For Separate Property, Prepare Separate Wills

The main advantage of an independent Will for each property is that the person who will inherit it can do so without differences from other relatives. Making one Will for all properties can lead to issues. These problems arise because only one document (his Will) can dictate the distribution of assets to his family members.

Suppose any of these relatives decide to sell part of the property or all of it. There will be problems because only one document will be used to transfer ownership to different property inherited. They will also not be able to provide the original Will to the buyer, which could lead to questions on the purchaser’s side.

You can also videotape your wishes and desires as a part of the Will. The entire process can be captured on video, and the Will should then be filed in the office at the Sub-Registrar.

A copy of your Will can be kept at home, with a solicitor, or at a bank.

Modifying or revoking a Will

Any Will can be changed or revoked by the maker at any point when he is legally able to dispose of his property. It is advisable to draft a new Will if you want to make significant changes to your Will. The revised Will should include a clause that revokes any previous Wills or codicils. The old Will should be destroyed. The Act of revoking a Will signifies that the Will is no more legally valid.

Codicils

A codicil, which is an annexure to a Will, makes some changes but leaves the original intact. . This could be used to increase a cash inheritance, change executors or guardians named in Wills, or add beneficiaries. Any number of codicils can be added into a will, they are not suitable for making very simple changes. a new Will can be made if there is a complex change. The addendum must also be signed by the person who made it and attested by witnesses. The witnesses need not be identical to those who witnessed the original Will.

Probate

A probate is a certified copy of a Will by a court of competent jurisdiction. It is the final and last Will of the deceased, penned at a specific date. The court seal is used to grant probate. The probate has A copy of the Will attached to it. Probate is required for an administrator or executor who is appointed under the Will to administer its provisions. This may be required if the deceased leaves behind securities that are assigned to different nominees or there is a dispute about their division. The nominee cannot hold assets in trust until they are divided according to the Will. succession laws come into effect in the absence of a will or nomination.

Process

Application: A lawyer must apply for probate.

Documents: The court will usually ask the petitioner for proof of death, evidence that the testator executed the Will and that it is the last Will of the deceased.

Notification: The court will issue a notice to the next-of-kin of the deceased in order to allow them to raise objections to the grant of probate after receiving the petition. The court also orders publication of a citation to the newspaper in order to notify the public.

Fees: A court may issue a probate if the court imposes a certain percentage of assets. Maharashtra is an example of this. Assets less than 50,000 are subject to a 25-cent court fee. Property between 50,000 and 2 lakh are subject to a 4% court fee. Assets above 2 lakh are subject to a 7.5% court fee. The ceiling is 75000. Only an executor named under a Will can receive probate under the India Succession Act.

Before applying for probate, the executor must be appointed by the court if he or she is not available. A probate must be obtained if the Will is to be probated in Mumbai, Kolkata, or Chennai for immovable assets. The probate court only examines the validity of the Last Will. The court will also examine whether the testator was soundly disposed at the time that the document was executed. The probate court will not address the question of title and possession.

Different Wills

Unprivileged Wills are executed under Sec 63 of the Indian Succession Act are known as Unprivileged Wills.

Privileged Wills. Wills executed under Sec.66 of the Act by soldiers engaged in actual war, airmen so engaged or employed, or a mariner at sea are known as Privileged Wills. The Act provides that such Wills may be written entirely by the testator and need not be signed or certified.

Joint Wills: Since many women have been working for a living in recent decades, a couple will usually purchase a home with joint names to receive a tax and home loan. Joint Wills are required for such property that is in joint names.

A joint Will is a testamentary document in which two or more people agree to make a conjoint will. A joint Will, which is meant to bind both the testator and survivor, will only be valid after their deaths. Joint Wills can be revocable by either testator during their lives or by the survivor after they have ended.