Succession is a topic we have mentioned in various ways, but it is important to know the way and different types of Succession.
The property left behind can be inherited in two ways:
- Intestate Succession
- Testamentary Succession
Intestate Succession is where the individual who passed away has left no Will behind, and his/her property or possessions are divided equally between the heirs.
Testamentary Succession is where a will is presented stating what share is given to which family member or relative. It is done voluntarily and not under any coercion. In this article, we will discuss the Draft Will format in India.
What is the Meaning of a Will?
- A will is a legal declaration that is formed by the person who passed away and left their possession and property in the name of their legal heirs.
- It displays their intention of property disposal and the ratio in which it will be distributed among the persons mentioned in the will.
- This is about the movable or immovable property that they might have obtained throughout their lives.
- The person who forms the will is called the testator.
- A will is a complete declaration that is legally valid.
- It comes into effect after the demise of the property owner, i.e., the testator.
- The testator has the right to terminate the will if, by any chance, they want to do so during their lifetime.
- The will can be altered or changed by the testator for any reason during their lifetime.
- A will is valid only if it is made out of purely wish, and there should be no undue influence involved.
Requirements for Drafting a will
The person who wants to draft a will can do it themselves or hire a professional for legal advice to draft the will format in India.
As per Section 59 of the Indian Succession Act, 1925, a draft Will format in India can be made by the person who:
- A person who can be above 18 years old can will format India.
- Only a sound-minded person can draft a willing format in India.
- The draft Will format in India can be prepared by the Individual who is thinking of transferring their ownership rights to their loved ones. They want the heirs to take care of their possession when they pass away.
- A draft Will format in India can only be prepared and termed as valid if there is no coercion or undue influence.
- The testator can complete will registration after the draft Will format in India is prepared as per their requirements.
What does the draft Will format in India must have?
- The draft Will format in India can contain assets and properties which are legally registered and transferable. Any inherited property from the HUF cannot be mentioned in the draft will format India.
- Self-acquired property can be given as per their share and divided among the heirs.
- A draft will format in India can mention self-acquired property or assets as the testator has full ownership rights on the said property because they have spent their income or savings.
What is the process for drafting a Will?
- As per Indian law, there is no prescribed standard for the draft Will format in India. There are not even any required court or stamp papers.
- The person making a will can simply choose a white, clean A4 size paper and start writing their will with the help of legal advice from a lawyer so that they can avoid any possible errors.
- They can opt for will registration or not, as it is not compulsory by law.
- The main requirement in the draft will format in India is the signature or thumb impression of the testator, which acts as proof of their voluntary action towards the draft will format in India.
- The other requirement is the signature or thumb impression of the two witnesses present while the testator signs the will.
- The words that are to be written in the draft Will format in India should clearly and precisely state the testator’s intentions.
- The words used in the draft Will format in India are very important and should be written cautiously, as each word displays a meaningful way to deliver your message.
- While selecting your language and sentences, the testator must make sure they add surrounding circumstances and necessary information, too, as it can be used by the court to settle property-related conflicts later on.
- In case there are two conflicting clauses in the draft will format India, the latter gives priority and is chosen for settlement.
- The correct time to construct the draft will format in India is when the person is in their mid-50-60s, as till then, they would have saved and acquired enough wealth and property for their successors. These accumulated assets can then be passed on by inheritance and will be managed by the heirs.
Who is an Executor?
- An executor is a person with the authority to complete the distribution process to bring effect to the will that was left behind by the testator.
- Their name is mentioned in the will as the testator wants them to take control and make sure the assets are divided righteously.
- Executors are the person whom the testator can rely on and trust after they pass away. Anyone can be an executor, be it a family member, relative, friend, lawyer, or even someone aware of their rights.
- The executor cannot be the person who is getting any share or claim in the will.
The will is a very crucial legal document that enables the testator to divide their assets equally or according to their wishes. The only requirements are that the testator should be sane and above 18 years to draft one.