1. Why is it important to prepare a will?
If a person dies intestibly (without will), the laws of inheritance (Hindu, Shariah, etc.) will be enforced. This not only broadens the scope of legal disputes, but also increases the processing time for inheritance. Therefore, if you want to bequeath some assets to your spouse, bequeath other assets in different proportions among your children, or prepare for your parents, you have a well-executed will and clear instructions. Helps a smooth transition. Keep in mind that nominations are not the answer, as nominees are merely administrators of assets and may not be legal heirs. The will will replace the nomination.
2. How can I make a will?
You can use the services of a lawyer or prepare a will online. Many other financial institutions, such as banks and brokers, have partnered with law firms to help prepare wills online by providing both basic templates or customized content. The process is simple and convenient. Please register on the website and provide us with asset details and how to distribute your assets. When you submit the details, your service provider will send you a soft copy of the draft of your will. Upon confirmation, the final will will be mailed. Such portals also provide services such as registering wills and appointing executors.
3. What should not be part of your will?
All assets you own can be included in the will. However, it’s a good idea to make sure the title of the property is clear before you include it. For example, the property of an ancestor (part of HUF) cannot be part of a will. Inherited properties that have not been inherited cannot be part of your will. Therefore, it cannot contain properties that it may inherit.
4. How to minimize inheritance disputes
In order to minimize disputes, you must register your will before the sub-registrar. At the time of registration, two witnesses and a medical certificate showing that the person executing the will is in good mental health are required. It is advisable to take a video after making a will. Also, if you want to exclude a family member, you must state the family member’s name and clearly state that you are not leaving the person’s property. It is also always advisable to appoint an executor.
5. Registration fee and tax obligation
Registration is not required, but it is advisable to register a will.Registration fees vary from state to state and can be highest ￡1,000. If you inherit a will, you will not be taxed. Therefore, if the son receives the property through his will (whether registered or not), he will not be liable for taxes. In addition, if a person other than the legal heir acquires the property by will, there is no tax obligation. All property inherited by the will will be exempt from tax.
What you need to know about preparing a will
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