Learn about the various types of will and a detailed report on what exactly is a will in this blog.
Introduction of Will
A will is a legal document safeguarding the rights of loved ones post-death, often aiming to distribute property among children. Understanding its significance is crucial, as, without it, the owner’s wishes may go unfulfilled. Know About What is a Will in India?
While uncertainties surround its execution, having a will is the closest assurance for the well-being of close ones. Failure to comply with a will may lead to the state taking control of the estate, causing family conflicts. Issuing a well-documented online will with witnesses minimises potential disputes. For those unclear about its importance, consulting an estate attorney is advisable for a comprehensive understanding.
Different Types of Wills
Since its advent, we have come across various categories of wills. They are all valid. Still, state attorneys can verify if there is an exception for a specific place. Thus, it is recommended to have clarity before filing a will
Written, Witnessed, or Testamentary:
This legal sheet determines property distribution among lawful heirs once the current owner dies. This is the oldest and most dependable form of will that the signatory agrees upon in front of witnesses. This has been proven as the best measure to tackle family strife once the property owner is dead. State laws come into play while writing this will. If you do not know what a will is, you can seek help from trusts who will write it precisely, crafting your wishes, so no loopholes are present.
Holographic Will:
The holographic will is similar to the first type. Here, the testator signs, but there are no witnesses to support the author legally. These are less effective but act as the last option in times of emergency, for instance, when the owner is suffering from a terminal illness. In a few states, this is not granted, while other state legislation demands adequate proof like the authenticity of that will, i.e., whether the author has been replicated or not. It also checks the mental health background of the ex-owner. Thus, these wills are questionable in certain aspects.
The Mirror Will:
It is a legal amalgamation of more than one will. It involves multiple successors to a particular right. An example of this is when a husband decides his wife to become the nominee, followed by their only child.
Nuncupative or Verbal Will:
This will is verbally confessed by addressing the concerned witnesses. Courts refrain from accepting such statements due to a lack of practical proof, and in most cases, the state also overrules such wills. Confusion related to this comes forward often when the person speaks out his last wish, and there is no room to make arrangements to record his final statement.
Mutual Will:
This will is generally opted for by a committed couple. It ensures once one spouse dies, the other partner has no option other than accepting the terms of that will. These are effective in passing the property to the couple’s children instead of a new spouse if any one of them remarries. Will attorney’s intervention is needed in formulating the mutual will as the situations turn complicated, as reported quite often.
The Living Will:
If we try to find the answer to what a living will is, we are to be affirmed that it is a legal statement that speaks for the issuer’s resource allocation at the time of medical emergency when they are not able to communicate their thought processes properly.
Pour-Over Will:
It is a legal instrument that takes help from a living trust. It transfers each bit of a property to a living trust if the owner does not hand over the shares to someone while he is alive.
Importance of a Written Will
- The article emphasises a lot more than describing what a will is. This portion talks about the necessity of writing it in India. A testamentary is a document written as per the interstate system in the presence of witnesses that ensures an owner’s assets get transferred to his legal heirs once he dies.
- Failing to draft a will can lead to property confiscation by the government. The absence of written will create unnecessary misunderstandings among family members that take a severe form as time passes. Thus, it is crucial to justifiably distribute the hard-earned financial assets among those the actual owner intended to hand over.
- It avoids the delay of property succession, which can eventually be a tiresome procedure as per the Succession Act. This point also applies to money and time-saving logic, both of which play a vital role in the property allocation process executed by the court. Also, there arises a necessity to present an individual, generally a relative, who will be responsible for administering the procedure.
- Another commonly ignored reason behind signing a will is that it helps the owner to assimilate the best heir who will be able to manage his property and other assets in the most premium manner.
- A will sometimes has the authority to set a new lawful guardian for the offspring without his parents. This relieves a person, especially those who suffer from stress and anxiety over thinking about such issues, because they may have reasons to worry about it. Nowadays, a will even protect digital assets like personal or business websites, social media handles, galleries, etc. The lawful heir is awarded the right to carry forward the legacy of such items.
Conclusion
Wills are necessary to avoid misunderstanding among the family members and select the eligible heir to assets once the owner dies. Wills can be written in the presence or absence of witnesses.
There are also other wills like mutual, mirror, pour-over wills, etc. Wills can be amended during the owner’s lifetime, which is often discussed in short periods; generally, every 2-3 years after the drafting has been done.
