Wishes Beyond the Grave

It is just the nature of death, which happens to be the biggest unknown and return unto which can never ever happen, that we human beings more often than not wish to at least carry a part of our selves over with our dear ones. Whereas the most effective way for some “remembrance” is to engineer who controls their valuables and tangible legacies, others ground it on pure emotions of relationships and law’s decisions regarding hierarchies. The Will, on the one hand ensures that you will be able to execute all wishes of the departed by way of a meticulously drafted Will; while the Succession drives long arduous process of identification (hopefully) of all assets followed by laws of succession and execution by leaving heirs. In any case – last but not least, the Testator either way will die or intestate i.e with dying a living work for low-functioning fats on paper – they can be more easily combated in the event make to sound feelings of synapses from beyond the grave well owned by them alive good theory clear lines between opponents such a legacy.

WILLS in India:

Will is a legal document that tells how the person wants to distribute his assets and properties as per wish during him being alive. The will as instrument allows the estate and beneficiaries of the deceased to receive property in accordance with the intent of the deceased. In India where the family structure is complex, wills facilitate amicable division of property without disputes and avoid litigation. Unlike the UK, wherein there is a requirement of format to exist in writing, wills in India are legal documents and hence do not have such rigid formatting requirements. A will may even be written without registration and on simple paper, or better yet, a handwritten document can also be qualified as a will.

IMPORTANCE OF A VALID WILL

One should never underestimate the benefit of writing a will that is valid. Having a will not only makes estate planning seamless and effective, but it also allows the family of the deceased to steer clear of needless family feuds, and legal fights. In addition, it safeguards the interests of any legal heir/s of the deceased against relatives or claimants who may come into the picture after his/her demise seeking their quota.

Perhaps the most significant role that a will plays is the analysis of the distinction between nominee and beneficiary. A nominee is an entity that temporarily holds the property, pending its specified distribution in accordance with the will lines drawn and a beneficiary ultimately receives it. A will provides the testator an efficient way to assign a nominee for distribution of assets as per will.

The biggest advantage of a will is that it ensures the planning of funds and coming up with guardians for minors or dependants. Without a will, it is left up to the courts to determine how funds are distributed and who assumes guardianship of the children, should one or both parents perish. On the other hand, with a will, both parents or one can assign guardians and bequeath property and funds for their children’s (or anyone as per the Testator’s wish) future and education.

ESSENTIAL ELEMENTS OF A VALID WILL

However, one of the most important factors in a will is that it must contain the essential elements of an Indian will as per will law in India which are prescribed by way of different provisions under Indian Succession Act, 1925:

• Will is not a gift; it is a declaration made and signed by the person over 18 years of age and of sound mind. Thus, excludes the people of unsound mind and minor to make a will.
• An individual who is not in a situation to arrive at a legitimate conclusion or in an entire express of psyche because of intoxication or illness where he can not peruse the results of his activities, cannot draft a lawfully substantial will.
• If any portion of a will is created under duress, coercion, or threat — none of which can be legally upheld because the rights have not been exercised in free will while drawing up your will.

Listing of Assets– Each will should be listing all assets consisting of property the testator (the person who produces or makes a will) has, savings, shares, stocks, bonds and various other financial properties which are owned. This need to be done very carefully so that no material information is left out.

Division of Assets – The will should include a clear and unambiguous system for division of assets owned by the individual once the list of such articles is made so that nothing goes unnoticed and no unnecessary bickering ensues at time of functioning of the Will. If a minor receives any asset it is required to name the custodian of the minor.

Adding sign and witnesses to the will – Once the will is drafted and finished, it needs to be signed with a date. In addition to this, it must be signed in the presence of two witnesses who only need to observe that you have signed the will. When it comes to law, witnesses add gravity to the will which is why it is a necessary step.

STEPS AND PROCESS OF WILL REGISTRATION

The step by step process to register the will under the Indian Registration act, 1908 is as follows-

STAGE 1- A person needs to present the said will at Sub-registrar’s office, closest to the jurisdiction of house of individual who made the said Will. As per Indian Laws, there are no government charges payable for registration of a Will. Consequently, a Will is registered free of charge with the Sub-registrar office.

STAGE 2- Physical presence of the testator at Sub-registrar’s office carrying along with two witnesses and documents. Once the documents are verified, the sub-registrar will register the particular will by signing on behalf of all witnesses in a particular will. The time taken is generally between 30-45 mins at the sub-registrar office for registering the will.

CONCLUSION

While Registered Wills are pretty much the same as their unregistered counterparts, they do offer quite a good deal of benefits over them, like being able to file a petition for a probate of the Will which essentially guarantees your assets and properties are managed in accordance to what you have specified right down to paper. In addition to this, since a duplicate of such Wills is preserved in the sub-registrar’s office itself there is much less room for any underhanded technique for handling your assets.