A Will valid under the Indian Succession Act, has to be made in respect of his / her Assets.
Essential of a valid WILL :
- Will has to be in writing.
- Identification of the person executing the Will.
- Details of the assets to be bequeathed under the Will.
- Names and details of the beneficiaries under the Will, to whom assets are to be bequeathed.
- Signature of the person executing the Will, with date.
- Signature of two adult witness with their identification.
Person signing the Will can sign before Notary Public or get the Will Registered.
Whether to sign the Will, without Notary, before Notary or get the same registered depends on the facts & circumstances of the case.
It is advisable to execute Declaration of the two witnesses confirming the fact that they are the witness of the Will. This Declarations can be filed in court at the time of obtaining the probate.
It is advisable to have a Doctor as a witness in case of aged person.
When should you revise your Will, prepare a new / fresh Will
It is imperative to make a new Will when:
- the person to whom the assets are bequeathed dies.
It is advisable to make a new Will when:
- one or both the witnesses to the Will dies.
- new Will when the executor/s of the Will dies.
Final step in – Testamentary Succession :
- Executor or Beneficiaries to make application before the Court along with Will to obtain a probate.
- Court will demand declaration from witness & legal heirs. Court will issue public notice.
- Court will issue a letter of administration with Will (Probate), which will make Will a conclusive document.
Effect of Nomination / Joint Holder (E or S):
- On death of the holder of financial assets transmission of assets needs to be done in favour of the Nominee / Joint Holder (E or S).
- Nominee / Joint Holder (E or S) is not the owner of the assets, he is merely a Custodian / Trustee. The real owner of the asset is the one who is the beneficiary under the Will in case of Testamentary Succession (where Will is made).
- All institutions are obliged to honour the Probate issued by the Court.
- Probate is a conclusive document for property bequeathed in favour of beneficiary.
- In the absence of a Probate, the institution may prescribe procedure to accept a will without a Probate as document for transmission of asset.
