Frequently Asked Questions
It is good if you have a simple family structure. However, even if you want all your assets to go to your spouse, you need to create your Will to make the transition smooth and to supersede the Succession Laws which will come into play in the absence of a Will.
It becomes all the more important to create a Will if you have limited assets, in order to avoid any leakage of those assets after your lifetime and to make sure that those assets go to your chosen beneficiaries.
A nominee does not get absolute title to the property by virtue of the nomination. He acts a trustee of the property of the deceased until the legal heirs of the deceased take appropriate steps to claim their rights over it.
In absence of a Will, the succession laws will decide whom your estate will go to and the same might not be aligned to your wishes.
Many people feel that they can write their own Will. The law accepts a Will written by a person, even on a simple piece of paper in simple language. However, by taking help of experts, you are ensuring that your Will is complete in every way and is also written based on legally prescribed guidelines. An expert who has written many Wills is also aware of the issues related to distribution of assets and therefore can suggest the right course of action to you.
If you are above 18 years of age and have accumulating even a single asset, you must create a Will.
Probate is a process of authenticating the Will of the deceased under the seal of the court of competent jurisdiction.
An Executor is a person who distributes the assets of the deceased amongst the beneficiaries in accordance with the Will. A Will should have minimum one Executor. However, we generally recommend to name 3 executors in a Will so that the process is not effected even if one executor is not available to perform the necessary duties.
It is advisable to review your Will every 2-3 years or more frequently to incorporate any changes in your family structure or wealth.
As per Income Tax Act, no tax is attracted in case of inherited assets, whether movable or immovable.
Yes. Your Will can and must include all the possessions that hold some value, whether financial or emotional.
You should consider creating a Charitable Trust during your lifetime so that you can see how it functions and be assured that your contribution to the cause will be continued in future.
We always advise our clients to take consent from the individual before appointing him as executor(s) to the will and thereafter to inform him or a family member that a will has been created.
Registration of a Will is not compulsory even if it comprises of an immovable property. However, it is advisable to get the will registered as a registered Will is put in the safe custody of the Registrar, therefore it is relatively safe, cannot be destroyed, stolen or tampered with.
It is not mandatory to register a Will and the last Will prevails upon all earlier Wills whether registered or not. Thus, even a subsequent unregistered Will can revoke the earlier registered Will.
We draft the Will in such a manner that all such assets are taken care of. Besides, we advise our clients to review their Will every 2-3 years so that all the changes are incorporated.
The witnesses do not need to know the contents of the Will, they will only sign stating that the Will has been signed by the testator in their presence.
Assets in foreign countries are likely to be subjected to the laws of that country. Though many countries accept the Wills executed in foreign land, it is advisable to create separate wills for domestic and foreign assets.
No. Neither a Will nor a Codicil attracts any stamp duty for execution.
A Will can be stored at any place. However, it is advisable to store your will at a safe and secure place where it cannot be tampered with and can be easily found by your family or your Executor after your death.