How to write a will for successful succession?

According to the existing laws in India related to the inheritance of property, after the demise of the owner, his or her legal heirs get the ownership of the same. Without a Will in place, the property gets divided equally amongst the legal heirs. So, by making a Will, you can decide how much of your wealth will go to your beneficiaries.

Why Registering your Will is Important?

A Will is a legal document that declares the intention and wish of the testator (author of the Will) to dispose of his or her wealth in the manner they see fit after their demise. Any person deemed mentally sound can write a Will. The testator can alter the Will at any point in time before it is executed.

Writing a Will is crucial to ensure your property or financial assets go to those you intended to. It also gives you the option to not include any heir you do not wish to be included. You can distinctively divide your property amongst your legal heirs, trusts, charities, and others beneficiaries as well.

Even though registering your Will is not mandatory, it is advisable to register, as anyone can easily challenge it. An unregistered Will often raises disputes amongst the beneficiaries. If the Will is not registered, then people can assume that the testator may not have written it or signed it under pressure or similar circumstances. 

So here are some factors to consider when writing and registering a will.

1. Will Executor:

An executor of the Will is the person who carries out the directions given in the Will after the demise of the testator. The testator needs to appoint an executor who will be bound to distribute the property of the deceased testator amongst the beneficiaries according to the Will. The executor also has the authority of collecting and pay debts on behalf of the testator. You can appoint more than one executor, and even a beneficiary can be an executor. 

2. Beneficiary:

The beneficiaries are those mentioned in the Will by the testator to receive his or her properties. They can be any person, as mentioned by the testator. They are not just legal heirs; they can even be a person who is not related to the testator. 

3. Witnesses:

While writing a Will, the testator needs two witnesses. The testator needs to sign the Will in front of them (in their presence), and the witnesses also need to sign the Will in the presence of the testator.

4. Registration:

You can register your Will with the Registrar after writing it on plain paper. This will ensure that your Will cannot be lost, destroyed, or tampered and no one can steal the same. A Registrar will do a thorough scrutiny of your Will and obtain the signatures as well as thumb impression of both the testator and the witnesses. Once it is registered, the certified copy of the Will can be obtained by the executor from the Registrar on submission of the death certificate of the deceased testator. However, if you want to alter your Will after registration, you have to register it all over again.

5. Registration After Death:

As per the Registration Act, 1908, a Will can be registered even after the demise of the testator by the executor or the beneficiaries. After the demise of the testator, the Will gets executed, but only after filing an application to the Registrar and submitting the original Will and the death certificate for it to be registered. 

Conclusion

In India, more than 65% of the civil cases filed in court are related to land and property disputes. So, if you don't want your beneficiaries running to court to get their inheritance after your demise, it is advisable you write and register a Will.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.