A will is a legal declaration of the wishes expressed by a person about his/her property
how it will be distributed after his/her death. In other words, we can say who will be his/her heirs or who will manage his/her property till it is distributed finally. Executing a will is a huge responsibility and if you are someone who has been given this opportunity then you must think how to execute property will in India. If that is the case, I will help you out.
Execution of will after death in IndiaThere are two ways of distribution of property after a person dies. One way is the distribution will be done according to his/her will. In case the will is not made then the distribution is done as per the succession laws.
If a person has made a will, it becomes easy to distribute the property as per his/her wish and it is ensured that the right heirs get the right share of the property. It is not mandatory to get the will registered. Neither does it require any stamp duty. However, it is advisable to get it registered to avoid any conflicts in future.
In case, two wills have been made, the latest one will be executed. If there are two wills, one is registered and other is not, in that case the registered will has to be executed.
It is important that the will must be signed or marked with a thumb impression and attested by two or more witnesses as per law. The will can be executed only after the death of the testator (the person who has made the will). During his/her lifetime it cannot be executed.
The process involved in
executing a will is as follows:
Locate the will
Create a list of assets and liabilities
Gather all the beneficiaries and read the will aloud to them
If the will requires probate then apply for it
After that fill the forms to transfer financial assets and debts
Once all of this is done, file the ITR on behalf of the deceased
Provide beneficiaries with their estate
This is how executing a will looks like in a nutshell.
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How to execute a will in India?
Anviksha
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3 Year
2021-10-28T13:46:05+00:00 2021-11-16T15:58:46+00:00Comment
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