In the great epic Mahabharata, one of the questions asked by Yaksha to Yudhisthira was:
Yaksha:What is the most wonderful thing?
Yudhisthira: The most amazing thing is that even though every day one sees countless living entities dying, he still acts and thinks as if he will live forever.
The answer of Yudhisthira is true even today. Succession or Inheritance planning is as important as planning about other aspects of life. Making a Will/Vaseeyat is the only method to fulfill the desires of a person after their death and with this one can dispose off his movable, immovable, intellectual and other properties in accordance with their own desires. Leaving no Will/Vaseeyat could leave behind a litigation for the legal heirs and the cause of litigation cannot be cured by any means.
The litigation among the legal heirs/beneficiaries will not only put financial burden on them but can also create bitterness and deteriorated relationship. The cost of preparation of Will/Vaseeyat is much cheaper option than the cost of litigations, without deterioration of relationship among the legal heirs/ beneficiaries which cannot be compensated in any manner whatsoever.
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Vaseeyat.com team has provided excellent advice on how to draft my will and how we can execute it in future. Most importantly I have found Vaseeyat.com to be upto date with information on succession laws.
In simple words, A will also known as testament is a legal document through which a person, the testator, expresses his wish/desire the distribution of assets at death among the persons named therein and the mode how 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.
Every person who major, of sound mind, having some disposable property and willing to write a Will can make will. It is necessary to ensure that the will refers to all the property of the testator.
There is no specific format for the preparation of a Will, however the following points are to be considered while drafting a will
(i) Testator should write the date, his full name, father’s name age and permanent address.
(ii) Declaration may be made that the will being written is the last Will and all the previous will, codicil, if exists are revoked. (iii) That the testator is in sound mental and physical health.
(iv) The name, address and relation of the legal heirs and other beneficiary if any.
(v) The description of all the properties in the name of the testator.