Key Content.

• 1. What is a “will”?
• 2. What is will registration?
• 3. Components of a will
• 4. Probate Process
• 5. Types of wills
• 6. Benefits of a will
• 7. Myths around will

What is a will?

The term “Will” is defined in the Indian Succession Act 1955 under section 2(h) as “the legal declaration of the intention of the Testator concerning his property which he desires to be carried into effect after his death.” In simpler terms, it is a legal document that specifies how a person’s assets will be distributed after their death.

What is will Registration?

After the formation of a will, it needs to be verified by a competent authority to have a legally binding effect. A will registration is a process of officially recording the document by a probate court or a similar authority so that the will can be executed legally after the death of the testator.

Components of a will.

• – Testator: The owner of the will or the creator of the will is the testator. A testator
should be of legal age and sound mind.

• – Executor: The executor is the person designated by the testator who has the authority to execute a will after the testator’s death.

• – Beneficiaries: The successors or anyone benefiting from the said will are called
beneficiaries.

• – Assets: All the property, bank balance, real estate, investments, etc., that belong to the testator and are included in the will are called assets.

• – Guardianship: If a testator dies before their minor child, if any, the will might also
specify who will be the guardian of such a child after the testator’s death.

• – Specific Bequests: A specific clause to distribute particular property to specific
beneficiaries.

• – Residuary Clause: A provision that contains the distribution of any assets that are not included in the will.

The Probate Process

• The first step is to file the will. After the testator’s death, the Executor must file the will
for its execution.
• The second step is the validation of the will. The will filed by the executor is further
assessed by the probate court on various legal grounds, for example, the signature of
witnesses.
• Then the executor makes a list of all the assets and debts that the testator owned before
their death.
• The executor must clear all debts in the name of the deceased.
• Once the debt is settled, the executor distributes the assets according to the will.

Types of Wills

1. – Simple Will: A will that directs the executor to distribute the assets of the testator
according to the will.
2. – Living Will: It is a type of will that covers areas other than the distribution of assets,
such as the testator’s wish for end-of-life care.
3. – Holographic will: A will that does not require any witness but has jurisdictional
variability.
4. – Pour-over will: A will that states that if any asset is not mentioned in the will, then that asset must be transferred to that trust.

Benefits of a Will.

• – It provides clarity on the distribution of the testator’s assets
• – It gives peace of mind to the testator as they know that the assets will be distributed
according to their will.
• – A will holds credibility and is legally binding.
• – It protects against fraud.

Myths and Reality Around Wills

Myth: It is only meant for rich people.
Fact: It is not so; any person, irrespective of their economic or social status, can benefit from a will.

Myth: It can only be executed after the death of the testator.
Fact: A will can also be executed if the testator has become incapacitated.

Myth: A will has a list of all the assets.
Fact: Certain assets, such as life insurance, may not be included in the list of assets.

Myth: A will is unchangeable.
Fact: A will can be modified or revoked at any time by the testator in their sound mental
capacity.

Myth: Both handwritten and verbal wills are valid.
Fact: Verbal wills are only accepted in specific cases like military personnel in combat, whereas a handwritten will is also not always valid. It is important to understand the laws in your area regarding handwritten wills.

The sentiment around will registration can be both positive and negative, depending on the legal . Here are some points to consider:

Positive sentiment:

1. Peace of mind: Registering a will can provide peace of mind, knowing that your wishes will be respected after you pass away.

2. Clarity and certainty: A registered will ensures that your assets are distributed according to your wishes, avoiding confusion and disputes among loved ones.

3. Protection of loved ones: A will can protect your family and friends by ensuring they receive the assets and care you intend for them.

4. Tax benefits: A well-planned will can minimize tax liabilities and ensure maximum benefits for your heirs.

Negative sentiment:

1. Mortality reminder: Registering a will can be a stark reminder of one’s own mortality, which can be uncomfortable or even distressing.

2. Complexity and cost: The process of creating and registering a will can be complex and costly, which may deter some individuals.

3. Family conflicts: A will can sometimes lead to family conflicts or disputes, especially if beneficiaries feel they have been unfairly treated.

4. Intimacy and privacy: Discussing and registering a will requires sharing personal and intimate details, which can be difficult for some individuals.

Why choose Vakilsathi ?

It is very important that such terms are included in the document as they elaborate the rights and duties of the authorized person. A poorly drafted will can make things difficult for the legal as the authorized person can use it to their advantage. it is important that a will is made in such a way that the legal requirements are fulfilled. Vakilsathi has legal experts who are aware of the procedure and legal requirements.(Shivangi)