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WHAT IS WILLS ?

The contract specifies who should inherit your properties in the event of your death. A will is a written document that expresses the wishes of a deceased person, including appointing guardians for minor children and bequeathing objects and cash properties to families, and charities. Only after one's death does a will become alive.

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WHAT IS WILLS ?

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  1. WILLS VINOD K AGRAWAL & ASSOCIATES, CA

  2. CONTENT 1. 2. 3. 4. 5. 6. 7. WHAT IS WILL? TYPES OF WILLS THE PROCESS OF PREPARING WILLS ELIGIBILITY FOR MAKING WILL WHY SHOULD A PERSON MAKE WILLS EXECUTORS REGISTRATION OF WILLS

  3. WHAT IS WILLS? A will is a legal document that outlines your desires for property distribution and the treatment of any minor children. Those wishes should not be carried out if you die without a will. Furthermore, your heirs will end up spending more time, money, and emotional energy after you pass away to settle your affairs.

  4. TYPES OF WILLS UNPRIVILEGED WILL PRIVILEGED WILL MUTUAL WILL

  5. UNPRIVILEGED WILL An unprivileged Will is one created by an individual who is not a soldier on an expedition or engaged in real combat, or a mariner at sea. To be legal, an unprivileged Will must meet the following requirements: 1- The person who prepares the Will must sign or affix his or her signature to the document. Otherwise, another person should sign in the presence of the testator (person who created the Will) according to the testator's instructions. 2- The testator's signature or mark, or the signature of the person signing for the testator, must be placed in such a way that it appears that the writing was meant to be used as a Will. 3- The will should be attested by two or more witnesses. The witnesses must have seen the testator sign or affix his mark to the Will, or seen other people sign the Will in his presence and under his guidance.

  6. PRIVILEGED WILLS Privileged Wills are those made in writing or by word of mouth by active service members such as soldiers, airmen, and mariners. The legal criterion for a privileged Will's validity has been reduced to enable some people to make a Will quickly. A privileged Will to meet the following requirements: The entire will is written by the testator in his own hand. It is not required to be signed or attested in this case. A valid Will can be written entirely or partially by someone else and not signed by the testator if it can be shown that it was written according to the testator's instructions or that the testator accepted it as his or her Will. A half-completed privileged Will is also true if it can be shown that non-execution was due to some other cause and does not seem to be an abandonment of Will-making intentions. By announcing intentions, a privileged Will can be made by word of mouth. If a soldier, airman, or mariner gave written or verbal instructions for the writing of a Will, but died before it could be completed and executed. And such a will is legally binding.

  7. MUTUAL WILL The testators confer reciprocal benefits on each other in a Mutual Will. Over their lifetime, a husband and wife will perform a shared will to pass on all benefits to the other.

  8. THE PROCESS OF PREPARING WILLS For the customers, chartered accountants are the first point of contact. They must understand the steps involved in writing a will. When writing a will, a Chartered accountant should take the following steps: 1- Get the client's name, age, and address. 2- Obtain the names, ages, addresses, and relationships of the testator's immediate family members. 3- Determine the names and relationships of the legatees he wishes to appoint in his will. 4- Check about all of his properties worth. 5- Make sure the will is signed and dated. An undated will provides no evidence of when it was written. It will be difficult to determine whether the will is the testator's most recent will in this situation. 6- The will must be signed by the testator. People usually sign their wills at the end or at the beginning. Signing each and every page of the will is a good idea. 7- It would be beneficial if a will is registered and properly stamped as it helps in ensuring proper execution.

  9. ELIGIBILITY OF MAKING WILLS Let's take a look at who is entitled to make a will under Section 59 of the Indian Succession Act 1925: 1. Every important person of sound mind 2. When a person is sane/of sound mind, an ordinary crazy person will make a will. 3. A person who is inebriated or unaware of what he is doing is unable to make a will in that condition. 4. People who are deaf, dumb, or blind will make a will if they understand what they are doing. 5. Any property that a married woman can dispose of during her lifetime can be bequeathed. 6. Testamentary capacity and sound disposing 7. If any will or part thereof has been caused by fraud, coercion or influenced, then such will is void.

  10. WHY SHOULD A PERSON MAKE WILL? Some people believe that wills are only necessary for the very rich or those with complicated properties. There are several compelling reasons to have a will. 1. You have a clear understanding of who will receive your assets. You have complete control of who gets what and how much. You should keep your assets out of the hands of people you don't want them to come into contact with (like an estranged relative). You will decide who will look after your children. The courts will decide if there is no will. Your descendants will be able to access your properties more quickly and easily. You can expect to save money on taxes for your house. You can also make gifts and charitable contributions to reduce the estate tax liability. 2. 3. 4. 5.

  11. EXECUTORS The executors of a will are crucial because they are the ones who carry out the testator's wishes. The act defines that the testator appoints someone to carry out the final will and testament of a deceased person. An executrix is a woman who performs a female execution. An individual, a firm of lawyers or a Chartered Accountant, a bank, a corporation, etc can be named as an executor under a will. A testator may designate an executor to be his or her spouse, children, brother or sister, family, or friends.

  12. REGISTRATION OF WILLS Under the registration act of 1908, the testator or the executor after him will register the will with the registrar of sub assurances. A will is not required to be registered.

  13. The following are the advantages of registering a will: If the original Will has been tampered with, it can be linked to the Will held in the sub-registrar. If the original Will is lost or destroyed, a certified copy may be obtained from the sub- registrar. If a Will is written for leasehold land, it may be used to make changes to the mutation register before probate is granted.

  14. For more details contact us: https://cavkagrawal.business.site/ VINOD K AGRAWAL & ASSOCIATES, CA

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