Will And It’s Format

What is Will?

A Will is a legal declaration made by a testator on a document before his death where he expresses the distribution of his assets after his death. It is a unilateral document that takes effect upon the demise of a person allowing executer to make an informed decision on how your wealth, property and assets will be distributed on your death.

Will is considered a legal document, however there is no prescribed form of it. It can be a handwritten or typed on any document and not just the stamp paper. A Will at the testator’s discretion may be revoked or altered at any time prior to his death.

The document becomes legally valid only if it is written and signed by the testator and is signed by at least two witnesses who have seen the testator signing the will. And comes into play only after the death of the testator. It is not mandatory to register a will, and the testator may choose to register it with the Registrar or Sub-Registrar of the district court under whose jurisdiction the property lies and this will ensure the execution of will without any problem as it will give a legal backing.

Who can make a will?

Section 59 of Indian Secession Act, 1925 states that a person who is of sound mind and who is not a minor.

What is format of Will

Every Will should include

• Details of the testator- the basic details like name, age, address which in terms help in identifying who is making the will.
• Declaration – It is very important that the testator declares that he/she is of sound mind and free of any coercion.
• Details of the beneficiary – All the details of beneficiary and to whom shall the assets be divided should be given as their name, age, address and relation to the testator.
• The executor of the will – Every will must have an executor to ensure that the will is carried out according to the directions provided by the testator. The name, age, address and relation to the testator should be specified in the will too.
• Details of property and assets – It is required to make a list all the details of the assets and properties that a testator has, and which one will be given to whom.
• Division of share – Will must also state that the share that each beneficiary has on the property or the specifics of who shall get in full detail.
• Witness – There should be a signature by the testator in the presence of at least 2 witnesses. Without the witnesses one cannot execute the will.
• Signature – At last the testator should sign with the date on the will after the last statement.

Sample format of Will

I, Shri/Smt ………………….. son/daughter/wife of Shri …………….., a resident of …………………., by religion………….., born on………. do hereby revoke all my previous Wills (or) Codicils and declare that this is my last Will, which I make on this …….(Date)…………………

I declare that I am writing this will out of my free volition and without any coercion or undue influence whatsoever.

I appoint Shri………………….. Son/daughter of ……………, resident of …………. to be the executor of this Will. In a case where Shri…………… were to predecease me, then Shri……………., will be the executor of this Will.

Any liability, owed by me, and the executor fees and probation expenses shall be paid from by bank account no………….. (Name and address of the bank)……… in case, the fund is insufficient then the income from the property located at ……………….. (Address of the property)……….. Should be used. In case there is any surplus amount, then the surplus amount should be donated to a charitable trust………. (Name and details of the trust) for the purpose of…….. (Objectives)……………

I bequeath the following assets to my Wife Smt……………..

1. My house located at……… (Address)………
2. Bank balance of my savings account no…………………..with …………… (Bank name & bank address)………
3. The proceeds of my Term insurance policy …. (Policy no)……, from……. (Insurance company name)………
4. Any other asset not mentioned in this Will but of which I am the owner.

I bequeath the following assets to my son (in case he is a minor, Smt………, his legal guardian, shall be responsible for the welfare of following assets until he is major) of Shri……………

1. Residential Plot no…… located at…………….
2. My car with registration no……….
3. My mutual fund investments with folio numbers…………………..

I bequeath the following assets, irrespective of her marital status, to my daughter Smt…………

1. My Bank fixed deposits in ……. (Bank name)…..bearing …….. (FD receipt no’s)……..
2. The contents of bank locker no………, with bank…………, bank address……………
3. My Shares…… (Share Certificate No.) Of…… (Company Name and Address)……..

All the above assets are owned by me. No one else has rights on these properties.

Signature of Testator

Witnesses

We hereby attest that this Will has been signed by Shri………….as his last Will at ……… (Place)……… in the joint presence of himself and us. The testator is in sound mind and made this Will without any coercion.

Signature of Witness (1)

Name-

Address-

Signature of Witness (2)

Name-

Address-