Property Will: how soon should you draft your will?

It’s a straightforward question to answer. Property Wills hold a lot of importance, and it’s important to draft them as soon as possible. You do not even need a lawyer to write a will. So why waste time?

Also, all these COVID news are making our lives unpredictable, and drafting property wills becomes a critical point to consider at these times. People usually take these things casually, but this process to plan your succession is a serious legal matter related to real estate, i.e., property inheritance. Hence, we have created a comprehensive guide to help you out.

What is a property will?

A property will is a legally binding document by which the testator (person who makes a will) specifies how their property should be divided at death. The testator also appoints one or more executors who are responsible for managing the property until its final distribution.

This is done to distribute the property as per the desire of the testator.

A few points to note are:

• Indian Succession Act, 1925 governs the provisions of a Hindu, Buddhist, Sikh, or Jain will. However, Mohammedans are not bound by the Indian Succession Act, 1925, and they can dispose of their property in accordance with Muslim Law.
• The testator should be 18+ to write a will. The main idea is that the person should be of a mature mind. But if a testator is writing a will for a minor, then the testator has the power to choose the guardian of the property until the minor reaches’ maturity.
• Note that will is not an agreement or settlement. It’s a declaration. It is important to incorporate the intention of the testator in a will. Adding division of property needs is also important.
• Also, a will cannot be written by someone else. For example – A wife writing his husband’s desires in a will is not at all valid.
• Will means there needs to be a legal declaration along with details of the testator. The details include the name of the testator, age, and address.
• Beneficiary details: Beneficiaries’ details are also required—the beneficiary details, such as their name, age, address, relationship to the testator. In the case of multiple beneficiaries, details of all should be mentioned in the will. Note that Joint family property and ancestral property are not subject to a will.
• Executor of the Will – A person named as an Executor of a will is someone who implements the will after the testator dies. An Executor of the Will is also assigned by the testator.
• The testator should conclude the declaration with signature and date.

How to revoke a will?

Wills can be revoked, and there are two types of revocation. An unregistered Will can be revoked by the testator. But to revoke a registered Will, you must visit the sub-registrar’s office. 

What if you do not draft a will?

Your decision or Negligence can affect your family not only financially but can also create disputes between your family members.

So, if you want to avoid any kind of property inheritance disputes between your friends and family and do not want to do everything among your family and friends in a standard way defined by the law (which is not always a good option), then you should consider writing a will. So, as you have understood the importance of a property will, you should not ignore this crucial point and should write your will as soon as possible.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.