Important points to be kept in mind while making a WILL

Last updated on May 15th, 2021 at 09:17 pm

Important points to be kept in mind while making a WILL

• A WILL is a desire of a person to manage and distribute properties after his death, It can be executed only after the death of the person.
• It can be amended any number of times.
• It is always advisable to prepare a WILL to avoid disputes and easy succession of estates.
• Any major person can make WILL who is in sound mind in the ordinary course.
• A WILL may also have an in-terrorem clause, means a person who challenges the WILL, will not get any share in the property.
• It is always preferred to have separate WILLS than the joint/mutual WILL by couples, in certain conditions if the partner wants to bind certain conditions then Joint WILL is preferred.
• A WILL can be typed, handwritten not necessarily on stamp paper, it can be on simple plain paper also.
• But a clear and detailed WILL which is legitimate to read and understand is advisable.
• It should be signed by two witnesses and also the executioner to be appointed for the distribution of assets.
• It is preferred to have as much as details possible about the assets.
• The distribution of assets should be clearly stated to avoid disputes.
• The date should be clearly mentioned as the last WILL shall be regarded as final WILL.
• If a person is excluded as a beneficiary, it is advisable to give reasons like a huge amount is spent on his education, marriage, etc.
• It is advisable in case of foreign assets to prepare separate WILL to avoid Foreign Laws for the Estates in India.
• It is advisable to take a Physician certificate and attach it with WILL to prove that at the time of preparation of WILL, the person was in sound mind and health.
• It is advisable to register a WILL, it will have more credibility and genuineness, alternatively, it can be notarized.
• Even registered deed can be superseded by subsequent unregistered WILL.
• Once the WILL is executed before the court, after verification the court issues Probate and the assets are distributed on such order.

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CA Kalpesh Doshi

Chartered Accountant, Commerce Graduate & Law Graduate. He is mainly engaged in the practice of Income Tax, International Tax, RERA, Benami Properties Act, and GST since 1994. He regularly appears before the adjudication & appellate authorities including ITAT for Income Tax and International Tax Matters. He has delivered lectures on the topic of Income Tax & International Tax at seminars organized by branches of ICAI & other trade & professional bodies. He was a Chairman of the Rajkot Branch of WIRC of ICAI in the year 2001. He is Vice-President of ITAT Bar Association, Rajkot at present.

He can be contacted at kdoshi@ksdassociates.com.

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Latest posts by CA Kalpesh Doshi (see all)

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Disclaimer: The above content is for general info purpose only and does not constitute professional advice. The author/ website will not be liable for any inaccurate / incomplete information and any reliance you place on the content is strictly at your risk.

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