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WHAT IS A WILL? A will or testament is a legal ...

2024-10-28T04:25:37
Advocate Satish S Rao
WHAT IS A WILL?A will or testament is a legal ...

WHAT IS A WILL? A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution. As per Section 2(h) of Indian Succession Act, 1925 provides that Will means the legal declaration of the intention of a person with respect to his property, which he desires to take effect after his death Will has been defined in Corpus Juris Secundum as A ‘Will’ is the legal declaration of a man’s intention, which he wills to be performed after his death, or an instrument by which a person makes a disposition of his property to take effect after his death. WHY DO YOU NEED A WILL? Four reasons why you need a will:  A will makes it much easier for your family or friends to sort everything out when you die – without a will the process can be more time consuming and stressful.  If you don’t write a will, everything you own will be shared out in a standard way defined by the law – which isn’t always the way you might want.  A will can help reduce the amount of Tax that might be payable on the value of the property and money you leave behind.  Writing a will is especially important if you have children or other family, who depend on you financially, or if you want to leave something to people outside your immediate family.

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