LEGAL WILL

A person’s desires for how their property should be distributed after death are expressed in a will, which also appoints one or more people as the executors to oversee the estate’s administration until its final distribution.

According to the Indian Succession Act of 1925, a will is a formal declaration of the testator’s desires for the distribution of his property after death.

The main need for a WILL to be legally valid is that it should be witnessed by two witnesses when the testator signs in their presence. It is not a legitimate Will if only one person signs as a witness. not be required to register. If a witness signs an unregistered will, it is legitimate.

Most states necessitate that witnesses to the will should not stand to inherit under the terms of the will. A beneficiary’s spouse may also stand to be disqualified from being a witness. If a beneficiary to the will serves as a witness, the will to that person could declare void by a court.

Last will and testament

PERSONS CAPABLE OF MAKING WILL

  • Lucid mind
  • Being older than eighteen.
  • A married woman without a disability.
  • A DEAF, DUMB, or BLIND person may also form a will if he is able to comprehend or understands what is intended by it.
  • When there is not an episode of insanity, a person who is insane can draft a will.

ELEMENTS OF WILL

  • A person writing a will needs to be at least 18 years old, or an adult.
  • You must be of sound mind and write a will of your own free will in addition to having the testamentary capacity.
  • You must add a declaration that the paper is your will.
  • It is necessary to appoint an executor.
  • The contract must include at least one clause designating a guardian for a young child and/or one clause outlining how your estate will be divided.
  • If the will is typewritten rather than in your handwriting, it must still sign and certified

TYPES OF WILL

Types of will

  • Unprivileged Will: This type of will typically stipulates that the party’s property and assets will be distributed in accordance with the testator’s wishes.
  • Privileged Will: Usually, those in the military—army, navy, or defense—would prepare this type of legal will.
  • Contingent will: A contingent will also be known as a conditional, will, is one that is created by a person who typically has a condition or a contingency. Typically, a condition or contingency refers to the possibility of an event. Only when a specific event occurs, they would be in effect.
  • Mutual Will: Typically, two or more testators with rights linked to the will would prepare this type of legal will.
  • Simultaneous will: This is typically a formal will that the testator creates.
  • Free Will: Typically, a married couple would draft and sign this type of legal will during the marriage to indicate their rights. The terms of the mutual will would bind the surviving party after the passing of the first party.
  • Similar Will: The contents of the original will would include in a duplicate will that has been drafted.

ADVANTAGES OF LEGAL WILL

Advantages of legal will

  • Easy Transition: A will establish order about the management of your assets following your passing.
  • Allows for Choice: Your possessions would pass according to the laws of inheritance in the event of an intestate death (death without a will), which might not be what you had intended. You can specify exactly how you want your possessions to pass down in a will.
  • Time spent: After the information received, the delivery of the will takes between 3 to 4 working days. If there are changes, it takes about two days.

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PARTIES OF LEGAL WILL

  • Testator: The testator is the name given to this person. Such a person would be responsible for writing the will and would have the authority to allocate assets to the beneficiaries.
  • Beneficiaries: The people listed in the will for the proper distribution of properties and assets would consider beneficiaries. Beneficiaries include partnership businesses, corporations, people, and non-profit organizations.
  • Executor: The executor would have the authority to call and distribute the assets to the proper beneficiaries upon the decedent’s death. An executor is another name for an executor.
  • Trustee: A trustee is typically a person who oversees the trust’s assets on behalf of the beneficiary. The trustee would oversee managing the property and assets if the testator passed away and there was still some time before the distribution of assets.
  • Legal Protector: If there are any kind of minor children, a legal guardian will be named to look after them until they reach adulthood.

 

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