the importance of making a will

7/28/2019 The Importance of Making a Will

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Copyright 2008 LawQuest.All rights reserved.

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The Importance Of Making A Will

If you die without a will, there are certain rules

which dictate how the money, property or

possessions should be allocated.

This may not be the way that you would have

wished your money and possessions to bedistributed


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Unmarried partners and partners who have not registered acivil partnership cannot inherit from each other unless thereis a will, so the death of one partner may create serious

financial problems for the remaining partner

If you have children, you will need to make a will so thatarrangements for the children can be made if either one orboth parents die

It may be possible to reduce the amount of tax payable onthe inheritance if advice is taken in advance and a will ismade


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DEFINITIONS

WILL

The legal declaration of a man's intentions of what

he wills to be performed after his death.

Is drafted for the implementation and distributionof the assets as per the testators desire.

Once executed it becomes a testamentarydocument.


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CODICILS

A codicil is a supplement to a will which makes some

alterations but leaves the rest of it intact.

A codicil must be signed by the person who made the will

and be witnessed in the same way. However, the witnesses

do not have to be the same as for the original will.


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TESTATOR - the one who makes a will or a

testament.

EXECUTOR - The person or entity named in a will

who has the responsibility of carrying out the terms of

the will (that is, collecting the will maker's assets, payingthe debts, and distributing the remaining assets to thebeneficiaries)
http://www.lectlaw.com/def/e060.htmhttp://www.lectlaw.com/def/e060.htm


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LEGATEE - Also known as a beneficiary. A legatee isa person to whom a legacy is given by a last will andtestament.

ADMINISTRATOR - A person appointed by aprobate court to manage and to distribute the estate ofa person who has died without a will; and is

distinguished from an executor of a will.


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PROBATE

A probate means a copy of the Will, certified under the seal of

a competent Court with a grant of administration of the

estate to the executor of the testator.

It is the official evidence of an executor's authority. A

probate is mandatory when the Will is executed by a

Hindu, Christian or Parsi in the cities of Mumbai, Calcutta

or Chennai, or pertains to immovable property situated in

Mumbai, Calcutta or Chennai.


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LETTERS OF ADMINISTRATION In the event a person dies intestate or a Will does

not name any executor, an application can be filedin the courts of law for grant of probate.


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CAPACITY TO MAKE A WILL

Made by a person who is 18 years old or over and madevoluntarily and without pressure from any other person

Made by a person who is of sound mind.

In writing and signed by the person making the will in thepresence of two witnesses

Signed by the two witnesses, in the presence of the personmaking the will, after it has been signed. A witness or themarried partner of a witness cannot benefit from a will.


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CAPACITY TO MAKE A WILL (Cont)

If a witness is a beneficiary (or the married partner or civilpartner of a beneficiary), the will is still valid but the

beneficiary will not be able to inherit under the will.

Although it will be legally valid even if it is not dated, a willshould also include the date on which it is signed.


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CHALLENGING A WILL A person may want to challenge the testators will because:-

They believe that the will is invalid; or

They believe that they have not been adequately provided

for in the will.


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CHANGE OF CIRCUMSTANCES

When a will has been made, it is important to keep it up to

date to take account of changes in circumstances. It isadvisable for you to reconsider the contents of a will must

be regularly reconsidered to make sure that the will still

reflects the testators wishes.


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The Most Common Changes Of Circumstances

Which Affect A Will Are:-

Getting married, remarried or registering a civil partnership

Getting divorced, dissolving a civil partnership or separating

The birth or adoption of children, if the testator wishes to

add these as beneficiaries in the will.


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INTESTACY When a person dies without making a Will, his property devolves upon

his heirs as per the laws of inheritance/succession applicable to him/her.

When this occurs, the Intestates assets are frozen until a court appoints

an administrator and they are then distributed according to a rigid legalformula.

Until the administrator is appointed, it is possible that no income willbe available for the intestates dependants and a legal battle may follow if

the distribution is contested in court.

Hence the possibility of any dispute surfacing between dependentscould be greatly reduced just by drafting the Will.


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Copyright 2008 LawQuest.

All rights reserved.


INTESTATE HINDU MALE

Equal Share of the property to be divided between each of thefollowing persons:

Mother being alive (1 share)

Widow (1 share)

Living sons (1 share each)

Living daughters (1 share each)


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INTESTATE HINDU FEMALE

Equal Share of the property to be divided betweeneach of the following persons:

Sons

Daughter

Husband

Son and daughter of predeceased son (equally together 1

share)

Son and daughter of predeceased daughter (equally together

I share).


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INTESTATE MUSLIMConsanguineous heirs

Father

True Grandfather

Mother

True Grandmother

Daughter Sons Daughter

Residuaries are those who are not entitled to aprescribed share, but are entitled to take theresidue after the sharers take their prescribedshares. Children of the deceased or of the son

of the deceased and the father of the deceasedare residuaries. Male descendants of the truegrandfather are also residuaries.

INTESTATE MUSLIMCollaterals

Full Sister,

Consanguine Sister

Uterine Brother

Uterine Sister Distant kindred are all blood relations

not being sharers or residuaries If thereare no sharers or residuaries other thanhusband or wife the balance shall begiven to distant kindred.

Unrelated successors are those who areacknowledged kinsman, universal legateeand government by escheat. In theabsence of relations, the acknowledgedkinsman shall succeed. In the absence ofany in the group, it will go to universallegatee, and if there is none, theprinciple of escheat will apply.


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INTESTATE CHRISTIAN Widow / widower 1/3 of the property

Lineal descendants equally to share 2/3.

In the absence of lineal descendant, to all grand

children, - equally In the absence of grandchildren, to great grant children

equally

Lineal descendant of a predeceased child or linealdescendant of a predeceased child of a predeceased

child if present - division is based on equal shares,taking the predeceased child to be alive, and adownward distribution amongst the lineal descendants.


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INTESTATE CHRISTIAN(CONT)

With no lineal descendant:

Widow /widower 1/3 Father balance entire

If Father is dead, to mother, to mother, sisters and

brothers- equally


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INTESTATE PARSI

Widow / Widower and Children Share Equally

Living parents-each to get a share equal to half of aChilds Share

Wife and children of a predeceased son to share theshare of the child as if the son died after the death of thedeceased. If the child predeceased is a daughter, her

share would be equally distributed to her children.


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CERTAIN POINTS TO REMEMBER BEFORE

DRAFTING A WILL

If the testator's intends to appoint somebody as the guardian of their minor

children, it would be wise to discuss the matter with the proposed guardianbeforehand in order to ascertain whether he is genuinely willing to take on this

important responsibility should the need arise.

A Will should be very specific and thus should make the intention of the person

writing a Will very clear.

The "Video Recording of the Will" and copies of CD could be made available to

concerned persons for smooth succession. This can help in hassle-free

succession


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CONCLUSION

Will is a private document . Amongst other things, it is

also an expression of the testator's relationship with his

family members and other relatives, the testator's

opinions, views, and feelings are indicated through this

document. It is thus far better to make a personalized

Will rather than let the impersonal rules of inheritance

take effect.

A Will is the only way to make sure that the testator

can carry out wishes after his death.


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CONCLUSIONWhere there is a will . There is a way .

THANK YOU


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