What is Will? Features and benefits of a property Will.
Since my childhood, I have seen property as a very complicated matter and I guess to most of other as well.
There have been numerous occasions in the past where kith and kins fought to the death just because of the ancestral property and with the absence of a Will.
So, this has prompted me to write a detailed post on What is Will? Will Meaning, Features and Benefits of a Property Will.
Here, I would use a particular word quite frequently i.e. Testator. It means an Administrator or in other words a person ‘Who dies with making a Will‘.
What is Will?
A Will is a legal document which ensures that the Will writer’s(Testator) wishes are fulfilled after his death. A person records his wishes regarding his properties in a Will and which are to be followed accordingly after his death.
So, a Will can be defined as the legal declaration of the intention of the individuals that has been made when he is alive. So, it is a kind of document that legitimately helps to distribute his left out properties among the beneficiaries after his death.
As per Section 2(h) of the Indian Succession Act, 1925, A Will is a legal declaration of the intention of the testator regarding his properties, which he desires to be fulfilled or comes into effect after his death only.
Thus, the main essence of the Will is a legal declaration in the form of a legal document, in regard to one’s property distribution after his death. Complications come into effect when the testator leaves his legal heirs with huge properties but no will from the testator.
The absence of a legal declaration in the form of a Will makes the legal heirs hiccups continuously. That is considered the root cause of all these property-related problems.
Therefore a person who has some property must go for having a Will so that after his demise his legal heirs are better off and not sunk with deep trouble.
As of now, in the 21st century, we are still very much unaware of What is Will? Meaning of Will? How to write a Will? Features of Will and Benefits of Will.
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This may be due to our ignorance and possibly for our least knowledge in this category. But I am pretty much sure that after going through this post till the end you would be able to understand the basic idea of a Property Will.
Main Features of Will / Property Will
- Will is a legal declaration and one needs to follow some formalities in order to make this a valid one with signature and attestation as per law;
- The main essence of a will is that it comes into effect after the death of the testator.
- As per Section 62 of the Indian Succession Act, 1925, a Will is revocable during the lifetime of the maker of Will.
- A change in the Will is possible if the testator is alive since this is revocable in nature;
- The main proposition of a Will is to the disposition of property after the demise of the property owner;
- A Will becomes a public record after the demise of the testator so no further ambiguity occurs;
- Probate authenticate a Will in the court after the death of the Will maker.
- A Will can not be challenged in any court of law after the death of the Will writer if it is written by the Testator with a sound mental capacity.
Benefits of Will / Property Will
Quite reasonably it can be said that there is no harm in writing a Will. But the consequences of not writing a Will especially for a person who have so much of wealth is severe. Thus, writing a Will does enjoy the following benefits.
- The Will maker names a person as executor in his will to legally represent him;
- Legal Executor ensures to fulfil testators wishes as per the Will;
- One can protect his family’s financial health even after the death of the testator;
- Proper distribution of the wealth, which the testator leaves behind and this reduces the grievances among the family members;
- It helps in reducing taxes for the beneficiaries;
- Avoidance of high administration cost;
- A testator can have peace of mind and die happily knowing that everything regarding his property is in place;
- A will is corroborated by a probate proceeding filed by the executor as named in the Will;
- Since a testator makes a Will completely voluntarily in his sound mental capacity, no one can challenge it after his demise.
In today’s narrow & complicated world, where family members such as brothers, sisters and others are fighting among themselves in the name ownership of ancestral property, a proper Will can cause avoiding this situation.
So, my suggestion is to make or have a will in place to avoid such future complications and live a happy and peaceful life.