The will is a declaration by a person in which they specify how their assets will be divided after their demise. This comprises bank balances, cash, all types of assets, and money lying in mutual fund accounts. It doesn’t just refer to the physical immovable property.
Any will that is drawn up in compliance with the law and approved by a court of law is known as a legal will.
Probate is the procedure by which the executor of a will can prove in a court of law that the will is legal, valid, and is the last will of the person who died. This is crucial since the will must be proved in a court of law in order to be legally binding. Thus, the process of probating a will is essential.
According to Indian law, it is believed that a will is legitimate only when it can be probated in a court of law. Probate is the procedure by which the legal executor of a will can prove that the will is legal, valid and the final will executed by the deceased. In accordance with the law, a will is valid for 12 years from the date of death of the deceased. This is known as the limitation period of the will.
In the past, the cost of making wills in India was huge, but now, it has been reduced drastically due to the availability of online platforms for creating the will. It is possible to make it for as less as a thousand rupees at present.
It is now extremely easy to do will registration online in India. All we have to do is go online and browse through one of the legal websites which assist in making wills. You will need to complete all the information about yourself and your family members, property, and other details. Once this is done, the automatic will gets printed out and signed on stamp paper. It is essential to keep in mind that for it to be legal, it must be executed in the presence of two witnesses. The will can be created at a very low price in India with just a few mouse clicks.
The function of the executor is crucial in making a will. The executor is considered to be the representative of the assessee. After the death of the assessee, the executor gets complete control and ownership of the property. It is the responsibility of the executor that he disposes of property according to the guidelines and rules set out in the will. He can also initiate cases on behalf of the creator and incur costs for ensuring that the will is implemented according to the creator’s wishes.
It is very easy to make or write wills in India.
- The first thing is to identify your assets and the liabilities that you owe.
- Next, figure out which family members you would like to leave your wealth to.
- The final step is choosing an executor. You must select an executor who is reliable and will not disappoint.
- If any of the family members are minors, legal guardians must be appointed for the same.
- The final step is to make sure you sign the will and then have the witnesses sign it.
Amazingly, the price for drafting a will with an attorney is around 10 thousand rupees at present. The most cost-effective and economical option is to write your will at home with the assistance of various online websites that will help you in the same way. The process of drafting a will at home can cut the cost as low as a thousand rupees.
Yes, a handwritten will is legal in India. It’s even more preferred over the typed will since it can’t be challenged in a court of law. Regarding registration of wills, the government’s rules have been somewhat relaxed with the same. Registration is not required for wills. They do not need to be written on official stamp paper. Stamp duty also need not be paid on wills executed in India to make them valid. Even immovable property will need not be registered in India.
What is the will registration procedure in India?
While the registration of a will is not required, a sub-registrar could register it in the event of need. Additionally, a will should be sealed when it has been registered and stored in secure custody.
It takes approximately 80 hours to ensure that the will is written correctly and is free of errors. In the same way, for a will to be proven in a court of law and property settlement, it can take between six to twelve months.
Generally, a witness to a will is a third person who has no financial interest in the will to be executed. Although the law does not prohibit family members from acting as witnesses to a will, it’s preferred not to have them as witnesses.
E-wills are online websites that assist in the process of preparing wills. Someone who wants to prepare wills only needs to input their information and specifics about their property, and then a will based on the preset format will be created.
Definitely, there aren’t any guidelines and rules for drafting wills. It is as easy as having it handwritten and getting it notarized or registered by a sub-registrar.
Although it’s not mandatory to date an invoice, it is beneficial since it helps us differentiate between different copies of the will. We can examine and verify which is the most current copy of the invoice.
Yes, wills in India can be challenged. Generally, a will can be contested under the following circumstances –
- If the will is not executed properly.
- They don’t have any intentions.
- If the person executing the will does not have the capacity to execute it.
- Additionally, if there is any evidence of forgery or fraud.
- If any member of the family is unhappy with the will.