Will is a legal declaration made with respect to your assets or property. This document takes effect after your death. The person making the will is known as the ‘testator’ and the one who executes the will after the death of the testator is known as ‘executor’. In case if the testator does not make any executor then it may be appointed by the court of law. As it has the power to appoint any person to execute the will. It is important for one to make the will as it avoids any confusion or dispute regarding the property and helps to pass on your assets to the person of your choice. If the will is not made beforehand then the property will be divided on the basis of the customary law is in the case of Hindu it will be determined by the Hindu Succession Act,1956 and in Muslim according to the Muslim personal law.
When can one make a will?
One can make a will at any point in time in their life provided have completed the majority of age and must be of sound mind while making the will. Any person under influence or with mental disabilities cannot make a deal.
Are witnesses mandatory while making a deal?
Yes, witnesses are necessary while signing a will one must make sure that there are at least two witnesses present while signing and their signature or thumb impression on the papers are also important.
Can you make any change or alteration in the will after signing?
Yes, one can make changes after signing a deal in fact if you are planning to make substantive change then it is preferred that you execute a codicil. That is a written statement that supplements or modifies an existing will. Any is preferred to be executed in the same manner as that of an original will.
Can one undo or cancel the preexisting will?
Yes, one can cancel or undo any preexisting will by making another will or any document that is executed in the same way as a will or by burning, tearing, or destroying the will or directing another person to do this in your presence.
What thing do you need to consider while making an executor?
Now executor is the one who helps in executing the will after the testator’s death. The things you must consider are first, the person must have attained the majority of age and must be of a sound mind. Secondly must be younger than the testator as he must succeed the person. Thirdly, should be known to be beneficiaries and must be close as to facilitate or obtain the probate that is the verified copy. Fourthly, must be honest, responsible and the testator must be confident that he/ she will pass on the will in his/her absence.
Can you give away your will?
Yes, you can only if you have the ownership of that movable or immovable property. If the property belongs to Hindu Joint Family then one can only give away his/her, interest over the property. In case of an asset or property that is passed to, you by some other person in a will cannot be given away as you will only have the life interest and not the owner of that property.