The importance of a 'WILL'

During his/her lifetime every individual is focused on 'Wealth creation' to fulfill his/her financial goals. But seldom do we take measures to ensure that this wealth is transferred to the next generation as per one's own 'will'. Perhaps, most of us think that making a will is a very tedious task, whereas it is not so. Most of the people would like to dispose of their property/assets according to their own wishes. Thus, there arises the need for making one’s Will.

A 'Will' is a legal document defined under the Indian Succession Act, 1925 as: 'A legal declaration of the intention of the testator (writer of the will), with respect to his property which he desires to be carried into effect after his death'. A valid will can be made by a person provided he is:

• Over 18 years of age
• Is mentally capable i.e. a person with a sound mind
• It must be made without any coercion.

It is important to note that a will can be made at any time during the life and it need not be registered. It needs to be attested by 2 or more independent witnesses (not related to the testator).

Execution of the Will: On the death of the testator, a heir of the deceased can apply for a probate, which is a copy of the will certified by the competent court. A valid will ensures the distribution of the assets of the deceased as per his wish. It is better to understand that nomination is not a replacement of a will, a nominee merely acts as a trustee for the legal heirs.

If there is no Will, the property would be dealt with as per the laws of inheritance. For Hindus, Buddhists, Jains and Sikhs the laws of inheritance have been codified in the Hindu Succession Act, 1956. For Christians the Indian Succession Act, 1925 will be applicable. Parsis have a different law of inheritance. Similarly, Muslims have their own law.

As will is a simple document (even a hand written will is acceptable), we must ensure smooth transfer of our property/assets as per our wish, by writing a 'Will'.