Will – An Introduction
The word “Will” is defined in Section 2(h) of the Indian Succession Act, 1925, as follows: “Will means the legal declaration of the intention of the Testator with respect to his property which he desires to be carried into effect after his death”.
A will, also known as a testament is a legal declaration which authorizes the testator to name the people who would inherit his estate after his death. A succession after the death of the person leaving behind a will is known as testamentary succession. In the absence of a will, succession of their assets will take place in accordance with applicable succession laws.
The person can specify his intentions which he wishes to be fulfilled after his death. A will once made can be revoked by the testator only during his lifetime. It cannot be changed or disregarded after the event of his demise and thus it is the best way to dispose off one’s property. The Indian Succession Act applies to all religious communities. However, it does not apply to Muslims as they are governed by their personal laws.
Essentials characteristics of a valid Will
- There must be a legal declaration;
- The declaration must be with respect to the property of the Testator; and
- The declaration must be to the effect that it is to operate after the death of the Testator, i.e. it should be revocable during the life of the Testator.
Importance of a valid Will
- It helps decide how a person’s estate will be distributed.
- It assists in deciding who will take care of a person’s minor children.
- To avoid a lengthy probate process.
- It helps to decide who will wind up the affairs of a person’s estate.
- Avoid greater legal challenges.
What is a Probate?
Generally probate means proving, but it is usually used to refer to the specific process of proving to the satisfaction of a court that a document is the last will and testament of a deceased person. Probate is the legal process under which validity of a will is confirmed. It is the legal process for dealing with the estate of someone who has died. An estate is related to the money and property of the deceased. It is the process completed when a decedent leaves assets to distribute, such as bank accounts, real estate, and financial investments
If the deceased left a will, they may have specified an executor or executors. These are people who are expected to “execute” the will. An executor has the responsibility to carry out the deceased’s wishes, as written down in their will.
In India, probate laws are governed by the Indian Succession Act, 1925. According to Section 2(f) of the Act, “probate” means the copy of a will certified under the seal of a court of competent jurisdiction with a grant of administration to the estate of the testator.