Concurrent Wills

Overview of Concurrent Wills

Concurrent wills are two or more wills that are created simultaneously, with the intention of being used together to distribute the testator's (person creating the will) assets upon their death. These wills may be identical or slightly different, but they all have the same goal of determining how the testator's assets will be distributed.

Concurrent wills are often used when a person has assets in multiple countries, as each country may have different laws regarding the distribution of assets. By creating concurrent wills, the testator can ensure that their assets are distributed in accordance with their wishes in each country.

Benefits of Concurrent Wills

Reduces Time and Efforts in Making Probate: For concurrent will, application may be made for probate of each will in the country to which it applies. Whereas for single will an application for probate is made in one country and then the probate is resealed in each country where the will must be proven.

Faster Distribution of Wealth: Concurrent Will paves way for passing on your wealth smoothly to your loved ones.

Tax Purpose: Tax treatment to inherited assets differs across countries. Some countries impose higher taxes for properties to be passed on to individuals residing in another country. With multiple wills you are more likely to get tax benefits too.

Less Legal Complications: No two countries' laws and regulations are the same. For instance, Italy and France have forced heirship rules, which means you cannot transfer the asset to whoever you want to. For your will to be deemed valid, it must comply with all the formalities. As concurrent wills are drafted in accordance with the respective country’s laws, the legal complications are very less.

Points to Remember

Before executing concurrent wills, you need to remember the following pointers:

• In the case of Non-Resident Indians (NRIs), there may be an additional cost for drafting a will in each jurisdiction. Hence, you must consult with legal experts and lawyers
• Having multiple wills may confuse your loved ones, especially if there are provisions that may contradict each other. Get them well-planned with expert attorneys
• Usually, while creating more than one will, chances are the new one may revoke the former will.

What Does a Concurrent Will Include?

A will does not have to follow any specific language or format. However, the person writing the will, called a testator, must include the following important components:

• Appointment of a legal representative to execute the will and administer the estate. The executor can be a family member or the beneficiary of the assets
• Personal details of the testator, like name, age, and address that can help in identifying who has written the will
• Declaration by the testator that he/she is of sound mind while drawing the will
• Details of the assets and documents in all the countries like land, house, shares, mutual funds, bank deposits, etc.
• Details of assets that may be inherited by any charity trust
• Minors’ shares in properties.

How to Make a Concurrent Will in India?

A concurrent will is a document that is created in addition to your primary or main will and contains provisions that are intended to take effect at the same time as your main will. It is often used to make specific bequests or dispositions that are separate from those in your main will.

Here are the steps you can follow to draft a concurrent will:

• Determine the purpose of your concurrent will. You should clearly know what you want to accomplish with your concurrent will and what specific bequests or dispositions you want to make.
• Consult with an attorney. It is a good idea to consult with an attorney when drafting any type of will, including a concurrent will. An attorney can help you ensure that your will is legally valid and that your wishes are clearly expressed.
• Choose your executor. You will need to designate an executor to manage the distribution of your assets according to your will. Choose someone you trust to handle this important responsibility.
• Gather information about your assets. Make a list of your assets and their estimated values. This will help determine how you want to distribute your assets among your beneficiaries.
• Make specific bequests or dispositions. You can make specific bequests or dispositions of your assets to your beneficiaries in your concurrent will. Be as specific as possible in describing the assets and the intended recipient.
• Sign and witness your concurrent will. In order for your concurrent will to be legally valid, you must sign it in the presence of at least two witnesses who are not beneficiaries under the will.

It is important to note that laws regarding wills and estate planning vary by state, so you should consult with an attorney familiar with your state's laws. Additionally, it is a good idea to review and update your will periodically to ensure that it reflects your current wishes and circumstances.

Documents Required for Drafting a Concurrent Will

• Real estate documents like sale deed or title deed
• Tax bills that may be able to help you in assessing your tax liabilities accurately
• Investment statements and other financial assets
• Business documents if your business can be bequeathed to your beneficiaries

Why Vakilsearch?

We have a pool of highly qualified legal writers who drafts concurrent will for many firms and businesses across the country. Vakilsearch’s in-house lawyers and legal experts will contact you during the entire process. Once the requirements have been discussed, we will draft your concurrent will. The pricing of Vakilsearch’s services is very less compared to other legal firms in India. If you have any questions regarding the drafting process of concurrent will, our customer support team will be happy to assist you.

FAQs on Concurrent Wills