A correctly prepared will allows you to designate exactly how you want your estate handled after your death, including how and to whom property should be split, who should look after your young children (if any), and who should oversee the estate administration. While the requirements for making a Will differ by state, some procedures must be followed.
What exactly will a Valid Will contain?
A valid will does not have to take any particular shape or use any particular language. However, the document must state the testator’s desire to make disposal of his or her property that takes effect after his or her death. As a result, it will consist of the following:
1. Appointment of an executor to handle the estate
2. Property or assets possessed by the testator
3. Property or assets to be inherited by children, charity trusts, or otherwise, and the distribution ratio
4. Minors share treatment until they are legally eligible to inherit it and the testator is able to provide care.
5. Residual clause for disposal of leftover assets.
Execution of a Valid Will
The primary function of naming an executor is to carry out a will. The executor of a valid will is granted the authority to guarantee that the provisions of the Will are carried out accurately. An executor is in charge of administering a testator’s estate.
When the testator fails to name an executor in his or her valid Will, the legal heirs might appoint an administrator to carry out the Will and the executor’s tasks.
Probation of a valid will is required in various states. In places where probate is required, the executor or legal heirs must petition the district court for probate. A probate court is a branch of the legal system that deals with valid wills, estates, conservatorships, and guardianships.
What is a Valid Will?
To be legitimate, a will must meet certain standards. If it is not legally legitimate, it is the same as dying without making a valid will. The prerequisites are as follows:
1. Legal age: To make a valid will, the testator must be of legal age. Most states regard 18 to be the legal age for alcohol consumption.
2. Testamentary capacity: The testator must be of sound mind; that is, he must realize that he is drafting a valid will and that it will have consequences.
3. Intent: A person has the intent to form a valid will if he or she intends to make a revocable transfer of property in the event of death at the moment of signing.
4. A valid will must be created willingly; it is not legitimate if it is imposed upon you.
5. Proper property disposal: Proper property disposal among family and friends is required.
6. Dated, Signed, and Witnessed: A valid will must be signed, dated, and witnessed signed in order to be legitimate. The total number of witnesses will be determined by local legislation.
Consequences of not having a Valid Will
Intestacy occurs when a person dies without leaving a valid will. When someone dies intestate, his or her assets and properties are dispersed in accordance with personal laws.
The Hindu Succession Act of 1956 governs asset distribution when a Hindu dies intestate, that is, without leaving a valid will. Muslims in India are governed under Mohammedan Law. A Muslim’s assets should be inherited in accordance with Mohammedan Law. The assets of Christians and Parsis who die without leaving a valid Will are dispersed in accordance with the terms of the Indian Succession Act of 1925. Transfer of Property Act has no bearing on will registration or online will registration.
Types of Wills
Wills are often classified as follows:
1. Unprivileged Will: An unprivileged Will is one generated by someone who is not a soldier on an expedition or involved in a genuine conflict or a mariner at sea. To be legitimate, an unprivileged Will must fulfill the following conditions:
- The Will’s originator must sign or affix his or her mark to the Will.
- The testator’s signature or mark must be positioned in such a way that it seems to be meant to give rights to the text as the valid Will.
- Two or more witnesses must attest to the Will.
2. Conditional/Reliant Wills: A valid will can be worded to take effect only if specific conditions are met, or it can be contingent on other variables. A conditional or contingent Will is one that is valid only if some contingency or condition occurs and is null and void if the situation or condition does not occur or fails.
3. Joint Wills: A joint Will is a sort of Will in which two or more people agree to make a Will together. If a Joint Will is meant to take effect after the death of both parties, it is not enforceable during either party’s lifetime. A joint Will can be canceled at any moment throughout the joint lives or after the death of one of the parties by the survivor.
4.Concurrent Wills are Wills created by one individual in which two or more Wills contain directions for the disposition of property for the sake of convenience. For example, one Will may deal with the disposition of all immovable property, while another Will may deal with the disposition of all mobile property.
5. Mutual Wills: In a Mutual Will, the testators place reciprocal advantages on each other. A husband and wife can execute a joint Will throughout their lives to pass on all advantages to one another person during their lifespan.
6. Duplicate Wills: A testator may establish a duplicate Will for the sake of protection or safeguarding with a bank, executor, or trustee. However, if the testator ruins the Will in his/her control, the second Will is deemed canceled as well.
Requirements for a valid Will
The following are the requirements of a Valid Will:
1. The Age of Majority
2. Legal Competence
3. Intention to Volunteer
4. Property With a Name
9. Minor Children’s Provisions
10. Requirements in Writing
11. Signature Requirements
12. Legal Procession
A valid Will must follow certain legal procedures in order to be legitimate. If these formalities are not followed, the decedent’s inheritance will be dispersed according to the norms of intestacy, and the Will be entirely ignored. At the same time, the legal standards differ from state to state. It can be an extremely complex process.Take some legal advice on how to make your Will .