A TALE OF UNSETTLED WEALTH.
A legal ‘will’, also called will and testament is a legal document wherein one outlines how his assets are to be distributed after his death. If a person dies without making a will, he is said to have died intestate. A will, once made, is effective perpetually unless a new will is made with the statement that the new will cancels all previous wills.
- Any person who is a major and of sound mind can make a will.
- A will can be even in oral statement in the presence of a few witnesses.
- A will not need be registered.
- However, if there is any dispute regarding the authenticity of the will, a registered will is more likely to be held as valid.
STEPS FOR THE CREATION OF A WILL:
The steps are fairly simple. The person will describe himself with his PAN card and Aadhar number. He will appoint someone in whom he has trust to act as an administrator or the executor of the will, whose job it will be to distribute the wealth as accurately as possible as per the will. The administrator can deduct incidental expenses related to its execution and then distribute the balance amount. While bequeathing assets, one also mentions the relationship between the giver and the recipient.
It may be noted that one can only with the assets which are self-earned. For example, if you have received some assets from your father’s side up to four generations, then such property cannot be be bequeathed as per your wish. Ancestral property does not include self-acquired property, gifts or partition deeds. Such ancestral property has to be distributed according to the inheritance laws existing at the time. Currently, sons and daughters have equal rights to the ancestral property.
The Supreme Court has held that daughters shall also be considered legal heirs as sons and can inherit ancestral property equally with male heirs. If one wants to make a claim on the ancestral property, one can do so within 12 years from the date when a person becomes eligible for the ancestral property. Interestingly, property received from the mother’s side is not considered ancestral property but self-acquired property. For example, if a father receives property from his mother then children cannot claim their share in such property as a matter of right. A will also can include instructions on how one’s body is to be disposed of — whether any religious ritual is to be followed or not, or if the body is to be handed over to a medical college, etc. After completing the will, the signature name, and address of two witnesses are required.
Further. a family physician has to certify that he has examined the executor of the will on the day of execution and found him to be of sane and stable mind, capable of understanding the purpose and meaning the will. Afterwards, the will can be registered with the sub-registrar of stamps and registration. One can rewrite another will if one wants to, even after registering a will. When there is no will and a person dies intestate. the family members will have to approach the court or a tehsil and obtain a probate or legal succession certificate to transfer the property to the rightful owners.
Succession laws differ according to the religion followed. Hindus follow the Hindu Succession Act of 1956, Christians, Parsis, adhere to the Indian Succession Act of 1925, and Muslims are guided by Sharia law. The process of obtaining a succession certificate is time-consuming and costs quite a sum of money. It is always better to write a will once you have created an asset.
