What is a Will?
Will is a legal document stating what happens to a person’s money or property after his death.
Importance of Will
- If a person has not prepared his Will and has died, family dispute regarding the distribution of property may occur.
- Any unknown person can capture or occupy your property illegally in the absence of Will.
- If the person wants to give his share of property to his daughters, preparation of Will is an appropriate way.
Things Included in a Will
- Self owned moveable properties such as Cash, Domestic goods, Bank deposits, Provident funds, Shares or partnership in a Company.
- Self owned immoveable properties such as Land, House, shops, Farm etc.
- Any moveable or immoveable property inherited from ancestors on your name.
When to Prepare a Will
It is advisable to prepare a Will after Retirement. The best age to prepare a Will is at 60. But if a person is fighting court cases pertaining to family or matrimonial dispute or is suffering from serious health problem in less of age, he can prepare his Will before his retirement age also.
Best way to prepare a Will
- There is no set form to prepare a Will. One can write a will on a plain paper also. It is advisable to write your Will in your handwriting.
- Clarify and describe the person to whom you are transferring your properties. Clarify his name, his Father’s name, his address and your relationship with the person.
- You should include all your properties in your Will in order to avoid any family dispute later on.
- If you have any joint property with your partner, you can prepare the Will for your share of property only. Partner has the right to prepare a Will for his share of property. If both the partners are equal shareholder of the property, one partner can prepare his Will for 50 percent of the property.
- One can write his Will in any language.
- Stamp duty is not important for Will.
- One can make changes in the Will any time and as many times.
- Try to prepare your Will in short and in one page. This will help you to reduce the need of witnesses again and again. If your Will is prepared for more than one page, all the pages should be signed by two witnesses.
- Do not ignore your Daughters for no reason. Law gives equal right to them also.
Full Proof Way
- Make a list of all your properties and think carefully about how you want to distribute your property.
- Write on a plain paper or get it typed that in your complete senses you are announcing that after your death, in what share and to whom you are transferring your property.
- Choose any 2 witnesses who are well familiar with your handwriting and your signatures.
- Every page of the Will should be signed by you and both the witnesses along with thumb impressions.
- Get your Will registered at the Sub Registrar Office and get your Will entered in his register.
- It is better to video record the whole process of preparing the Will. It is not mandatory in Law.
Cases in which Will should be re-prepared
- If any witness dies before the Will comes into action, then the Will should be prepared again. When you are preparing a new Will, do mention about the cancellation of old Will.
- If your Will is lost by you, then you can prepare a new Will with some changes so that old will stands cancelled.
- If the person who’s Will is prepared and its witness dies at the same point of time, then their handwritings are the only evidence left. In such case, try to find a person who can recognize the handwriting & Signatures of the person whose will is there and its witnesses.
Whom to Choose as a Witness
- A very trust worthy person should be selected as a witness.
- Any person who is getting some share in your property cannot be chosen as a witness.
- Witness should not be benefitted in any manner from the Will.
- A witness should be mentally fit & stable and he should be in his complete senses.
- Both the witnesses should be less than the age of the person preparing his will.
- If the witnesses chosen happen to be a Lawyer and a doctor, nothing like that as a doctor can prove that the person while preparing the will was fit and in his complete senses. Lawyer can prove that the person preparing the will has done everything under legal guidance.
Also Know
According to Indian Law, a person from any religion or language can prepare his Will. But if the Will is not prepared, then for the distribution of property, one has to go to Court. Court will decide keeping in mind the Law of their religion. In such Case, People following Hindu Religion will come under Hindu law. People following Muslim religion will come under Shariat Law. Non Hindus and Non muslims will fall under Indian Section Act. If any person is against the Will and knocks the door of Court, then Court will investigate the whole matter.
You can transfer your property to a Trust also. This will benefit you to get a rebate of Rs. 1.5 Lakhs in form of Tax. While building Trust, you have to clearly mention that who is a trustee and who is the successor. The Will prepared in the name of trust can be cancelled or changed. The Trustees of the trust are responsible for taking care of the trust and the income generated from the trust will be handed over to the successors. Please Note that the successors cannot be the trustees of the trust.
If any person while taking his last breath announces his possessions & properties verbally, then with mutual consent the successors can distribute them peacefully. Law will not interfere in between. Law only comes in action at the time of any dispute.
Common Mistakes
- Ignorance of Life Partner
In many Cases it has been observed that Husbands distribute all of his properties into his children ignoring his wife. It is advisable not to do so as after husband’s death, wife may have to suffer because of this. Both husband & wife should prepare their Will on each other’s name.
- Distribution of Properties While alive
Many People Divide and distribute their possessions and properties to their successors while they are alive. Never ever do this.
- Unregistered Will
Many people do not get their Will registered as they think that the registration expenses will be according to the total property and hence will be too high. But this is not true. No matter how much your total property cost is, the registration expense is Rs. 23 which has to be deposited at the Registrar Office.
- Hiding of Complete Particulars & details of Property
Some people are hesitant to provide complete details and particulars of their properties & possessions to the Registrar office. Possibilities are that these people are hiding their black money. But it is advisable to mention the complete details of all your properties & possessions in your Will. Incomplete Will is only preferable till the time it is not challenged by anyone. It may create disputes later on.
- Illegal Will
The person preparing the Will should always mention in his Will that “Any of my Will which is unregistered will not be valid”.
- Purchase of Properties after the Will is made
Many people may forget or intentionally, do not mention the properties in the Will which they purchased after the preparation of the Will. It is advisable to write in your Will that “ from the time of preparing this Will till the time of death, If I am buying any other property, then that share of property will be given to …..”
- Disclosure of your Will to your Family
Do not disclose anything about your Will to your Family. This may disappoint the person receiving less out of the Will and he/she may force you to change your Will.
- Revolving around Agents
Many people revolve around agents to get their Will registered and get trapped. Please note that you do not require any Lawyer or Agent to get your Will registered. You have to submit Rs. 23/- at the Sub-Registrar Office and get your will registered.