It is not uncommon to gift some assets to children, especially during important life milestones. However, gifting cannot substitute for a Will, as you still need some assets reserved for yourself, such as the home you live in, bank account deposits, etc., to take care of your needs. Gifting everything you own may not be a good financial decision. A Will gives you complete control over your assets during your lifetime while ensuring your estate is distributed according to your wishes after death.

According to Indian laws, a nominee is only a trustee and does not become the rightful owner of the assets after the Testator’s demise. The nominee holds the assets on behalf of the beneficiary until the legal heir(s) is/are established by the Will or Succession Laws. The nominee will transfer the assets to the rightful heirs. It's important to note that a nominee can also be a legal heir as determined by the Will or applicable Succession Laws.

No, there is no legal requirement for a medical certificate while drafting a Last Will. However, it may be advisable to obtain a medical certificate from a doctor stating that you were in good health and of sound mind when writing the Will. This can be kept on record alongside the Will.

A Last Will and Testament is important for anyone who has assets to distribute, regardless of age or wealth. It's especially important in situations such as: When beneficiaries include minors, and a guardian needs to be appointed. When the Testator has a specific interest in distributing assets to particular people or organizations. If there is potential conflict between beneficiaries, a Will helps minimize disputes over asset distribution.

In the case of Muslims in India, they are restricted by personal laws and can only dispose of one-third of their property via a Will, with the consent of their heirs. In the case of Indian Christians and Parsis, marriage automatically revokes the Will, requiring a new one to be made. Other restrictions may apply depending on the religious background of the Testator.

According to the Indian Succession Act, this group generally consists of the husband, parents, children (son and daughter), and other direct legal heirs, as well as extended relatives. The identification of a direct legal heir is essential for determining the allocation of the deceased’s assets as well as for meeting other financial and legal duties that were left behind.

The Indian Succession Act of 1925 is a comprehensive law that covers various aspects of inheritance and succession in India. It is the guiding legislation for matters related to wills and testamentary succession in India, encompassing provisions that regulate the distribution of assets after a person’s demise. The Act broadly divides succession into intestate and testamentary succession. It is the principal legislative measure in India dealing with the substantive law of testamentary succession in regard to persons other than Muslims and intestate succession in regard to persons other than Hindus and Muslims.

The Hindu Succession Act, 1956 is an Act relating to the succession and inheritance of property and applies to Hindus. This Act lays down a comprehensive and uniform system that incorporates both succession and inheritance. This Act also deals with intestate or unwilled (testamentary) succession. Therefore, this Act combines all the aspects of Hindu succession and brings them into its ambit.

There are two groups of legal heirs: Class I and Class II heirs. The Hindu succession law, states that if a Hindu man leaves property without a will, it is mainly distributed equally among his Class I heirs, which include the mother, widow, and children. The property may be claimed by Class II heirs (father, grandchildren, great-grandchildren, brother, sister, and other relatives) ONLY in the event that there are no Class I heirs. In the event that the Testator needs to support his/her father or siblings financially after his/her death or if property has to be directly distributed to his/her father, siblings or grand children, a will is essential to execute the wishes of the Testator.

When the deceased dies without making any valid will for his entire property, then the intestacy is called total intestacy. Total intestacy leads to assets passing to beneficiaries the deceased never intended to benefit and it can be costly and time-consuming. A partial intestacy happens where an individual has left a will but, for one reason or another, the will does not fully deal with the whole of their property. Not only does a partial intestacy lead to assets passing to beneficiaries the deceased never intended to benefit, it can also be costly and time-consuming. To avoid total and partial intestacy, it is important to ensure that everyone writes a valid will and appropriate legal advice is taken when writing a will. Partial intestacies usually arise where the ‘testator’ (the person making the will) has not taken advice from legal professionals on the distribution of their property.

A testamentary trust is a type of trust that is established in accordance with the instructions outlined in a last will and testament. It is a legal arrangement that allows a trustee, a third-party individual or entity, to manage the assets of the deceased on behalf of the trust's beneficiaries.

Assets are anything of value owned by the Testator, including real estate (homes, land), money in bank accounts, vehicles, personal belongings (jewelry, furniture, art), intellectual property (patents, copyrights), and more. It’s recommended to clearly list all joint property titles in the Will to avoid disputes.

Assets that can be bequeathed in a Will include: Movable and immovable properties Cash Jewelry Fixed deposits Mutual funds Shares Bank accounts Receivables Loans and liabilities Insurance policies Intellectual properties like trademarks, patents, copyrights Digital assets like social media accounts Pets, paintings, antiques, personal belongings

New assets acquired after signing the Will can be included under sections dealing with Future or Residual Assets. It’s advisable to review and update the Will regularly, especially when there is a significant change in assets or family circumstances. WillB offers provisions for handling such assets, ensuring that nothing is left out.

If an asset is disposed of after the Will is signed, it cannot be bequeathed as it no longer forms part of the Testator's estate at the time of death. It is important to review your Will regularly and update it if there are significant changes in your asset holdings or family situation to ensure it reflects your current wishes.

Once the Will is signed by the Testator and witnessed, it must be stored securely to prevent alterations or destruction. It’s not mandatory but advisable to share copies of the Will with involved parties (beneficiaries, executors, guardians). The Testator may amend the Will at any time, based on changes in circumstances or assets.

Children often aren't aware of all the assets their parents own. A Will can be a valuable tool to create a comprehensive list of your assets and specify who should inherit each one. Think of it as an asset register that ensures your wishes are clear. If your children live abroad, they may also be unfamiliar with India's legal processes after your passing. A well-structured Will can guide them and ensure your assets are distributed according to your wishes. When creating a Will, carefully choosing an Executor is crucial, as they'll be responsible for carrying out your instructions.

No, having a Will is not mandatory. However, if the Testator dies without a Will, the remaining assets will be distributed as per applicable personal laws, which may not be in the Testator's interest. A Will is especially important if the Testator has minors, step-children, aged parents, or dependent siblings.

If you die without a Will, applicable Succession Laws take effect, specifying what proportion of assets will be passed to family members. In the absence of a Will, a Succession Certificate/Legal Heir Certificate must be obtained for movable properties and Letters of Administration for immovable properties. The process may cause delays before your loved ones receive their inheritance.

Yes, making an Online Will is legal. Will Bazaar helps you create your Will using AI assisted drafting engines and generates a hard copy that is reviewed by a qualified Succession Planning professional. For it to be legally valid, the final Will has to be signed by you in the physical presence of both your Witnesses. Will Bazaar provides clear signing instructions to ensure that this process is legally valid. Our advisory services include guidance on asset registers, selecting Executors, Witnesses and Guardians.

It is a misconception that Wills are only for the elderly. Life is unpredictable, and it is good financial hygiene to create a Will once you turn 18 and own any asset, such as real estate, insurance policies, or bank accounts. A Will protects the interests of your loved ones, especially those who depend on you financially. Life insurance policies are bought at younger ages today, and similarly, having a Will early in life ensures that your assets are managed according to your wishes.

Choosing the right executor is crucial to ensure that your estate is distributed properly and without dispute. An executor can be a trusted family member, friend, lawyer, or professional. It's important to consider the following when choosing an executor: Ensure they are reliable and trustworthy Get their consent before nominating them Consider appointing more than one executor (up to two), but avoid too many executors Choose someone with good communication skills and the ability to manage estate complexities Consider the location of your executor, especially if the estate is located in different areas If you choose a professional executor, fees may be charged, typically 1%-5% of the estate value.

Yes, a Will requires at least two witnesses who are competent adults, above 18 years old. The witnesses should not be beneficiaries or closely related to any beneficiaries to avoid potential conflicts. The witnesses are there to confirm that the Testator has signed the Will in their presence, though they are not required to read the Will.

Your witnesses should ideally be younger than you, to ensure they survive you and can testify if needed. It is advised not to choose advocates who drafted the Will as witnesses. Also, witnesses should be informed that they may need to testify in court should the Will be challenged. It is crucial that witnesses are trustworthy and able to manage the potential pressure of being involved in the process after your death.

No, notarization is not required for a Will to be legally valid. However, notarization can add an extra layer of verification and authenticity to the document.

Registration of a Will is not mandatory, but it can enhance its authenticity. By registering a Will, a copy is kept with the sub-registrar and can be accessed by interested parties. This also helps prevent alterations or destruction of the document. The Will is registered in the jurisdiction where the Testator resides.

Will Bazaar emails our Testators annually to verify Proof of Life. In the absence of a response within 7 days to the email, a callback is done to the Testator. If no response is received, the Executor and Witnesses may be contacted to ask the Testator to respond to the email or call back and leave a message on our recorded lines.