We at BIAT Legal LLP are experienced professionals with deep experience in assisting leading family businesses on various aspects of their private wealth and estate planning. We have served a huge sector of institutions including family offices, fiduciaries, wealth managers and private banks which assist these families.
Discussions with our team are protected under attorney-client privilege, which enables the clients to take us into full confidence.
Our work includes-
- Preparing for domestic and international will.
- Settlement of Trusts, including for listed companies, and related SEBI issues.
- Establishing private trust for daily members and vulnerable dependants.
- Advising non-resident Indians and Indian families with managing overseas property/family.
- Handling Family disputes, family arrangements
Wills In India
A will is a legal declaration a person makes about the way they want their property managed or distributed after their death. Although will is a legal document, there is not a prescribed format. For instance, will is not required to be written on a stamp paper, it can simply be typed or handwritten. However, a handwritten will is preferred as it is more difficult to refute.According to the Indian Succession Act, 1925 anyone who is of sound mind and is not a minor are eligible to make a will.
Essential Elements of Will
Although a will is not needed to be written in a prescribed format, it is always advisable to prepare a will in a prescribed format so that it covers everything essential by law, simpler, more solid and difficult to contest. You should have these basic things included in your will.
- Declaration- You should start your will by declaring that you are of sound mind and stating who you would like to be the executor of your will. If this is not your first will then you should revoke all your previous wills.
- List of your Assets- You should list all your assets which you want to transfer in will. This should include your self owned property/Assets, money you have in your savings account, fixed deposits and mutual funds.
- Divide your assets- List out clearly who you want to divide your assets to. Clearly mentioning your items separately could remove any ambiguity. If you wish to give your property/ assets to a minor, then you should appoint a custodian to take care of your assets till that minor attains majority.
- Sign the will and involve witnesses- you have to sign your will in the presence of two witnesses, then these witnesses will sign the will. You should write full names and addresses of your witness.
- Initial Each Page- after writing full name and address sign of both you and witness has to be there on each page. Any correction made will need to be countersigned by you and the witnesses.
- Storing the will- make sure you store your will in a safe place. Copies if made shall be stored separately from the original will.