procedure of making will
Querist :
Anonymous
(Querist) 07 March 2010
This query is : Resolved
i wanna know the procedure of making will and from when it is applicable.please guide me early as possible.eagerly waiting for your reply.
Raj Kumar Makkad
(Expert) 07 March 2010
The process of making a will is very simple. It requires no stamp duty or registration, although most experts advice that a will must be registered, so that it is in safe custody.
However, there are certain traps that you should watch out for. Says chartered accountant Vinay Singh, "One common mistake that people make is failing to appoint witnesses and trustworthy executors younger than themselves. In case of Hindus, another common mistake is the failure to state if the property is inherited or not."
The question of inheritance becomes important because no ancestral property can be assigned to any person. All rights on inherited property are acquired by birth.
A Will supercedes nominations
But if you have made nominations, does a will become essential? 34-year-old banker Sanjay Sinha asks a valid question, "I have a number of investments in shares, bank deposits, mutual fund, insurance policies, etc. For all these investments, I have assigned a nominee. So is it necessary to make a Will for the same?"
In the eyes of the law, a nominee is a trustee and he need not necessarily be a beneficiary to a will. Says Singh, "The nominee is merely a caretaker and the right to the property passes by will or if there is no will, under the personal law of the deceased."
This means that if there is a will, the nominee will only hold the assets as a caretaker trustee for the beneficiary. The nominee will be legally bound to transfer the nominated property to the beneficiary of the will. If there is no will, he will have to transfer to the legal heirs. So ideally, if a will is made, it would be better to name the nominee as the beneficiary to ensure that the distribution is smooth and efficient
How to make a will?
* No prescribed form for a Will; only needs to be signed and attested
* Can be in any language; no technical words need to be used
* Two witnesses must attest a Will; one preferably a doctor
* They should sign in the presence of each other and the person making the Will
* In India [ Images ], the registration of Wills is not compulsory
* The Will should provide for the appointment of executors, though not mandatory
* No stamp duty is required to be paid for executing a Will
Querist :
Anonymous
(Querist) 07 March 2010
ANYONE LAWYER FROM KADKARDOOMA OR HIGH COURT FROM DELHI I WANT TO MAKE A WILL PLEASE CONTACT ME
Guest
(Expert) 07 March 2010
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.9271971251
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com
REGARDING WILL KINDLY NOTE THAT.
1.THOUGH THERE IS NO SPECIFIC REQUIREMENT FOR THE MAKING OF WILL AND NO STAMP OR ANY FORMAT IS PRESCRIBED.KINDLY NOTE AND TAKE FOLLOWING PRECAUTIONS TO AVOID FURTHER HARASSMENT AND DELAY IN IMPLEMENTATION OF SAID WILL AND DELAY AND SUFFERING OF BENEFECIARIES.
1.KINDLY PURCHASE A RS.100/-STAMP PAPER FROM THE STAMP VENDOR SO THAT HE CAN BE EXAMINED AS WITNESS IN FUTURE .
2.GET THE DRAFT OF WILL PREPARED FROM LEGAL EXPERT AND MENTION YOUR NAME AGE OCCUPATION AND ADDRESS AND ALSO MENTION THE PROPERTIES YOU WISH TO TRANSFER TO YOUR FAMILY MEMBERS AND OTHER PERSONS IF ANY WITH NAMES AND ADDRESSES OF SAID BENEFECIARIES.
3.YOU SHOULD MENTON THE EXACT DESCRIPTION OF PROPERTY YOU WIST TO MENTION IN THE WILL.AND TO WHOM IT SHOULD PASS AFTER YOUR DEATH.
4.YOU HAVE TO STATE ON OTH THAT YOU ARE IN GOOD HEALTH AND PERFECT PHYSICAL AND MENTAL CONDITION AND CONSCIOUSNESS.PREFERABLE TAKE ENDORSEMENT OF DOCTOR REGARDING SOUND STATE OF HEALTH AT THE TIME OF MAKING THE WILL.
5.PREFERABLY MENTION NAMES AND ADDRESSES OF TWO WITNESSES WHOM YOU TRUST AND CAN GIVE EVIDENCE IN CASE OF ANY DISPUTE IN FUTURE.
6 GET SIGNATURE DULY WITNESSED AND COUNTER SIGNED BY LEGAL EXPERT AND ALSO GET THE SAID WILL NOTARISED.SO THAT IN CASE OF ANY DISPUTE THE SAID NOTARY CAN BE EXAMINED IN COURT AS A WITNESS.
KINDLY DO NOT SPEND ANY UNNECESSARY AMOUNT ON PURCHASING ANY STAMP PAPERS AS THE COURT FEE STAMPS AND NOT REQUIRED FOR WILL AS PER PREVAILING LEGAL PROVISIONS.
YOU MAY WRITE AND SEND DETAILS IN CASE YOU NEED ANY FURTHER HELP .OR YOU MAY CALL.
GOOD LUCK.
WITH BEST REGARDS TO YOU YOUR FAMILY AND FRIENDS.
THANKING YOU
YOURS SINCERELY
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
