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Will Preparations for Secure Transfer of Property
Making a will (a written document) is a responsible task that requires attention to detail. Get advice from our best legal professionals with all of your Will-related difficulties!
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Are you continually concerned about what will happen to your property and possessions after you? Make a Will with Licit 360 and enjoy peace of mind!
A Will is a legally binding document that specifies what happens to your property and assets after your death. According to the Indian Succession Act of 1925, anyone who is of sound mind and over the age of 18 can form a will to leave their property to their loved ones for their comfort. In India, a will might be handwritten or typed. In such cases, the ‘typed’ Will is more compelling. The absence of a Will, particularly if you have multiple legal heirs, might lead to issues and uncertainties.
An owner may cancel or revoke their Will at any moment prior to death. However, life is fraught with uncertainties. The greatest uncertainty is death. So, don’t take a chance when you can clarify everything right now. Contact Licit 360 and let our experts handle all of your Will-related concerns.
Secure Inheritance of Your Property through a Will
- A will is an important legal document that ensures the heir receives an inheritance. It lets you to specify who will receive the property; it can be a spouse, children, a designated legatee, or a charity. A properly designed and registered will avoid ambiguity and any disputes between heirs after death.
- In the absence of a will, the intestacy process takes over. This means that the law determines how the assets are to be dispersed, which may not represent the preferences of the person making the will. The probate court becomes involved, which can be time-consuming and costly.
- By making a Will, one assures that his desires are fulfilled while dispersing his possessions after death. The selected heirs receive what is intended, and the procedure goes much more smoothly during an already stressful period following the testator’s death. While not required, a Will provides piece of mind by ensuring that the legacy is managed by the plan.
Will for transfer of Property
A will is an important legal instrument that transfers property after the testator's death in accordance with their preferences. It serves as a testamentary disposition, a legal declaration of the testator's intentions for their property. Unlike a deed, which transfers property instantaneously, a Will takes effect after the testator's death.
Without a Will, a person dies intestate, and the law determines how their property (real estate, bank accounts, investments such as mutual funds, etc.) is divided. This may go against the deceased person's desires and result in property conflicts among successors. While there is no set format (save in some places like Louisiana), a legally valid Will in India normally follows the standards outlined in the Indian Succession Act.
- The testator must write and sign the Will in front of two or more witnesses who are of legal age (typically 18) but are not beneficiaries of the Will. The witnesses must then sign and verify that they observed the testator sign willingly.
- The Will should list all assets (immovable property, personal property, etc.) and name beneficiaries for each. It can also appoint an executor to oversee estate distribution and a guardian for minors.
- Wills come in a variety of forms, each with its own set of formalities. Consulting a lawyer guarantees that your will satisfies all legal criteria.
How do I prepare a will in compliance with the Indian Succession Act of 1925?
While a Will does not have to follow a precise format, it must have certain legal provisions in order to be considered valid. Here's how to ensure that wishes for the disposition of property and assets are correctly documented.
Title and introduction:-
Start with a clear title, like "Last Will of [Your Full Legal Name]." Declare that the person producing the will is of sound mind and body when creating it.
Inventory of assets:-
List the testator's assets, including real estate, bank accounts, investments, and jewels.
Designating Beneficiaries:-
Clearly state who will inherit the assets. This can include individuals, charities, or a combination of the two. Please describe the exact portion or percentage of the estate that each beneficiary is entitled to.
Executor and Guardian:-
Appoint a trustworthy someone, the executor, to oversee the distribution of assets in accordance with the Will's directions. If the testator has minor children, appoint a guardian to care for them after death
Signing and witnessing:
Sign each page of the will in front of two witnesses who are at least 18 years old and are not beneficiaries under the Will. The witnesses must next sign and swear that they observed the testator sign the Will freely.
Final touches:-
Include the date and location of the signing, as well as the full names and addresses of any witnesses.
What is the Codicil of Will?
It is a legal instrument that allows changes to an existing will. It acts as an addendum, allowing someone to update particular elements of their Will without generating a whole new one. This is beneficial in a variety of contexts.
- Perhaps a new property was purchased, or a grandchild was born. It enables for these modifications, ensuring that the Will matches current wishes.
- A Codicil can be used to address changes in relationships or to change the allocation of assets. One can change the recipients or the allocation percentages they receive.
- If a provision of the Will appears ambiguous, a Codicil can provide additional explanation to avoid any conflicts after the testator’s death.
It is vital to remember that Codicils are subject to particular legal criteria. Typically, they must be signed by the testator and witnessed by the same number of individuals as the original will. While codicils are fine for small adjustments, larger revisions may need visiting a lawyer to write a new Will.
Benefits
All Assets Revealed
Fair Property Distribution
Financial Security
Appointing guardians for minors.
Less stress and disputes.
Less Inheritance Tax.
Inventory of assets.
Flexibility of choice
Avoid Statutory Devolution.
Reduce Legal Problems
Funeral Instructions
Registration Process
- To ensure that the procedure runs well, our legal specialists will review all of the documentation you submit.
- Our best lawyers are available to assist you with document requirements and Will needs.
- The respective specialist will proceed with your materials to apply for your Will.
- After successfully validating all of your paperwork, the applicant will receive his Will within 5-6 months, or with some further delay.
- It is recommended that you wait until one of our specialists calls you to inform you that your Will has been generated.
FAQs on Will
Make a Will to divide your assets according to your intentions and to avoid disputes among legal successors. A correctly prepared Will allows you to disperse assets in a specific proportion to your spouse, children, parents, and anybody else you choose to transfer them to.
Your assets and property will be divided and distributed in accordance with the Succession Laws, which are based on the religion of the deceased.
After turning 18, you can make a will at any time. However, after getting married and having children, one should prepare a will, as these variables have a significant impact on the contents of the will.
The court will appoint an administrator to fulfill the executor's duties.
No. The testator can choose whether or not to register his Will. To be on the safe side, if a Will is registered, it will serve as written proof in the hands of the registrar and cannot be changed later.
Anyone over the age of 18 and of sound mind can serve as a witness to the will. However, it is not suggested that beneficiaries serve as witnesses.
No, even if the Will is not registered, it must be signed by at least two witnesses to be considered legal
Yes, you can amend or update your will at any moment by discarding the old one and creating a new one. If the Will is filed with the registrar, the agent(s) selected by the testator may apply to change the registered Will.
Yes, handwritten wills are permissible in India. However, it must be thorough and meet the conditions or elements of a legal Will.
Section 73 of the Indian Succession Act 1925 allows a person to re-execute a revoked Will.