A Last Will and Testament allows you to control what happens to your property after your death. Using this Will document, you can specify your assets, name beneficiaries, assign guardians for your children and appoint an executor. Once you make your Will, you can easily make it legal by signing it with your witnesses.

In case, if you fail to make a Last Will and Testament before you die, then your property will be distributed among your intestate heirs based on the intestacy laws of the state where you stay at the time of your death and the intestacy (Dying without a Will) laws of any other state where you hold real estate and tangible personal property. Apart from this, if you have minor children and you and your spouse expire before the children become adults, then a probate judge will decide who will get the custody of your kids and who will manage their inheritance until they reach the age of 18.

In many situations, your state’s intestacy laws will give different conclusions from what you would have desired had you taken the time to make a Last Will and Testament. Apart from this, if you do own real estate and tangible personal estate outside of your hometown state, then you could end up having two different sets of beneficiaries of your estate.

What happens when you don’t own Property outside of your Home State?

• If you only own property and tangible personal property in your hometown state or you don’t own any property at all, then who will inherit your whole property will be determined by the intestacy laws of your state of dwelling in India.
• If this condition applies to you, then you need to understand the intestacy laws of your state because these laws change dramatically from state to state.

What happens when a person owns Property in the many States of India?

• If you reside in one state and own real estate and tangible personal property in another state, then who will inherit your assets will be decided by the intestacy laws of two different states, and the end conclusion may well be two different sets of beneficiaries.
• And what about property held in three different states? Three separate intestacy laws will apply, and you’ll probably end up with three distinct sets of beneficiaries.

Who will take care of your children and their Inheritance?

Apart from what will happen to your assets, what will happen to your minor children as well as their inheritance? If your ex-spouse or spouse is living, then he/she, as the natural parent of the children, will be the “natural” option to take care of the children and manage their inheritance. However, what if the other parent of your children is also deceased? Then a judge, who has never met you, your children, the other parent of your children, or either of your families, will decide who will take care of the children and their inheritance.

A Last Will and Testament is an important part of your estate planning. It is advisable that one must take a legal advice from estate planning lawyer to help you make your Last Will and Testament. We at vakeelno1 offer all the documents you may need for your estate planning.