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June 21, 2021

How To Prepare A Will For Transfer Of Assets To Beneficiaries In The Desired Manner?

🟥 A Will valid under the Indian Succession Act has to be made in respect of his/her Assets.

🟥 For the Will to be legally valid under the Indian Succession Act, it has to have all the essential elements of a valid Will as listed in the following points.

🟥 The Will has to be in writing with precise details of the assets to be passed to the beneficiaries in the desired manner.

🟥 The names and details of the beneficiaries under the Will to whom assets are to be passed have to be clearly stated.

🟥 The person preparing the Will has to be identifiable along with his signature and date on which the Will is executed.

🟥 Signatures of two adult witnesses with their identification have to be obtained. It is advisable to have witnesses who are younger than the person preparing the Will and also have Doctor as a witness in case of an aged person preparing the Will. A witness should not be a beneficiary in the Will.

🟥 It is advisable to execute declarations of the two witnesses confirming the fact that they are the witness of the Will. These Declarations can be filed in court at the time of obtaining the probate after death.

🟥 Person signing the Will can sign before Notary Public or get the Will Registered at any authorized sub-registrar.
However, none of the two procedures are mandatory under law.

🟥 The person preparing the Will can appoint an executor (including a beneficiary) for executing the transfer of his/her assets to the intended beneficiaries. However, such an appointment is not mandatory.

🟥 Whether to sign the Will, without Notary, before Notary or get the same registered or to appoint an executor, depends on the facts & circumstances of the case.

🟥 IT IS ALWAYS ADVISABLE TO MAKE A WILL IN RESPECT OF ALL ASSETS SO THAT ONE CAN TRANSFER THE WEALTH TO THE INTENDED BENEFICIARIES IN THE DESIRED MANNER.

🟥 Contact us to plan the succession of your wealth to your successors in a legitimate, convenient and efficient manner.

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Disclaimer: The above message is based on our understanding of the relevant laws. Please take appropriate professional advice.

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