Make the succession process simpler by following these steps to make a Will

Make the succession process simpler by following these steps to make a Will

Under the Indian laws, the registration of the Will is not at all compulsory. It is an option on part of the Testator to register the Will.

It is said that all the property of a person or any individual goes to the legal heirs in accordance with the applicable laws of inheritance. All this process is done by just making a will, Will is a legal obstruction in inheritance of assets.


By creating a Will we:

  • 1. Choose the beneficiary – one over the other;
  • 2. Ensure succession in an efficient manner

Executor

An executor is someone who is responsible for executing, or following through on, an assigned task or duty. The feminine form, executrix, may sometimes be used. It tells the executor to give the beneficiaries whatever is left in the estate after the debts, expenses, claims and taxes have been paid. An executor of a will generally receives compensation for his work. Each state has laws that govern how an executor is paid.

The executor is paid out of the probate estate, rather than from the pockets of the beneficiaries, and may be paid a percentage of the estate, a flat fee or a hourly rate, depending on state law.

It gives the executor certain legal and financial powers to manage the estate, including the power to keep or sellproperty in the estate, to invest cash, and to borrow money. When it boils down to essentials, an executor of a will is responsible for making sure that any debts and creditors that the deceased had are paid off, and that any remaining money or property is distributed according to their wishes.

Beneficiary

A qualified beneficiary is an individual who is a covered employee, the employee’sspouse, and the employee’s dependent children who are covered under the group health plan on the day before a qualifying event that is a termination of employment or reduction in hours.

A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In the financial world, a beneficiary typically refers to someone who is eligible to receive distributions from a trust, will or life insurance policy. Beneficiaries are either named specifically in these documents or have met the stipulations that makethem eligible for whatever distribution is specified.

Witnesses

There should be at least two witnesses to a will each of whom should have seen the Testator sign the Will. The witnesses should put their signatures in the presence of the Testator.

Registration


Under the Indian Laws, the registration of the Will is not at all compulsory. It is an option on part of the Testator to register the Will. As far as the legality of the registered and unregistered Will is concerned, the genuineness is at par. However, the registration of the Will has a number of benefits. So it is advisable to have that done.

Any testator can execute a Will on a plain sheet of paper. After that he can have it registered with the concerned Registrar. The advantages of the registered Will are many. Once registered, the Will is neither lost nor can be destroyed or stolen or tampered with.

If the Will is unregistered, there may be assumptions and disputes about its genuineness. When the Testator goes for registration the Witnesses accompany him.

As per the practice and procedure, the Registrar examines the Will and obtains the signatures and thumb impressions of the Testator and witnesses. These establish the bona-fides of the document.


Since the Will is a privileged document, it cannot be examined by any person. During the lifetime of the Testator, the Will can be examined only with his consent. Only after the death of the Testator the certified copy of the Will, maintained with the office of Registrar can be given after producing the death certificate of the Testator.

In case the Will is required to be changed after registration, it is advisable that any changes in the registered Will are made only by way of a registered instrument by way of Will or Codicil (document amending an existing Will). From this point of view, registration of Will may be disadvantageous. That is since modification, if required, calls for registration all over again.

Registration of will after death


There is a provision under the Registration Act, 1908, whereby the Will can be registered even after the Testator dies. In case the Will is required to be changed after registration, it is advisable that any changes in the registered Will are made only by way of a registered instrument by way of Will or Codicil (document amending an existing Will).Only after the death of the Testator the certified copy of the Will, maintained with the office of Registrar can be given after producing the death certificate of the Testator.

The experts advice the videography of the execution of a Will in the presence of a family doctor and a doctor’s certificate confirming the mental health of the testator at the time of executing a will.Such a Will, once executed by the Testator, can be registered with the Registrar by the Executor or the beneficiaries.

As per the practice and procedure, the Registrar examines the Will and obtains the signatures and thumb impressions of the Testator and witnesses.When the Testator goes for registration the Witnesses accompany him.After that he can have it registered with the concerned Registrar.To do this, an application can be filed with the Registrar along with the original Will and the death certificate.As far as the legality of the registered and unregistered Will is concerned, the genuineness is at par.Any testator can execute a Will on a plain sheet of paper.

It is an option on part of the Testator to register the Will.During the lifetime of the Testator, the Will can be examined only with his consent.The Registrar is obliged to record the statement of the witnesses.Once registered, the Will is neither lost nor can be destroyed or stolen or tampered with.That is since modification, if required, calls for registration all over again.

Under the Indian Laws, the registration of the Will is not at all compulsory.From this point of view, registration of Will may be disadvantageous.However, the registration of the Will has a number of benefits.

The advantages of the registered Will are many.Since the Will is a privileged document, it cannot be examined by any person.After having satisfied himself about the authenticity, the official can register it.

If the Will is unregistered, there may be assumptions and disputes about its genuineness.These establish the bona-fides of the document.So it is advisable to have that done.

 

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Title: make the succession process simpler by following these steps to make a will  | In Category: Personal Finance personal finance

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