A legal will is considered as an agreement that determines the right of a testator to declare his property to the rightful owners after his demise. Within the will, there is an executor (also referred to as the executrix) who can distribute the property as per the directions of the testator. It is crucial to take proper legal advice before drafting the will document.
In a legal will, the first and foremost thing to know the role of parties in involved drafting the will document. The testator is the person who drafts the document and includes all the rights and liabilities. The executor has the responsibility to dispose of the property to the rightful beneficiary.
The main law to regulate a will document in India is the Indian Succession Act 1925 which applies to any testaments associated with a will of the testator. Section 2(h) of the Act defines a will as a legal declaration referring to the individual’s assets and property, which he/she desires to distribute, after his death. All the possessions of the testator would pass to the beneficiaries mentioned in the will. Hence, a will is a crucial legal document that must be prepared as per the wants of the testator.
The following parties are involved in a legal will:
This person drafts the will document as per his desire to distribute his/her property to a beneficiary of his/her choice.
On the death of the testator, the executor has the responsibility to distribute the properties and assets to the rightful beneficiaries. An executor is additionally referred to as an executrix. These are generally lawyers who have created the will as per instructions of the Testator.
Beneficiaries are the individuals who are named within the will for the distribution of all properties and assets. Beneficiaries are generally family members, partnership firms, companies, and NGOs.
A trustee is usually a person to manage the property on behalf of the beneficiary. In case the testator dies, and the beneficiary is still a minor, then till the period, the beneficiary becomes an adult the trustee would inherit and manage the property and assets. After the beneficiary becomes eligible to inherit the property, the trustee will hand over all the control to him/her.
In case the beneficiary is a minor child, the trustee would be named the legal guardian to take care of the beneficiary till he/she attains the majority.
This type of will come with the property and assets of the party where the assets are dispersed as per the desire of the testator.
From the name of the above, a contingent will or a conditional will may be a will that’s prepared by a private that sometimes features a condition or a contingency. A condition or contingency is typically an event of a specific event. the desire would be operative only on the happening of a specific event.
This type of legal will is prepared by people or individuals in the defense sector.
This type of will document has two or more testators who express their rights for the distribution of assets.
Generally, this type of legal will would be prepared and executed by a married couple to declare their rights. After the death of 1 party, the other would be bound by the provisions of the will.
This type of legal will is drafted by the testator himself.
A Duplicate will contain the same content as the original will.
Legal Will is considered as an agreement that determines the right of a testator to declare his property to the rightful owners after his demise. Within the will, there is an executor (also referred to as the executrix) who can distribute the property as per the directions of the testator.
Only a will document signed in presence of two witnesses will be considered valid.
The main law to regulate a will document in India is the Indian Succession Act 1925 which applies to any testaments associated with a will of the testator.
Probate is simply a duplicate copy of the first will completed within the jurisdiction of the Court.
Securing a will with probate is mandatory for all registered wills in India.