Did you create your “WILL” In your Free time during the Covid19 Pandemic, Think about it

Did you create your “WILL” In your Free time during the Covid19 Pandemic, Think about it

Did you create your “WILL” In your Free time during the Covid19 Pandemic, Think about it

Have you already created your “WILL”   ?


In your Free time during the Covid19 Pandemic, Think about it…


MLG Associates Team recommends all customers, patrons and family members, to make their wills, if they are over 18 years of Age,


Knowledge Partners : M/s. Jeetender Gupta & Co. (Advocates & Legal Consultants)


Q 1. What is a Will?

Ans. A Will, is an instrument by which the Testator (person preparing the Will) expresses his desire and wishes for distribution of his estate upon his demise.  … continued…. click the link below for full document

Q2. Which properties can be included in the will?

Ans. One can mention immovable properties i.e. single/joint properties and Movable properties such as Cash, Jewellery, Bank Accounts, Insurance Policies, Vehicles, Fixed Deposits, Shares in Demat Accounts, Shares in Companies / Partnerships / HUF etc, Lockers, PF/Pension accounts, Long Term Leasehold Rights, Intellectual Property Rights,…….. continued…. click the link above for full document


Q3. How is a Will different from a Gift?

Ans. Will is a mere declaration of intention so long as testator is alive, a declaration that can be revoked or varied. A gift is a transfer of property voluntary gratuitous and absolute conferring immediate rights.


Q4. Are the laws related to Will religion specific?

Ans. In India, depending upon the religion of the deceased person, different laws shall be applicable. For Hindus, Hindu Succession Act will follow. ,…….. continued…. click the link for full document


Q5. What are the consequences of not having a will ?

Ans. Ideally, any person above the age of 18 should make a will, which the person may keep on changing time to time as situation evolves. This is primarily to ensure that the assets owned by any individual are not inherited by any undesired persons. ,…….. continued…. click the link below for full document


Q6. Is it necessary to have witnesses to Will ?

Ans. The two valid conditions of attestation of documents are : (i) two or more attesting witnesses have seen . ……. click


Q7. Is it mandatory ? to get the will registered ?

Ans. Under the Indian laws, more specifically under section 17 of the Registration Act, 1908, it is not compulsory to get the will registered or notarized.

There is no stamp duty payable toward registration of the will.

The registration serves as a stronger evidence with respect to presence of parties before the registrar / sub-registrar and reduces the ground for future challenge.

However, merely because a Will is not registered would not lead to any inference against its genuineness.

In case, if the registration is not immediately possible due to reasons such as old age, health restrictions, natural disaster, Corona/Covid19 pandemic or other factors, one can initially execute an unregistered will in the presence of witnesses. Subsequently, the “will” could be “registered” whenever situation improves.

The doubt would be less significant if the Will is registered and the Sub-Registrar certifies that the same was read over to the executor who, on doing so, had admitted the contents.

There is no doubt that, if a will has been registered, that is a circumstance which may, having regard to the circumstances, prove its genuineness. But the mere fact that a will is registered will not by itself be sufficient to dispel all suspicion regarding it where suspicion exists.

 

Details on the Link (click the Download button for the E-book )

 


Q8. How can future challenges to Will be minimized?

Ans. Some of the noteworthy checkpoints are:
(a) each page of the Will was signed by the testator;
(b) the testator at the time was in a sound mind. Also, if possible,


Q9. Can any of the heirs be excluded from will?

Ans. A Will is executed to alter the ordinary mode of succession and by the very nature of things it is bound to result in earlier reducing or depriving the share of natural heirs. If a person


Q10. How is nominee different from a successor?

Ans. Ideally, one should keep the same person as the nominee to a property such as real estate booking, bank account, insurance policy as well as the successor through the will, to avoid any complications or disputes in future after the demise of testator. However, the nominee is more like a trustee to any asset and is duty bound to handover the same to the successor as per the Will or as per the Succession Act (as applicable)

A mere nomination made under Section 39 of the Insurance Act, 1938 does not have the effect of conferring on the nominee any beneficial interest in the amount payable under the life insurance policy on the death of the accused. The nomination only indicates the hand which is authorised to receive the amount, on the payment of which the insurer gets a valid discharge of its liability under the policy. The amount, however, can be claimed by the heirs of the assured in accordance with the law of succession governing them. 13

The Insurance Act 1938 was amended by the Insurance Laws (Amendment) Act, 2015. As per the Section 39 of the amended Act, the holder of a life insurance policy may, when effecting the policy or at any time before the policy matures for payment, nominate the person or persons to whom the money secured by the policy shall be paid in the event of his death.


Q11. What if there are conflicting clauses in the Will?

Ans. If there is a clear conflict between what is said in one part of the document and in another where in an earlier part of the document some property is given absolutely to one person but later on, other directions about the same property are given which conflict with and take away from the absolute title given in the earlier portion, in such a conflict the earlier disposition of absolute title should prevail.

Where under a will, a testator has bequeathed his absolute interest in the property in favour of his wife, any subsequent bequest which is repugnant to the first bequeath would be invalid; but where a testator has given a restricted or limited right in his property to his widow, it is open to the testator to bequeath the property after the death of his wife in the same will.

Absolute bequest in earlier part of will to prevail over any subsequent bequest. Where an absolute bequest has been made in respect of certain property to certain persons, then a subsequent bequest made qua the same property later in the same will to other persons will be of no effect.

However, the same restriction may not apply if one of the legal heir is provided only right to live without any absolute right in title of property.

Q12. What are Joint Wills and Mutual Wills?

Q13. Who is an executor of a will?

Q14. What do you mean by Probate of a will?

Ans. Probate means a copy of the Will, certified or authenticated by a competent court and grant of administration of the estate to the executor of the testator. A probate is mandatory in West


Q15. How to do succession planning for Businesses?

Ans. The businesses have also started considering the route of forming a Family Trust under the The Indian Trusts Act, 1882 for succession planning. Before executing the Trust deed


For Detailed Answers on above Questions, Read the E-Book by JGC

EBook- Succession Planning through Will (JGC MLG)

Knowledge Courtesy :

M/s. Jeetender Gupta & Co. (Advocates & Legal Consultants)

| DELHI  | CHANDIGARH  | FARIDABAD | GURGAON


MLG Team is proud to be associated with JGC. Our Firms collaborate together, on case by case basis. Whenever the need arises for a Rock Solid Supporting System, we look up to each other, and give the Consolidated, Appropriate, Adequate Solution to the End Customer.


 


MLG Associates Team recommends all customers, patrons, to make their wills, if they are over 18 years of Age,

Do not worry.  You can always change your “Will”,  after the Covid19 Pandemic is over, or,  whenever, as you grow older, add family members, review your situations and have a change of mind.

No worries at all.  It is a Simple Exercise. There are professionals out there to make this easy and user friendly for you.


Word Sharad in this Mantra stands for a whole year because Sharad season is due every year. Hence ‘Sharadah Shatam’ is Hundred Years

So, MLG Team prays for all of us

Be able to see for 100 years,

Be able to Live for 100 years

Be able to Hear properly for a 100 years

and Be Independent as a Body, taking care of ourselves without being dependent on others for a 100 years, and also as a Country, being Independent and Strong for a 100 years.

and if we live beyond that, then we continue to See, Live, Hear and Live properly and Adequately.


May you Live to be 100 years Plus


for any Technical Queries regarding “Will”, Please Contact Mr Jeetender Gupta : +91 98100 50748

( Whatsapp Preferred )

 

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