You know a will is an important document and many of us don’t know much about it. I will answer your question about how to make will of property in India and everything about it to give you a comprehensive idea and things you should keep in mind while making a will.
What is a will?
A will is a legal document that dictates the handling of all the assets and their distribution among children or other parties on the event of death of a person. The document is a clear conveyer of your wishes after the incident of passing away.
How many types of will are there?
There are various kinds of wills including the following:
- Privileged and unprivileged wills
- Contingent/conditional wills
- Joint wills
- Mutual wills
- Duplicate wills
- Holograph wills
- Concurrent wills
- Sham wills
- Start with a declaration stating that this is your last will and you are creating it in your senses, free from any pressure. Additionally add name, age and address here.
- List down your assets along with its value and details of the necessary documents for those assets. The assets may include property, bank deposits, shares and other funds among other assets.
- Now make a list of beneficiaries who shall inherit the assets after your death. Make all the provisions and carefully make the list to eliminate any ambiguity.
- You’ll have to carefully lay down provisions for your children as well if they are below 18 years of age. Mention the guardianship and people responsible for them in your absence.
- It is important to mention the executor of the will in this legal document. This person will be responsible to execute the will after your death.
- If you wish to mention anything in particular or any other wishes, mention them in the will
- Now that you have documented everything, sign the will and get two adult witnesses to sign it as well at the time of registration of the will.
- I know notarizing and registering your will is not mandatory according to Indian law but it is highly advisable to do so in order to avoid any conflicts or frauds; and to ensure that the will is executed properly.
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How to make will of property?
Harshit
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4 Year
2021-04-06T11:46:06+00:00 2023-06-20T11:58:09+00:00Comment
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