A will allows an individual to communicate how his or her assets will be shared among the people close to him or her after their death. The Will Format ensures that an individual’s belongings do not devolve as per the laws of inheritance, which vary as per every major religion, but as per their wishes. A will creation is usually postponed, but it’s a good practice to have one in place. The will should be updated whenever necessary. When an individual creates a will online, it must contain
- The declaration that it this will is being made free from any pressure
- It must contain the details of the individual’s property
- The details of the people who will inherit it.
A will does not need to be registered, but it’s a good practice to have it registered with the office of the sub-registrar.
IMPORTANT TERMS OF A WILL
- Intestate: If a person dies without having made a will, he or she is said to have died ‘Intestate’
- Codicil: Codicil is an amendment or change that is made in an original will. This falls under Section 2(b) and Section 62 of the Indian Succession Act
- Executor: The executor is the individual who will be in charge of distributing an estate, as per the conditions laid down in the will
- Probate: This means the copy of a will certified under the seal of a court of competent jurisdiction, with a grant of administration to the estate of the testator .
- Testator: The individual who prepares the will and signs his or her name
- Bequest: A bequest means leaving the property to someone
ADVANTAGES OF MAKING A WILL
- When an individual makes a will in their lifetime, it brings order about how their assets will be handled after their death. A will helps to significantly alleviate their inheritance burdens after the individual’s death
- In the case of an intestate death, an individual’s assets would be distributed as per the relevant provisions of the Indian Succession Act of 1925 or any other Act permissible to the religion of the person, which may not be as per the deceased person’s wishes. A will format is where an individual can state exactly how they want their assets to devolve.
- Civil cases of lengthy nature will invite huge legal expenses, effort, and time for the family involved. Having a will in place will facilitate the timely settlement and transfer of the property of the deceased. This can help save the family from costly legal tangles or property disputes
CONDITIONS TO BE SATISFIED WHILE DRAFTING A WILL
- The first condition to make a valid will format is that it should be in written form. The law also deems that the words in the will have to be clear and intelligible
- As per section 63 of the Indian Succession Act, 1925, the creator (testator) of the will format, must sign/affix his or her mark/signature on the will
- The signature /mark of the creator (or the signee on his behalf) has to be placed in such a manner, so that it discloses the clear intention of the creator, to give effect about what has been written in the will
- Section 63 also specifies that 2 or more witnesses must attest to the will. They must see that the testator (or his authorized signatory) sign/ affix his or her mark on the will. But, a beneficiary of the will must not be included among the witnesses.
PROCESS OF WILL REGISTRATION IN INDIA
As mentioned in the Registrations Act, the registration of a Will format is done at the Office of the Sub-Registrar of the State Government. The specified stamp duty levied on every registration. After the will format is drafted, the testator, accompanied by the witness/witnesses visits the Sub-Registrar to complete the official formalities. After execution, the registered will is kept in the safe custody of a lawyer or a banker. The registrars have also been given the authority to hold deposited wills. The testator or any individual authorized by him or her can deposit a sealed will with the registrar.
FAQS ON DRAFTING AND WILL REGISTRATION
WHAT IS THE FORMAT OF A WILL?
There is no one format of a will. For a will to be effective, it must be properly signed and attested. The will must be initialled by the testator at the end of every page, and next to any correction and alteration.
WHAT IS WILL REGISTRATION?
The registration of a will provides evidence that the proper concerned parties have appeared before the registering officers, and the latter had attested the same after confirming their identities. In India, the registration of wills is not mandatory, even if it relates to immovable property. The non-registration of a will does not in any way lead to any inference, against the authenticity of a will.
WHAT IS THE PROCESS TO REGISTER A WILL?
A will has to be registered with the registrar/sub-registrar with the payment of a nominal registration fee. The testator has to be personally present at the registrar’s office along with witnesses.
IS ANY STAMP DUTY PAID TO PREPARE A WILL?
No stamp duty is needed to be paid for executing a Will or a codicil. A will does not need to be prepared on stamp paper.
Once you get in touch with us at ACE ALLIANCE with your request to create a Will, we will start the process. After our team receives all the details, our expert team of lawyers and attorney will create the Will draft sample and send it across for your reference within 2- 3 business days. The price you pay for these services will includes three rounds of iterations. Therefore, if you need any changes done to the Will draft, our team of lawyers at ACE ALLIANCE will do the needful and then help you with the process to register your Will.