- ESSENTIAL PRINCIPLES GOVERNING WILLS-
- The law does not prescribe any particular language in which a Will has to be written. However, the Will must disclose the intention of the testator/testatrix in making dispositions of his or her property, to come into effect at death.
- Must be made by an individual above 18 years of age and who is of sound mind.
- Must be made voluntarily – free consent of the testator/testatrix is of paramount importance.
- Testator/Testatrix must have knowledge of its contents and must have approved of the same.
- A Will should not be made by fraud or undue influence
- COMMON QUESTIONS RELATING TO A WILL –
- IS A WILL REVOCABLE ONCE MADE?
A Will can be revoked at any time by the testator/testatrix during his/her lifetime.
- WHEN DOES THE WILL TAKE EFFECT?
After the date of death of the testator/testatrix.
- WHO IS AN EXECUTOR/EXECUTRIX?
In every Will there is a person named as the ‘Executor’/‘Executrix’. This person is entrusted with the duty to carry out the wishes of the deceased. The Will also provides the executor(s) with instructions on how the estate should be distributed.
- IS IT MANDATORY TO REGISTER A WILL?
No. However, if it is registered with the Sub-registrar under the Indian Registration Act, 1908, it would prevent the same from being challenged after the death of the testator/testatrix.
- REQUIREMENTS OF A VALID WILL & EXECUTION REQUIREMENTS –
- A Will must be made in writing.
- The testator/testatrix must sign the Will or affix his/her mark (thumb impression etc.) to the Will.
- The testator/testatrix should sign or affix his/her mark but the attesting witness is required to sign the Will.
- A Will must be attested by two or more witnesses and each of them must have seen the testator/testatrix sign.
- No stamp duty is payable on Wills.
- Will must contain a description of the property to be bequeathed. It is not necessary to give all details of the property as long as the property can be identified by the description.
- WHAT IS A CODICIL:
- A codicil amends the Will made by the testator/testatrix.
- PROBATE:
- What is a probate?
- Probate certifies the genuineness of a Will.
- Is probate mandatory?
- A probate is mandatory when the Will has been made in any of the Presidency towns viz. Kolkata, Chennai and Mumbai or if the immovable property is situated in such towns.
- What is the effect of a probate?
- When a probate is granted, it establishes the Will from the death of the testator/testatrix and renders valid all intermediate acts of the Executor/Executrix.
- WHAT IS INTESTATE SUCCESSION?
Succession of the person dying without leaving a Will, is called Intestate Succession
- WHAT IS A SUCCESSION CERTIFICATE?
Succession Certificate is granted to the heir of the intestate individual in respect of his/her debts and securities.
- WHAT IS A LETTER OF ADMINISTRATION?
Letter of Administration is granted:
- On the renunciation or failure on the part of the executor to accept executorship within the prescribed time period;
- When no executor is appointed in the Will;
- When no Will has been made by the deceased;
- When the executor refuses to act or is legally incapable to do so; and
- When the executor dies prior to administration of the estate.
Disclaimer: This article provides general information existing at the time of preparation and we take no responsibility to update it with the subsequent changes in the law. The article is intended as a news update and Affluence Advisory neither assumes nor accepts any responsibility for any loss arising to any person acting or refraining from acting as a result of any material contained in this article. It is recommended that professional advice be taken based on specific facts and circumstances. This article does not substitute the need to refer to the original pronouncement
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