Estate planning is the process of arranging for the transfer of one’s assets after their death, while minimizing taxes and fees. It involves creating a plan for the distribution of one’s assets, making provisions for dependents, and appointing an executor to carry out the plan. A WILL is one of the most important estate planning tools that individuals can use to ensure that their assets are distributed according to their wishes after they pass away.
In India, estate planning and WILL presentation are governed by the Indian Succession Act of 1925. Under the Act, a WILL is a legal declaration by a person, which directs the distribution of their property after their death. The document should be signed by the person making the WILL called as Testator and attested by two or more witnesses. A WILL can be revoked or amended at any time during the lifetime of the person making the WILL, provided they are of sound mind.
The process of presenting a WILL in India involves submitting the original will to the appropriate court, along with an application for probate. Probate is the legal process of verifying the validity of a WILL and appointing an executor to carry out the distribution of the deceased person’s assets. The probate application should include a copy of the will, the death certificate of the deceased person, and an affidavit from the witnesses to the will.
If the court is satisfied that the WILL is valid, it will issue a grant of probate. The executor named in the WILL can then distribute the assets of the deceased person according to his/her wishes. If there is no WILL or if the WILL is found to be invalid, the assets of the deceased person will be distributed according to the Indian Succession Act, with the legal heirs of the deceased person being entitled to the assets.
It is important to note that estate planning and WILL presentation are important for everyone, regardless of their wealth or assets. Without a WILL, the distribution of assets can become complicated and may result in legal disputes among family members. Therefore, it is advisable to consult with a lawyer or a financial advisor to plan one’s estate and create a valid WILL.
In conclusion, estate planning and WILL presentation are important legal processes that ensure the proper distribution of one’s assets after their death. In India, these processes are governed by the Indian Succession Act of 1925, and a valid WILL must be signed by the person making the will and attested by witnesses. It is important to consult with a lawyer or a financial advisor to plan one’s estate and create a valid WILL to ensure that one’s wishes are carried out after their death.
