What is a Legal Will?
A will is a legal document in which an individual outlines their wishes for the distribution of their property after their death. It also designates one or more individuals, known as the executor, to manage the estate until it is fully distributed.
What is a Will in Indian Law?
Under the Indian Succession Act of 1925, a will is a legal declaration by the testator regarding the distribution of their property, which will take effect after their demise.
Is an Unregistered Will Valid?
For a will to be valid, it must be signed by the testator in the presence of at least two witnesses. If a will is signed by only one witness, it is not considered valid. While a will does not need to be registered to be valid, it must be signed by two witnesses to be legally effective.
Who Can Be a Witness to a Will?
Typically, the witnesses to a will should not be beneficiaries under its terms. A beneficiary's spouse may also be disqualified from acting as a witness. If a beneficiary serves as a witness, the will may be considered void by the court.
Advantages of Making a Legal Will
Effortless Transition: A will provides clarity on how your assets will be managed and distributed after your death, ensuring a smooth transition.
Enables Choice: Without a will, assets are distributed according to inheritance laws, which may not align with your preferences. A will allows you to specify exactly how you want your assets to be allocated.
Timeframe: It typically takes around 3 to 4 working days to draft and finalize a will after all required information is received. If modifications are needed, it may take approximately 2 days.
Persons Eligible to Make a Will
- Sound Mind: The individual must be of sound mind, able to understand the nature and consequences of their actions.
- Not a Minor: The person must be at least 18 years of age.
- Married Women: A married woman, free from any disability, is also eligible to make a will.
- Deaf, Dumb, or Blind Individuals: A person who is deaf, dumb, or blind can make a will if they are capable of understanding the content and implications of the will.
- Insanity: A person who has been previously insane may still make a will during a period when they are not suffering from an episode of insanity.
Six Essential Elements of a Valid Will:
- The testator must be at least 18 years old.
- The person must have testamentary capacity and declare in writing that they are of sound mind and are voluntarily writing the will.
- A statement should be included that clearly identifies the document as the testator’s will.
- An executor must be appointed to manage the estate.
- The will must include provisions for the care of minor children and the allocation of assets.
- If the will is not handwritten (i.e., typed), the testator must sign it, and it must be attested by two witnesses who are not beneficiaries and who observed the signing.
Types of Wills:
- Unprivileged Will
- Privileged Will
- Conditional or Contingent Wills
- Joint Wills
- Concurrent Wills
- Mutual Wills
- Duplicate Wills