Will Deed: Meaning, Types, Format and More

A will deed gives you authority over your possessions after death. It lets you clearly and precisely choose who gets your property, goods, and stuff. We will discuss Will Deed in this blog to help you protect your family from strife and uncertainty. Read on to know what is will deed and how to create one! 

What is a Will Deed?

A will deed is a legal document or terminology which is coined by joining two terms, will and deed. Let’s see what these terms mean:

• Will: A legal document that specifies how a person’s assets and property will be distributed after their death. It outlines who will inherit specific belongings and appoints an executor to manage the estate. Wills are not enforceable until the person who wrote them (the testator) dies.
• Deed: A legal document that transfers ownership of a specific asset, such as real estate, from one person (the grantor) to another (the grantee). Deeds take effect immediately upon being signed and registered.

What is the Meaning of a Will Deed?

The grantor and grantee transfer real estate (land and everything permanently related) in a property deed. Proof of property ownership is needed.
Read: Stamp Duty in Karnataka: A Detailed Guide

Here are some property deed basics to help you understand the will deed meaning:

What it contains:

• Names of grantor and grantee: Identifies the party transferring ownership and the party receiving it.
• Property Description: Provides a detailed description of the property, including address, legal boundaries, acreage, and any permanent fixtures.
• Transfer type: Specifies the type of transfer, such as purchase, gift, or inheritance.
• Covenants may include restrictions or assurances regarding the property’s use or development.
• Signatures and date: Requires signatures of both parties and the date of transfer to be legally valid.

Purpose of Will Deed

Creating a will help you keep your loved ones safe and provide legal protection against claims. Some of the benefits include: 

• Prevent disputes and legal battles: A clear will deed minimises the risk of misunderstandings and disagreements among heirs, ensuring a smooth and peaceful transition of your estate.
• Express your specific wishes: You can designate beneficiaries, allocate assets, and even name guardians for minor children or dependants.
• Appoint trusted individuals: You can choose an executor, a responsible person tasked with managing your estate and fulfilling the terms of your will.
• Offer peace of mind: Knowing your wishes are documented and legally binding provides you and your loved ones with security and comfort.

Types of Will Deed

Will deeds are of different types and created for different purposes. Here are different types of Will Deed:

• Warranty deed: Offers the strongest guarantee of title from the grantor, protecting the grantee from any hidden claims or defects.
• Quitclaim deed: Transfers ownership without guarantees or warranties, often used when gifting property or settling minor discrepancies.
• Special warranty deed: Offers some assurance against the grantor’s actions after the transfer but not against prior claims or defects.

What is Will in Property Documentation?

The term ‘will deed’ is not the most common terminology used in legal contexts. While it might be used colloquially in some regions, ‘will’ is a more precise term.
Read: Circle Rate in Delhi: Meaning, Latest Updates and Calculation 2024

So, what is will in property? It’s a legal document that states how to divide your assets and property after death. You may pick who inherits your possessions, including:

• Real estate: houses, apartments, land, etc.
• Personal property: cars, furniture, jewellery, collectables, etc.
• Financial assets: cash, bank accounts, investments, etc.
• Digital assets: online accounts, cryptocurrency, etc.

Having a will helps to:

• Avoid intestacy: If you die without a will, your assets will be distributed according to the laws of your state, which may not be what you intended.
• Minimise conflict: A clear will can help to prevent disputes and arguments among your heirs about who gets what.
• Provide for loved ones: You can use your will to leave specific gifts to certain people, such as a family heirloom to a grandchild or a donation to a favourite charity.
• Appoint a guardian: If you have minor children, you can use your will to appoint a guardian to care for them after your death.

Wills are only effective after death and may be modified or repealed.

Additional will considerations:

• Formalities: Legal advice is advised, but most states don’t need lawyer-written wills. You must sign and have two witnesses witness the will.
• Updates: It’s a good idea to review and update your will periodically, especially if you experience significant life changes, such as getting married, having children, or going through a divorce.

Will Draft Format

Here is a sample will deed format:
Read: Supreme Court Verdict on Society Maintenance Charges

[Your Full Name]

I, [Your Full Name], residing at [Your Address], being of sound mind and disposing memory, do hereby declare this to be my last will and testament, revoking all prior wills and codicils made by me.

Article 1: Executor

I appoint [Executor’s Full Name], residing at [Executor’s Address], to be the executor of this will. If [Executor’s Full Name] is unable or unwilling to serve, I appoint [Alternate Executor’s Full Name], residing at [Alternate Executor’s Address], as the alternate executor.

Article 2: Debts and Expenses

I direct my executor to pay all of my debts, funeral expenses, and the expenses of administering my estate as soon as practicable after my death.

Article 3: Distribution of Assets

I give, devise, and bequeath my property and assets as follows:

• To [Beneficiary 1’s Full Name], I bequeath [Description of Property or Assets].
• To [Beneficiary 2’s Full Name], I bequeath [Description of Property or Assets].
• …

Article 4: Guardianship (if applicable)

If [Minor Child(ren) Full Name(s)] is/are still minors at the time of my death, I appoint [Guardian’s Full Name] as their guardian. If [Guardian’s Full Name] is unable or unwilling to serve, I appoint [Alternate Guardian’s Full Name] as the alternate guardian.
Read: Form 16 – Why Is It Important for Your Income Tax Returns

Article 5: Residuary Clause

I give, devise, and bequeath any remaining property or assets not otherwise mentioned in this will to [Residuary Beneficiary’s Full Name].

Article 6: Miscellaneous Provisions

[Include any additional provisions or specific instructions, such as charitable bequests, specific funeral wishes, etc.]

IN WITNESS WHEREOF, I have executed and signed this will as of [Date].

---

[Your Full Name]
(Testator)

[City, State]

[Signature]

This is a basic template, and the details will need to be customised based on your individual circumstances and the laws of your jurisdiction. Again, consulting with a legal professional is essential to ensure that your will is legally valid and accurately reflects your wishes.

What is a Registered Will Deed?

A registered will is a will document that has been officially recorded with the appropriate government authority, usually the local registrar or the relevant legal entity responsible for maintaining such records. Registering a will provides additional authentication and evidentiary support, making it more secure and less prone to challenges.

Step by Step Will Deed Registration Process

Here’s a basic outline of the process to create a registered will:

Drafting the Will

• Start by creating a detailed and clear document outlining your wishes regarding the distribution of your assets, appointment of an executor, guardianship of minors (if applicable), and any other specific instructions.
• Include yourpersonal details, details of beneficiaries, and the specifics of the bequests or distributions.

Visit a Lawyer

• Consult with a legal professional to ensure that your will complies with the laws of your jurisdiction and includes all necessary elements.

Visit the Sub-Registrar’s Office

• Take the drafted will to the local sub-registrar’s office or the appropriate government authority responsible for will registration.
• Complete the necessary forms provided by the office.

Witnesses and Notarisation

• Usually, two or more witnesses are required to attest to the signing of the will. The witnesses should not be beneficiaries or related parties.
• Some jurisdictions may require notarisation of the will.

Submission and Registration

• Submit the signed and witnessed will to the registrar along with any required fees.
• The registrar will review the document and, if everything is in order, officially record and register the will.

Obtain the Registered Will

• Once registered, the registrar will provide a certified copy of the registered will. It’s essential to keep this copy in a safe and accessible place.

Inform Relevant Parties

• Inform your executor, family members, or relevant parties about the existence and location of the registered will.

Will Deed Registration Charges

Here are the various court charges associated with a will deed in India:

Will registration fee in India

The price of creating a will in India ranges from ₹10,000 to ₹15,000, and this price does not include the cost of will preparation. Other than the little fees for scanning and photocopies, there are no government fees associated with registering a will.

Court fee for will registration in India

In order to grant probate, the court may demand a portion of the estate as payment. The ad valorem system, which determines the fees, indicates that a certain portion of the estate’s value must be probated. Probate proceedings are required in places like Kolkata, Mumbai, and Chennai.  For instance, in Maharashtra, if an asset is valued at less than `50,000, the court fee is ~25; if it is valued at between `50,000 and `2 lakh, it is ~4%; and if it exceeds `2 lakh, it is 7.5%. An upper limit of ~75,000 is set.

Supreme Court Judgement on Will Deed

As per the Act, a “will” refers to the formal statement made by the testator about the distribution of their property in accordance with their intents and wishes, which would be implemented upon their passing. Moreover, a codicil is a document added to, amended, or explained in connection with a will; it is considered to be a part of the will.

Will vs Gift Deed: The Difference

Here’s a table outlining the key differences between a Will and a Gift Deed:

Feature	Will	Gift Deed
Definition	A legal document that outlines the testator’s wishes regarding asset distribution after death.	A legal document transferring ownership of property from one person (donor) to another (donee) during the donor’s lifetime.
Effective Period	Becomes effective only upon the death of the testator.	Takes effect immediately upon execution and registration of the deed.
Revocability	Generally revocable during the testator’s lifetime, allowing changes to be made.	Generally irrevocable once the gift deed is executed, although there may be exceptions and conditions.
Transfer of Ownership	Ownership of assets is transferred to beneficiaries after the testator’s death.	Ownership of property is transferred to the donee immediately.
Execution Requirements	Requires the testator to be of sound mind and comply with specific legal formalities. Witnesses are usually required.	Requires the donor’s intention to gift, acceptance by the donee, and compliance with legal formalities, including registration. Witnesses may be required.
Purpose	Primarily used to distribute assets and appoint guardians after death.	Used for transferring property ownership as a gift during the donor’s lifetime.
Flexibility	Can be updated or amended by the testator as circumstances change.	Generally not easily amendable once executed. A new gift deed may be required for changes.
Legal Formalities	Specific legal formalities vary by jurisdiction but often involve witnessing and notarization.	Involves specific legal formalities, including registration with the appropriate authorities.
Tax Implications	May be subject to inheritance or estate taxes upon the testator’s death.	Gift tax may apply, and the donor may be responsible for paying any applicable taxes.
Survivor’s Rights	Surviving family members may challenge the will in certain circumstances.	Generally, once a gift deed is executed and registered, it is less susceptible to challenges.

Get a Registered Will Deed With NoBroker

Keep in mind that the specific procedures and requirements for registering a will deed can vary by jurisdiction. It’s crucial to consult with a legal professional or the local registrar’s office to understand and adhere to the specific regulations in your area. NoBroker has the best legal and financial expertise available. Start your will deed registration through NoBroker today!

Frequently Asked Questions

Subscribe