30
Apr2018

WILL! IS IT TRANSFERRED TO THE RIGHT HEIRS?

Will is a legal document that sets forth your wishes regarding the distribution of your property and the care of any minor children. Where there is a Will, there always is a way to Contest it, comprehend it, or fight over the inheritance when not prepared or improper. To avoid all such issues, one has to draft a will bounded with the prescribed rules of law. A person after attaining an age group of 50s or in cases of having multiple properties, should create the Will as soon.

Usually, certain common mistakes are captured while drafting a will, stated as follows:

  • Not having a Will: A major mistake that is done is not drafting a will neither by yourself nor with any guidance from an advocate. No Will can create a haphazard scenario leading to quarrels among families and undesirable distribution of properties.
  • Incorrectly Drafted: A will must contain the legally valid details of the maker and the heirs. For instances,
    1. All the names stated in the will should match the official documents as given by the Government of India.
    2. The will must be duly signed by the authorized representative.
    3. Mandatory Registration of Will, registration minimizes the grounds of violation in Court or any forgery.
  • Specific Content not written: All the contents stated in the Will must be as specific as possible, stating all the required details about bank accounts, assets (either movable or immovable), Insurance details taken on the assets.
  • No Timely Updating the Will: Any alteration in assets or the heirs, should be incorporated as soon to avoid any legal proceedings within the family in future.
  • Wrong Executor: Judging a person isn’t an easy task, one must be sure before appointing an executor. To ensure objectivity, a third party administrator can also be appointed for a nominal sum.
  • Gifting Before Death: There is difference between a Gift Deed and a Will, gifting the properties while alive can cause problems of vulnerability to the testator in case he/she is a senior citizen. And also, once assets given as gifts, it can’t be recovered back.
  • Neglecting Illness or any other health issues: A testator should make provisions in the will in case of any health issues, a testator in case of a senior citizen should provide a doctor’s certificate vouching his/her soundness and also one can draft a power of attorney or set up a trust to let some other person handle the affairs.

 

A person should always take care of the above specified things while developing a will for the healthy future of oneself and family.

Our Corporate Professional Team is ever willing to provide assistance on any issue concerning GST, Insolvency and Bankruptcy Law, Business Model Advisory in India and Abroad, Customs Law, Corporate & Commercial Advisory, IPRs. Secretarial Compliances, Agreement Drafting & Negotiations etc. you may write us on connect@legallands.com

 

 

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