Why Should Everyone Create A Will?
A Will is a legal declaration that directs how an individual’s assets should be distributed after the death of the individual. The law relating to will is found in the Indian Succession Act, 1925. Typically, a will is documented and registered. Registering the will makes it substantial and better evidence in the Court of Law.
Who Can Create A Will?
Any person of sound mind and over 18 years of age can create a will. The idea is that a person is understood to be capable making a will if he has the capacity to understand what is written in it and also understand the nature & effect of the disposition. A person creating the will is referred to as a ‘testator’. You may want to appoint an ‘executor’ to administer your assets listed in the will. We recommend you to read our article on the duties and powers of an executor.
What Are The Types Of Wills In India?
The Indian Succession Act recognizes two types of wills – Unprivileged Will and Privileged Will.
A will executed according to the provisions of Section 63 of the Indian Succession Act is called Unprivileged Will while the one executed under Section 66 of the Act by a soldier employed in an expedition or engaged in actual warfare, or by an airman so employed or engaged, or by a mariner being at sea, is called Privileged Will.
Why Do You Need A Will?
A will makes it easier for an individual’s family or friends to distribute the assets out when the individual dies. In the absence of a will, the process can be more time consuming and the assets will be distributed in a way defined by law, which may also involve some cumbersome litigation.
Writing a will is important if the individual has children or other family members who depend on his/her assets and wealth for financial needs, or if the individual wants to leave something to people outside his/her immediate family. Furthermore, if you are looking for more reasons before creating a will of your own, check out the advantages of will.
Need To Create A Will?
A will should be in writing and should contain all the particulars of the assets that are to be distributed and the list of beneficiaries. The testator is required to sign or affix his mark on the will or have it signed by another person in his presence or on his direction. Two or more witnesses are required to place a mark on the will, which marks the assent of the testator in the presence of others.
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