F.A.Q.

FAQs ABOUT THE WILL

 

1) What is a Will?

Will or “Mritupatra” is a document which records the wish of the person making it, the Executor”, about the distribution of the property owned by him or standing in his name, after his death.

 

2)  Who can make a Will?

A person who has self acquired property or ancestral property standing in his name today, singly or jointly can make a Will. Property includes moveable property like Jewellery, Bank Accounts, Fixed Deposits, Dmat accounts, insurance, shares, debentures etc and immoveable property like flats, shops, bunglows, farmhouses, plots etc.

 

3) What is the requirement of a valid Will?

There is no fixed format for a Will but like any legal document, it should be unambiguous and specific. After your signature at the end of the document, there should be signatures of two witnesses(preferably younger), who should see you signing the Will. They need not know the contents of the Will. Avoid making beneficiaries as witness.

 

4) Is appointing an Executor compulsory?

No. Executor is required where there are several properties in different cities and States or the beneficiaries are abroad and unable to do the paperwork.

 

5) Is the Will required to be registered?

No. It is not compulsory to register the Will. But if there are immoveable properties in more than one State, then it is better to register because it becomes easier to get the properties registered in the names of the beneficiaries.

 

6) Can you make changes, add or cancel the Will after it is executed?

Yes, you can make changes by additions called Codicils, which also have to be attested by two witnesses. You can also cancel the Will and write a new Will. Your last valid Will is taken as your last wish.

 

7) Can you sell the immoveable property even after writing about it in the Will?

Yes. You can sell the property if required or use the amounts in the Bank accounts or fixed deposits even though you have mentioned it in the Will.

 

8) Is it necessary to write a Will if nominations have been made for all the assets?

A nominee does not become the sole owner of the property. Even though his name stands in all the documents, the other legal heirs also have an equal right. But the beneficiary under the Will, becomes a sole owner after the documents are transferred in his/her name.

9) What is the difference between a gift deed and a Will?

The beneficiary under the gift deed becomes the owner of the gifted asset immediately whereas under the Will, the beneficiary becomes owner after the death of the Executor and after all the documents are transferred in his/her name. The Executor remains Owner till his/her death.

 

10) What happens if Will is not written?

Your children are not aware of all your assets like details of bank accounts, fixed deposits, shares, farm house, plots or house in the native place. After your death, some stranger may get the property transferred to his name and your hardearned assets cannot be enjoyed by your children.