According to Indian Succession Act, 1925, Will is defined as follows –
“Will means a legal declaration of the intention of the Testator with respect to his property which he/she desires to be carried into effect after his/her death.”
From the above definition, it can be inferred that a Will is in place not just to accord immovable assets of the Testator to his/her legal or other heirs but to also appropriate all kinds of assets, movable or immovable as willed by the Testator. From appropriating cash to repaying debts, every positive or negative asset should be accounted for in a Will for a peaceful settlement, one which will minimize the number of friction between relatives, be it legal or personal.
In the hope of furthering this interest in a cost, energy and time-effective manner, we at LegalDesk.com, help you make a will online at the click of a button.
Legal Terms Of A Will Explained
- Executor – An Executor is a person named by the person creating the Will to execute the clauses of the Will accordingly. An Executor can either be a lawyer, a Chartered Accountant or a relative of the deceased person. He/She is also to bear all the costs on funeral rites and other necessities required to execute the last testament or document. According to the Indian Succession Act, 1925, it is mandatory to name an Executor.
- Codicil – Codicil is the name of an instrument also drafted with the help of a lawyer if and should there arises where a situation where you’ll have to change the clauses of the Will.
- Testator/Testatrix – Testator or Testatrix is the person creating the Will. When one is not in the condition to get the Will drafted and signed, he/she must create a Power of Attorney to create the same.
- Beneficiary – Beneficiary or beneficiaries are the heirs of the Testator, to whom the property (movable and immovable) of the deceased is transferred.
- Letters of administration – Letters of administration are issued by the court in the absence of an Executor for a Will. Such a situation arises usually when a Will is in the center of a legal dispute and at the arrival of a verdict, the court shall name an attorney to execute the contents of the Will as decided by the court.
- Administrator – Administrator is the person or attorney named in the Letters of Administration, i.e., the one who is to execute the Will.
- Probate – Probate means the copy of the Will, either certified or sealed by a competent court, allowing a grant of administration to the estate of the Testator.
How To Make A Will?
Will making is by far the easiest in the context of preparation, of all the legal documents that there are, as it doesn’t require you to either compulsorily register or pay Stamp Duty. A Will is accountable enough when it is signed by the Testator in the presence of two witnesses. But how do you make a Will? The traditional method of creating one followed from generations is to contact an attorney or lawyer specialised in the same to draft the Will for you. This follows the signature of the Testator and the two witnesses.
If anything, a Will begs for clarity from its clauses as ambiguous clauses can render a Will void when contested in court. The circumstances which leads to this are explicitly mentioned in the Indian Succession Act, 1925.
Clauses That Can Safeguard Your Near And Dear Ones
Some of the clauses that you may not be familiar with, with respect to a Will, are the Annuity A clause and others used to safeguard the financial interests of widows or minors, if any. These clauses need to be drafted by competent lawyers, for it contains sensitive details, the kind that can easily drag your beneficiaries to a court.
The Life Security clause, in legal terms referred to as the Annuity A clause, when inserted in a Will, ensures that the beneficiary in question (sometimes minors, widows or mentally challenged), will not sell the property but rather use it as a monthly/half-yearly/yearly income generating asset.
And when it comes to safeguarding the rights of a minor, there really is no other option but to name a guardian to whom the title of the property is to be transferred. He/She is to transfer the title to the beneficiary when he/she comes of age or is a major.
How To Make Changes To A Will?
To make changes, one is to use the instrument Codicil to Will, the service which LegalDesk.com provides. Just login to our website, provide us the relevant details regarding the change in the status quo of the property or the Will, and we will take care of the rest. Once you’ve made the online payment, you can download the document from home. The printed copy of the same will suffice as the original copy once you, the Testator has signed the document along with two witnesses.
Registration Of A Will
We may be surrounded by untrusted members in our own families which is why registration of a will can be the best way to safeguard the rights of your legal heirs. As once registered, the original Will isn’t allowed to be kept at one’s home but rather at the Registrar Office. This in itself can avoid the misappropriation of the instrument through misrepresentation or amendments.
To register your Will, go to your nearest Sub-registrar Office whose jurisdiction falls within the residence of the Testator. The registration charges for a Will in Karnataka is as low as, ₹ 200.
Although registered, you can still make changes to your Will by drafting a Codicil. Further, the Codicil signed by the Testator and the two witnesses is attached along with the original Will in the Registrar Office.
Make A Will Online With LegalDesk.com
Rather than executing, drafting a Will is now made easier with LegalDesk.com. With the online facility for drafting of a Will, there is no necessity of spending your valuable time in search of lawyers or middlemen and spending big bucks, which adds to the already easy procedure we offer. What could’ve took you weeks would now take no longer than the time you spent reading our article. With all the property details at hand, the ones which you intend to dole out to your relatives, Will is only a few clicks away. Click the button below and make a Will.