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What exactly is a Will?
Will is a testament of a person making it and spells out person’s wishes on the distribution of the assets (movable & Immovable), including his wishes to care of any person or being after a person’s demise. Notably, the instrument of Will spells out the name and details of who will inherit the assets (movable & Immovable) after the demise of a person making a Will. A person can also appoint an ‘Executor’ for who is responsible for carrying out their wishes of a deceased person.
essential elements of a valid will
A Will must contain the following key components:
- A person must be above the age of eighteen years and must be of a sound mind / sound state of mind in order to make a will. This prevents minors and those who are mentally incompetent from making a Will.
- A will must be made freely, without any element of coercion, force, threat or influence.
- The person making a Will must have ownership over the assets (movable or immovable) which are to be bequeathed as per the Will.
importance of a valid will
It is impossible to overstate how important it is to write a proper will. In addition to making estate planning more effective and efficient, a will helps the deceased’s family members avoid needless arguments and legal disputes. Additionally, it aids in protecting the rights of the deceased’s lawful legal heirs against any other surviving family members or claimants who might want to assert claims to the deceased’s estate.
The ability to distinguish between the nominee and the beneficiary is the primary function of a will. A nominee is a person who possesses property prior to its ultimate distribution in accordance with the terms of the will, whereas the beneficiary is the person who really obtains the property. With the aid of a will, the testator can choose a candidate for the distribution of assets in accordance with their wishes.
Having a will in place helps to arrange for finances and guardianship of dependents or minor children.
How To Make It Enforceable And Legally Valid?
When you’re prepared to print the document, make sure it is error-free by following the checklist provided below.
- Make sure that the details of assets (movable or immovable) are correct.
- Make sure that the names, details and relationship with beneficiaries are correct.
- The names and addresses of the Witnesses must be mentioned along with their signatures.
- Registration (in court) of a Will is not compulsory, but for practical purposes it is better that Will is duly registered in court, for ease of its enforceability.
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