Will - Codicile

‘Will or a Testament’ is an responsibility of every individual for a smooth handover of his /her properties and wealth to the next generation.

A Will is a legal declaration of the intention of a testator (person making the will) with respect to his property , which he desires to be carried out after his death.

In today’s scenario , wherein lakhs of civil cases are pending in the court of Law for ages, the importance of preparing a will has increased tremendously than it was for our past generations.

Although the average life expectancy ratio has increased with development & research in medical science, the Pandemic which the world experienced recently has proved how things can go wrong in a fraction of second.

We have witnessed two high profile cases among the richest families in the country- the Ambani’s and Birla’s. The first was the case with the absence of a Will, the second was the case with the Will bequeathing over ₹ 5000 crores to a third person. This shows the Importance of drafting a correct will which can convert the testator’s wishes in actions as intended by him.

Some people think that by nominating a person in a life insurance policy or in a bank account , they are passing on their wealth . This is totally wrong conception. A nominee is only a person who is authorized to receive the money from the bank / insurance company etc. In a true sense, he is the trustee of the those properties. The nominee is supposed to hand over the maturity proceeds to the rightful legal heir of the wealth. The rights of beneficiary in the will to receive the money supersedes the nominee’s right. In the absence of a Will, the legal heir supersedes the nominee. This underlines the need of Will.
In the eyes of Law, the term Legal heir has been defined to include a vast range of relatives. However a will can narrow the list with the people whom an individual really wishes to transfer his wealth after him.

A Written Will takes care of most of the problems related to passing on the wealth. It indicates the intention of the person making Will, how he wishes to distribute his wealth among the family or even other persons. Moreover the Will has to be registered to served its true purpose. Though registration of Will is not mandatory , it can serve its true purpose when it is registered.
There is a misconception among all that a Will is to be prepared at an old age. Since life is too uncertain, it is always better to prepare a Will at an early age. A Will can always be modified at any point of time. However , it is important to prepare it before its too late.

As already mentioned, If a person dies intestate (that is without making a Will) the family will have to follow certain ‘laws of succession’ , in deciding how to split his assets. It is a misconception to believe that all the estate automatically passes on to the spouse. Children and relatives can also stake claim to the property. Laws of inheritance and succession are diverse and complicated . This kind of division of assets is an expensive business for your family.

Making a will is an act of concern to ensure that the people you care for or who care for you receive the property .
Another angle is if a person dies intestate his possessions will be shared in a standard way as per the applicable law. If you wish to transfer your possessions in a different way, you should make a will.

Writing a will is important if you wish to leave something to people outside your immediate family.
To conclude, Drafting a will and registering it at an early age or rather the Succession Planning is the need of the hour.

– Adv. Vaidehi Godse, SGV Legal Advocates