The only thing you can count on in life is that it will be tough and unpredictable. If you want to live comfortably for the rest of your life, you must take great care while making investments. Plan your investments and savings for the future to ensure that you live a life free of financial worries.
You should exercise caution while making investments because they will enable you to maintain your standard of living even after retirement. You must file a will in order to ensure that your investments and possessions are distributed to the appropriate parties following your passing. By following the instructions provided below, you can register it.
What is a Will?
In legal terms, a will is a document that specifies how property and other assets may be dispersed upon the death of the executor of the will, despite the fact that the word “will” is frequently used to refer to the desire to accomplish something in English. It serves as the sole legal document that establishes a person’s heirs and the distribution of their estate. It cannot be utilised against the executor while they are alive and only becomes active after their death.
Important Terminologies of a Will
Types
Wills are of two types
- Privileged
- Unprivileged
Anyone, excluding combatants, may carry out unprivileged wills. These guidelines must be followed by them:
- The testator must sign the will. A different person may be asked to sign the will in the testator’s presence.
- The will cannot be executed without a signature.
- No special form of attestation is required, just two or more witnesses who saw the sign being applied to the will.Meanwhile, a privileged will applies to soldiers, seamen, and officers in the airforce.
The rules for this particular will are as follows:
- If the will is written in the testator’s hand, then no attestation is necessary.
- It may also be written by someone else, but in that case, even if it isn’t attested, it still needs to be signed by the testator.
- If a document is not signed by the testator and was written by someone else, it must be demonstrated that the writer followed the testator’s instructions.
- If a member of the armed forces had written down instructions but was unable to register them as a will, those instructions might be regarded as the member’s legal will.
- One month after the testator creates a privileged will, a will made by mouth is void.
Depending on their gender, the person who creates a will is referred to as a testator or testatrix, and the person who inherits the goods described in the will is referred to as a beneficiary. Your heirs will find it simpler to divide your property after your death if you have a will since it will save them from having to deal with the legal process. Additionally, it avoids controversies and enables unbiased judgement to be rendered in accordance with the testator’s wishes. Although the testator’s natural heirs are entitled to share in his or her possessions, he or she can choose to bypass them by stating explicitly in the will the reasons for doing so, which would help avoid challenges and disagreements after the testator’s passing.
Rules
- The testator must be at least 18 years old and not suffer from a mental illness to be able to make a will.
- According to the Indian Succession Act of 1925, those who have trouble speaking or seeing may write a will.
- The will may be amended as often as the testator deems necessary.
- To ensure the testator’s mental stability when writing a will, try to have a doctor and an advocate present as witnesses.
Why Register
- You get a legal copy of the will
- The original will may be compared with the one submitted in case of any tampering
- If the original will is destroyed, you can get a copy from the registrar office
Process
- Draft a will by consulting an advocate.
- Fix an appointment in the Sub-Registrar office for registration.
- Pay the registration fees as per your State’s regulations.
- Go to the Sub-Registrar with two viable witnesses.
- Registered Copy may be collected in a week.
- Written Rules
- State the name and address of the testator
- Put down that the testator is in a sound state of mind.
- State the necessity for the execution of the will
- List all beneficiaries of the testator’s property
- Write in non-vague and crisp language.
- Appoint an executor.
- Mention the date and place of execution.
- Try not to use technical language to avoid any sort of confusion.
- New bequests of property must be in separate paragraphs.
- Do not leave blank spaces.
If someone passes away without making a will, the transfer of their assets could be chaotic, and family might compete with one another for more money. Consult a lawyer and prepare a will to avoid such mishaps from happening as a result of your negligence because, as the saying goes, it’s better to be safe than sorry.