of assets— rewarding trusted and loyal individuals or avoiding any dispute and difference within the family.

Eligibility For Making A Will

  • A person who has attained majority and is of sound mind is eligible to make a will. (In India, the age of majority is 18 years).

  • Even a person considered to be of unsound mind can make a valid will provided it is made during their lucid intervals. A will devised by a minor is void.

  • The Indian succession act states that anyone who can hold assets and property can become a legatee. So, a minor, an individual of unsound mind, a juristic person, a corporation, etc. can be a beneficiary.

What Can Wills Do?

Appoint two or more executors jointly or as alternatives. Even, record names and addresses of the attesting witnesses below their signatures.

Provide clarity about whether a nominee is entitled to receive the shares or property nominated, or whether he/she would hold this asset subject to the terms of the Will.

Clarity whether a 2nd holder to an asset is entitled to receive ownership of the asset, or whether he/she would be joined by legatees named in the Will.

Directions for the discharge of liabilities, loans, expenses, taxes, and charitable donations, if any.

Specific bequests, such as:

  • Transfer of real estate assets to specified persons

  • Payment of specified amounts to employees, friends and relatives

  • Delivery of personal items (e.g. watches), artwork, jewellery, religious objects to specified persons

  • Residuary bequest of all remaining assets.

Things To Remember In The Making Of The Will

Things To Remember In The Making Of The Will

  • Wills should be simple, clear, and concise and not contain hand-written changes or typos.

  • The Testator and two witnesses must all sign in each others’ presence.

  • In the case of unequal distribution of assets, explain the reasons been done.

  • It is preferable to register the Will in the proper offices. Calling the registrar to the house demonstrates instability and should be avoided.

  • The person drafting the Will should receive instructions from the Testator in person, and written notes should be maintained.

  • Making specific reference of assets, shares, accounts demonstrates clarity of thought of the Testator.

  • To obtain a doctors certificate stating the mental health of the Testator.

  • Do video record the execution of the Will.

  • Do not have multiple ‘Wills’ but have codicils attached in case of change.

Revocation/Cancellation Of Will

  • By making a new will.

  • Few provisions may be altered/ revoked by Codicil(s)

  • Upon marriage (first or subsequent marriage) of Parsi and Christian individuals, entire Will is automatically cancelled.