About will
Life is unpredictable
You never know what’s going to happen. While we hope that nothing bad will happen to you, it’s better to be prepared than unprepared. As Ben Franklin said, “an ounce of prevention is worth a pound of cure” – and we couldn’t agree more. Above all, you want to have final say in your medical decisions. If something happens where you can’t communicate your preferences, that’s where a living will can step in and be your voice.
A will is a legal document which declares the intention of the testator with respect to his property which he desires to be carried out after his death. It reflects the last wishes of the person for the manner in which their property will be divided post their death.
Section 2(h) of the Indian Succession Act, 1925 defines Will as “the legal declaration of the intention of the testator, with respect to his property, which he desires to be carried into effect after his death”
A will has a lot of benefits. Mainly a will helps distribute assets and property as per wishes of the testator, reducing uncertainty and family disputes during emotionally difficult times. A makes transfer of assets convenient and easy; it is easier to transfer and settle an estate with valid will. Transfer of assests like property, bank accounts, policies etc becomes much simple and cheaper.
Often, the executor of the estate will file the will, because the executor will work closely with the probate court throughout the process and is also responsible for executing the will’s instructions. Most states also have laws that require someone with a deceased person’s will to file it with the court
An executor is someone named in a will, or appointed by the court, who is given the legal responsibility to take care of a deceased person’s remaining financial obligations. This means taking care of everything from disposing of property to paying bills and taxes.
Generally, an executor is someone specifically stated in the will or a person close in relation to the testator generally spouse, children and siblings. The Executor has the power to:
sue on behalf of the deceased testator
dispose of the asset of the deceased testator in accordance with his wishes
incur expenses for the management of the assets or the estate of the deceased until its disposal.
The executor is obliged to notify the beneficiary that she is named within the will, and to provide her with information regarding what she is to receive. However, the beneficiary is not entitled to receive, appraise or view her inheritance until probate completes and ownership of the property transfers to her.
Section 59 of Indian succession act says that
“Every person of sound mind not being a minor may dispose of his property by Will.”
The person should be free from undue influence/ fraud/ coercion, and the making of a Will should be a Voluntary act.
The testator should sign or affix his mark (e.g., thumb mark). The Will must be attested by 2 or more witnesses. The witnesses must have seen the testator sign or affix his mark to the Will; or Received an acknowledgment from the testator that he has signed the Will. Each witness shall sign the Will in the presence of the testator. The witness should not be a beneficiary under the Will.
Not all executors, however, need to turn a probate court proceeding over to a lawyer or even hire a lawyer for limited advice. If the estate that you’re handling and doesn’t contain unusual assets and isn’t too large, you may be able to get by just fine without a lawyer’s help.
Will comes into picture when a person dies leaving behind his assets either movable or immovable. If a will has been executed by him, then distribution of those assets has to be done according to the will.
A beneficiary is a person or organization who receives money or property because someone specifically names them in their Will or trust. Beneficiaries can include charities, places of worship, a decedent’s close friend or even his pet cat. If you are specifically named in a Will, you are considered a beneficiary.
A will irrespective of its registration can be challenged on the following grounds,
- Fraud
- Coercion
- Undue influence
- Suspicious nature
- Lack of due execution
- Lack of testamentary intention
- Lack of testamentary capacity
- Lack of knowledge and approval
- Forgery
- Revocation
Note: You may reach to our best property lawyers for your property cases at Chandigarh, Mohali, Panchkula and in High Court Chandigarh.