WHAT IS WILLS?

1
WILLS
VINOD K AGRAWAL ASSOCIATES, CA
2
CONTENT

1. WHAT IS WILL?
2. TYPES OF WILLS
3. THE PROCESS OF PREPARING WILLS
4. ELIGIBILITY FOR MAKING WILL
5. WHY SHOULD A PERSON MAKE WILLS
6. EXECUTORS
7. REGISTRATION OF WILLS

3
WHAT IS WILLS?
A will is a legal document that outlines your
desires for property distribution and the
treatment of any minor children. Those wishes
should not be carried out if you die without a
will. Furthermore, your heirs will end up
spending more time, money, and emotional energy
after you pass away to settle your affairs.
4
TYPES OF WILLS
UNPRIVILEGED WILL PRIVILEGED WILL MUTUAL WILL
5
UNPRIVILEGED WILL

• An unprivileged Will is one created by an
  individual who is not a soldier on an expedition
  or engaged in real combat, or a mariner at sea.
  To be legal, an unprivileged Will must meet the
  following requirements
• . The person who prepares the Will must sign or
  affix his or her signature to the document.
  Otherwise, another person should sign in the
  presence of the testator (person who created the
  Will) according to the testator's instructions.
• . The testator's signature or mark, or the
  signature of the person signing for the
  testator, must be placed in such a way that it
  appears that the writing was meant to be used as
  a Will.
• . The will should be attested by two or more
  witnesses. The witnesses must have seen the
  testator sign or affix his mark to the Will, or
  seen other people sign the Will in his presence
  and under his guidance.

6
PRIVILEGED WILLS

• Privileged Wills are those made in writing or by
  word of mouth by active service members such as
  soldiers, airmen, and mariners. The legal
  criterion for a privileged Will's validity has
  been reduced to enable some people to make a
  Will quickly. A privileged Will to meet the
  following requirements
• The entire will is written by the testator in his
  own hand. It is not required to be signed or
  attested in this case.
• A valid Will can be written entirely or partially
  by someone else and not signed by the testator if
  it can be shown that it was written according to
  the testator's instructions or that the testator
  accepted it as his or her Will.
• A half-completed privileged Will is also true if
  it can be shown that non-execution was due to
  some other cause and does not seem to be an
  abandonment of Will-making intentions.
• By announcing intentions, a privileged Will can
  be made by word of mouth.
• If a soldier, airman, or mariner gave written or
  verbal instructions for the writing of a Will,
  but died before it could be completed and
  executed. And such a will is legally binding.

7
THE PROCESS OF PREPARING WILLS

• For the customers, chartered accountants are the
  first point of contact. They must understand the
  steps involved in writing a will. When writing a
  will, a Chartered accountant should take the
  following steps
• Get the client's name, age, and address.
• Obtain the names, ages, addresses, and
  relationships of the testator's immediate family
  members.
• Determine the names and relationships of the
  legatees he wishes to appoint in his will.
• Check about all of his properties worth.
• Make sure the will is signed and dated. An
  undated will provides no evidence of when it was
  written. It will be difficult to determine
  whether the will is the testator's most recent
  will in this situation.
• The will must be signed by the testator. People
  usually sign their wills at the end or at the
  beginning. Signing each and every page of the
  will is a good idea.
• It would be beneficial if a will is registered
  and properly stamped as it helps in ensuring
  proper execution.

8
ELIGIBILITY OF MAKING WILLS

• Let's take a look at who is entitled to make a
  will under Section 59 of the Indian Succession
  Act 1925
• Every important person of sound mind
• When a person is sane/of sound mind, an ordinary
  crazy person will make a will.
• A person who is inebriated or unaware of what he
  is doing is unable to make a will in that
  condition.
• People who are deaf, dumb, or blind will make a
  will if they understand what they are doing.
• Any property that a married woman can dispose of
  during her lifetime can be bequeathed.
• Testamentary capacity and sound disposing
• If any will or part thereof has been caused by
  fraud, coercion or influenced, then such will is
  void.

9
WHY SHOULD A PERSON MAKE WILL?

• Some people believe that wills are only necessary
  for the very rich or those with complicated
  properties. There are several compelling reasons
  to have a will.
• You have a clear understanding of who will
  receive your assets. You have complete control
  of who gets what and how much.
• You should keep your assets out of the hands of
  people you don't want them to come into contact
  with (like an estranged relative).
• You will decide who will look after your
  children. The courts will decide if there is no
  will.
• Your descendants will be able to access your
  properties more quickly and easily.
• You can expect to save money on taxes for your
  house. You can also make gifts and charitable
  contributions to reduce the estate tax liability.

10
EXECUTORS

• The executors of a will are crucial because they
  are the ones who carry out the testator's
  wishes. The act defines that the testator
  appoints someone to carry out the final will and
  testament of a deceased person. An executrix is
  a woman who performs a female execution.
• An individual, a firm of lawyers or a Chartered
  Accountant, a bank, a corporation, etc can be
  named as an executor under a will.
• A testator may designate an executor to be his or
  her spouse, children, brother or sister, family,
  or friends.

11
REGISTRATION OF WILLS

• Under the registration act of 1908, the testator
  or the executor after him will register the will
  with the registrar of sub assurances.
• A will is not required to be registered.

12
The following are the advantages of registering a
will
If the original Will has been tampered with, it
can be linked to the Will held in the
sub-registrar. If the original Will is lost or
destroyed, a certified copy may be obtained from
the sub- registrar. If a Will is written for
leasehold land, it may be used to make changes
to the mutation register before probate is
granted.
13
For more details contact us https//cavkagrawal.
business.site/
VINOD K AGRAWAL ASSOCIATES, CA