Will is defined as a legal deed that any Indian can draft to ensure that his last wishes are successfully executed after his demise.
Jurisdiction looks forward to the interests of a will’s author. Generally, a valid will dictates the distribution of tangible assets after death. The key point that must be kept in mind is that there is no execution power of any will as long as the will’s writer is alive. He can change the terms whenever he wishes to do so. Read more to know about the elements of a valid will.
Elements of a Valid Will
A valid will is incomplete without the following inputs:
- Minute details about the testator: This information is primary, without which the whole process has to wait. The will should read out loud the name, personal address, current age, application date, and other necessary information that directly points to the will’s creator. It also helps keep track of the amendments (if made in the future).
- Declaration: This part of the will may seem like a mere formality, but much more than that. For individuals trying to learn to write a will this step is really necessary. It states that the author has made a decision in a sound state of mind. It must also confirm that no third party has pressured the testator to decide likewise.
- Details that help learn more about the beneficiary: The beneficiary’s relation with the testator must be present in the legal deed. Their name in nationality documents must match the name used in the will. In the case of multiple beneficiaries rough division of wealth is expressed in terms of percentage. The execution takes place under the supervision of an appointed attorney.
- Details of the executor: The executor carries out the tasks wished by the will’s writer before he died. Also, he ensures that the execution pathways stay consistent. Otherwise, any lawful heir may lose their portion partially or wholly. The executor’s name, current age, residential address, and relationship with the testator has to be present in the valid will by all means.
- Share division: This is a vital section that lists down the property portions that are specifically meant for one concerned heir. Apart from explaining the division of assets in detail, this part also states the specific gifts intended to be given to certain people as per the testator’s wish. This can be something of great emotional value, like a family portrait.
- Property details: This must be included in a valid will; otherwise, the whole process will make no sense. Often there is confusion as many keep on guessing that they must hire an accountant who will determine the valuation of his entire set of assets. But in reality, this is not the case. A testator needs to assess the estimated value of his assets mentioned in monetary terms in the will. A possible alternative is to mention the assets themselves without stating their price.
- Particular directives: These are proposed options stated by the testator to direct the executor on how he must handle operations after his demise. The concept is to make sure each successor gets whatever the valid will has promised them. One thing is to be kept in mind assets are only transferable if there are no undue loans or taxes in the testator’s name.
- Witness: There must be a minimum of 2 witnesses who should sign the will in the presence of a lawyer. The testator must also sign the will. There is no need to share the valid will’s detailed data with the witnesses. But the testator’s signature needs to be approved by them.
Conclusion
A few criteria must be met; otherwise, complications are bound to follow while executing the wishes after the testator’s death. Indian Legislature presents certain laws that govern the transference of wealth after one’s death. These laws are the Indian registration law of 1908, the Indian Stamp Law of 1899, and lastly, the Succession Act enforced since 1925.
