Things to Consider While Drafting a Property Will

Last Updated at: October 23, 2019
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Key Things to Consider While Drafting A Will

Introduction:

The legal processes of will and inheritance are often very intricate. The framing and interpretation of a  will is usually the most contested legal proceeding of all. As per statistics, as provided by one of India’s leading civil societies- Daksh, in the year 2015-16, over 66% of the civil cases being fought in 170 district courts across the country were over land and property matters, with as many as 52.7% cases being fought only among families. It is for all the attention that will-related and inheritance matters receive, it is necessary that they should be drafted precisely with exclusive skill.  The importance of a will is to express the manner in which one requires that the disposition of the property be dealt with. In addition to a mear willingness of property disposition, a well-drafted will also keep property-related litigation at the bay and entitles the rightful legal heirs the possession of their share of the property.

The legal processes involved in drafting a property are quite intricate. Drafting and interpretation of a will is the most contested legal process. The will is critical as it expresses the way you want the property to be split. Besides the willingness property disposition, a clearly drafted will keep litigation at the bay.

Make A Will

Importance of a Will:

  1. Reduces cost related to the acquisition of the property for the rightful heirs.
  2. Reduces the possibility of litigation over the movable and immovable property of the family.
  3. Entitles the rightful heirs to acquire the property without any further disputes.
  4. Fulfils the wish of the deceased, as per his/her own will.

Drafting of a Legal Will:

The drafting of a legal will is a simple yet intricate task. Legal creativity and supervision are very important in order to draft the will precisely and to achieve the object sought to be achieved. Pertaining to the technicalities attached to the drafting of a will, it is of immense importance that every nitty-gritty be taken utmost care of and be drafted in a manner so as to further the interest of the person making the will. It should be devoid of any ambiguity or discrepancies so that it is not used as a legal loophole to enter and turn the very outlook of the will, so drafted. Here are few Dos & Don’ts while drafting a legal will:

  1. Do not choose to keep the will at bay. It is necessary to have a will in order to make sure that the property is disposed appropriately. In one’s life, mostly in the late 50s and early 60s, one should imperatively turn towards drafting a will and reduce the manner in which one desires that the disposition of property takes place, after him.
  2. Do not make the will ambiguous and evasive. It is very important that the will is drafted in a manner that it is precise and definite. If not drafted in a detailed yet specific manner, the ones with the intention to contest the will can find loopholes easily. List down all the property and assets owned by you (both movable and immovable). Mention clearly as to what part of the property you wish to dispose of in the favour of which relative. While mentioning the relative or friend, clearly mention all his details, so that it is not understood by someone else, at a later stage. Also, give as many details about the property. This will help in the clear identification of the property, else it can be appeared to mean something entirely different.
  3. It is very important that in case of subsequent events which might affect the will, one must keep the will up to date. As soon as any such situation occurs which is affecting the will in any manner, the same must be incorporated in the will in a clear and definite manner. It should clearly mention the alterations regarding property or heirs if any.
  4. Though the will seems a simple document expressing the will of the maker, it also requires extremely professional legal supervision, in order to avoid any further legal disputes by other family members. Therefore, before drafting a will, finding the right legal guidance is important to draft an effective will. The practical, as well as the legal consequences of drafting a will and disposing of the property in the favour of one person,  should be considered.

Therefore, think about the will and all the possibilities it could entail. Identify all the movable as well as immovable properties, your efficient heirs eligible for inheritance. Consider all possibilities, be cautious of the consequences and choose the path which is serving the intended purpose.

Is PAN mandatory for obtaining GST registration?

PAN is mandatory for obtaining registration.The Proprietor’s PAN can be used in case of proprietorship. An LLP, Trust, Company etc should apply for PAN first for GST registration.Foreigners need not have one.Understand the procedure for GST registration and GST returns here.

What is the validity period of MSME Registration Certificate?

MSME Registration is a one-time registration, where the business need not have to be renewed once it is registered under it. The MSME certificate validity is for a lifetime.More on Income Tax Return Filing.

What is an ITR-V?

This is verification form that you would receive when you file your returns electronically. The taxpayer must authenticate it by signing it and submit it to the income tax department.Learn more about ISO Certification.

What is ISO 9000:2008 and ISO 9001:2015?

The latest form of ISO 9001 is ISO 9001:2015. It was launched on 23rd September 2015 and that is why 2015 is mentioned in the name of ISO. More info on NGO Registration in india.

Should I open a bank account for my NGO?

A separate bank account is necessary in the name of the NGO. Otherwise it will be treated as your personal income and you will need to pay tax on the same.More about Udyog Aadhar Registration.

Things to Consider While Drafting a Property Will

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Introduction:

The legal processes of will and inheritance are often very intricate. The framing and interpretation of a  will is usually the most contested legal proceeding of all. As per statistics, as provided by one of India’s leading civil societies- Daksh, in the year 2015-16, over 66% of the civil cases being fought in 170 district courts across the country were over land and property matters, with as many as 52.7% cases being fought only among families. It is for all the attention that will-related and inheritance matters receive, it is necessary that they should be drafted precisely with exclusive skill.  The importance of a will is to express the manner in which one requires that the disposition of the property be dealt with. In addition to a mear willingness of property disposition, a well-drafted will also keep property-related litigation at the bay and entitles the rightful legal heirs the possession of their share of the property.

The legal processes involved in drafting a property are quite intricate. Drafting and interpretation of a will is the most contested legal process. The will is critical as it expresses the way you want the property to be split. Besides the willingness property disposition, a clearly drafted will keep litigation at the bay.

Make A Will

Importance of a Will:

  1. Reduces cost related to the acquisition of the property for the rightful heirs.
  2. Reduces the possibility of litigation over the movable and immovable property of the family.
  3. Entitles the rightful heirs to acquire the property without any further disputes.
  4. Fulfils the wish of the deceased, as per his/her own will.

Drafting of a Legal Will:

The drafting of a legal will is a simple yet intricate task. Legal creativity and supervision are very important in order to draft the will precisely and to achieve the object sought to be achieved. Pertaining to the technicalities attached to the drafting of a will, it is of immense importance that every nitty-gritty be taken utmost care of and be drafted in a manner so as to further the interest of the person making the will. It should be devoid of any ambiguity or discrepancies so that it is not used as a legal loophole to enter and turn the very outlook of the will, so drafted. Here are few Dos & Don’ts while drafting a legal will:

  1. Do not choose to keep the will at bay. It is necessary to have a will in order to make sure that the property is disposed appropriately. In one’s life, mostly in the late 50s and early 60s, one should imperatively turn towards drafting a will and reduce the manner in which one desires that the disposition of property takes place, after him.
  2. Do not make the will ambiguous and evasive. It is very important that the will is drafted in a manner that it is precise and definite. If not drafted in a detailed yet specific manner, the ones with the intention to contest the will can find loopholes easily. List down all the property and assets owned by you (both movable and immovable). Mention clearly as to what part of the property you wish to dispose of in the favour of which relative. While mentioning the relative or friend, clearly mention all his details, so that it is not understood by someone else, at a later stage. Also, give as many details about the property. This will help in the clear identification of the property, else it can be appeared to mean something entirely different.
  3. It is very important that in case of subsequent events which might affect the will, one must keep the will up to date. As soon as any such situation occurs which is affecting the will in any manner, the same must be incorporated in the will in a clear and definite manner. It should clearly mention the alterations regarding property or heirs if any.
  4. Though the will seems a simple document expressing the will of the maker, it also requires extremely professional legal supervision, in order to avoid any further legal disputes by other family members. Therefore, before drafting a will, finding the right legal guidance is important to draft an effective will. The practical, as well as the legal consequences of drafting a will and disposing of the property in the favour of one person,  should be considered.

Therefore, think about the will and all the possibilities it could entail. Identify all the movable as well as immovable properties, your efficient heirs eligible for inheritance. Consider all possibilities, be cautious of the consequences and choose the path which is serving the intended purpose.

Is PAN mandatory for obtaining GST registration?

PAN is mandatory for obtaining registration.The Proprietor’s PAN can be used in case of proprietorship. An LLP, Trust, Company etc should apply for PAN first for GST registration.Foreigners need not have one.Understand the procedure for GST registration and GST returns here.

What is the validity period of MSME Registration Certificate?

MSME Registration is a one-time registration, where the business need not have to be renewed once it is registered under it. The MSME certificate validity is for a lifetime.More on Income Tax Return Filing.

What is an ITR-V?

This is verification form that you would receive when you file your returns electronically. The taxpayer must authenticate it by signing it and submit it to the income tax department.Learn more about ISO Certification.

What is ISO 9000:2008 and ISO 9001:2015?

The latest form of ISO 9001 is ISO 9001:2015. It was launched on 23rd September 2015 and that is why 2015 is mentioned in the name of ISO. More info on NGO Registration in india.

Should I open a bank account for my NGO?

A separate bank account is necessary in the name of the NGO. Otherwise it will be treated as your personal income and you will need to pay tax on the same.More about Udyog Aadhar Registration.

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