A Will is a legal declaration that addresses how an individual’s assets should be distributed after the death of the person. The law linking to writing a Will is found in the Indian Succession Act, 1925. Typically, a will is documented and registered. Registering the will makes it valuable and better evidence in the Indian Court of Law.
Who Can Create or Write a Will?
Any individual of sound mind and over 18 years of age can create or write a will. The idea is that a person is understood to be capable of making a will if he has the capacity to understand what is written in it and also understand the nature & effect of the disposition. A person writing the will is referred to as a ‘testator’. You may want to appoint an ‘executor’ to administer your assets listed in the will.
What are the types of Wills in India?
The Indian Succession Act recognises two types of wills – Privileged Will and Unprivileged Will.
A will executed according to the provisions of Section 63 of the Indian Succession Act is called Unprivileged Will while the one executed under Section 66 of the act by a soldier employed in an army or employed in actual warfare, or by an airman so employed or engaged, or by a mariner being at sea, is called Privileged Will.
Why writing a Will is necessary?
A will makes it easier for an individual’s family or friends to distribute the assets out when the individual dies. In the absence of a will, the process can be more time consuming and the assets will be divided in a way defined by law, which may also include some cumbersome litigation.
Writing a will is vital if the individual has children or other family members who depend on his/her assets and money for financial needs, or if the individual wants to leave something to people outside his/her immediate family. Moreover, if you are looking for more reasons before writing a will of your own, check out the benefits of having a will.
Points to remember before writing a Will
A will should be in writing and should contain all the particulars of the assets that are to be distributed and the list of beneficiaries. The testator is needed to sign or affix his mark on the will or have it signed by the different person in his presence or on his direction. Two or more witnesses are needed to place a mark on the will, which indicates the assent of the testator in the presence of others.
Being one of the top law firm in India we can help you in writing a will. You can avoid common legal mistakes and write a will by following the above-mentioned tips.