good legal article on how to make will to avoid dispute in future
With soaring prices of immovable properties, the question of how to divide wealth, especially if it involves property, could cause major dispute.
This is not to suggest that everyone should necessarily pay for an expert lawyer or wealth manager to write up a Will. You can always make your own Will, as long as you are clear about what your are doing. Even registration of a Will is not compulsory, though it does give authenticity. However, if some changes are made in the future, the updated Will needs to be registered again so the first one isn't considered as the last valid Will. A Will remains the most popular method of passing on property and wealth in India.
If you die intestate (that is without making a Will), your family will have to follow certain 'laws of succession', in deciding how to split your assets. It is a misconception to believe that all the estate automatically passes on to the spouse. Children and relatives can also stake claim to the property. Laws of inheritance and succession are diverse and complicated. This kind of division of assets is an expensive business as your family would have to hire the services of a lawyer and all the costs will be incurred out of your estate. So in effect, your family will get a diminished share.
