New Delhi: Assets play a significant role in everyone’s life. People work tirelessly, day and night, to accumulate wealth. There are many families that have been torn apart by disputes over property. The primary cause of such strife is often the division of assets. Therefore, creating a will for your property is a viable option that allows you to shield your descendants from future conflicts.
In other words, by executing a will for your assets while you are still alive, you can spare your heirs from future legal battles. This is precisely why it is often said that a step taken with proper planning is never in vain. You can learn the essential details regarding how to distribute your assets exactly as you desire.
key highlights
Key law
Indian Succession Act
1925
Witnesses required
Minimum 2
For a valid will
Stamp paper needed?
No
Ordinary paper valid
Registration mandatory?
No, but advised
Reduces future disputes
Why is a Will Essential?
The process of creating a will is both simple and effective. According to Balwant Jain, a CA and CFA based in Mumbai, Indian law permits any individual to determine the distribution of their assets entirely according to their own wishes. Consequently, creating a will remains the most straightforward method for everyone to manage their estate.
Under the *Indian Succession Act, 1925*, an individual has the authority to bequeath their entire estate—or a portion thereof—to anyone they choose. This includes family members, relatives, and even unrelated individuals or charitable trusts. You may execute a will in favour of any specific person or entity. Legally, a will is recognised as a valid and binding document.
Rules for a Valid Will
Did you know that certain essential conditions must be met for a will to be considered legally valid? Specifically, the document requires the attestation of at least two witnesses. Furthermore, it is not a mandatory requirement for the witnesses to be privy to the actual contents of the will. It is also worth noting that, while advisable, the *registration* of a will is not a legal prerequisite for its validity.
However, registering the will helps minimise the likelihood of future disputes. Additionally, it is not mandatory for a will to be executed on stamp paper; it can be legally drafted and written on ordinary paper as well.
What Happens Without a Will?
If, for any reason, an individual passes away without having executed a valid will, their estate is deemed to be *intestate*. In such circumstances, the distribution of the deceased’s assets is carried out strictly in accordance with the applicable laws of succession. According to Section 8 of the Hindu Succession Act, 1956, property is primarily devolved upon the legal heirs. Furthermore, if an individual’s family consists of a wife, a son, and a daughter, their property is distributed equally among the three in the absence of a will.
