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When are properties distributed as per the Will?

The properties are distributed as per the Will only after the death of the Testator.

Can a share in a HUF be bequeathed?

Yes, your share in a Hindu Undivided Family (HUF) can be bequeathed.

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Can long leasehold rights be included in a Will?

Long-term leasehold rights can be bequeathed in a Will because they are considered as deemed ownership. However, the same may not be in the case of short term leasehold rights because they are not recognised as having deemed ownership rights.

Can business ownership in a firm/company be bequeathed in a Will?

Yes, ownership as a proprietor in a proprietorship firm or shares owned in a company can be bequeathed in a Will. For share in a partnership firm/ LLP as a Partner, it is allowed to be bequeathed subject to conditions, if any, in the Partnership Deed.

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What assets can be mentioned in the Will?

Movable and immovable properties
Cash
Jewellery
Fixed deposits
Mutual fund holdings
Shares
Bank accounts
Receivables
Loans and other liabilities
Insurance policies
Intellectual properties like Trademark, Patents, Copyrights, Licenses, etc.
Digital assets, Social Media Accounts, etc.
Any other assets

Which other properties/assets can be bequeathed in my Will?

One can bequeath paintings, antiques, electronic items, furniture & fixtures, Intellectual properties like trademarks, patents, copyrights, licenses, digital assets, social media accounts, personal belongings, books, etc through a Will.

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Can an ancestral property or property received as a legal heir in the past be bequeathed in a Will?

Ancestral property which is co-owned by all family members cannot be bequeathed under a Will. However, once a co-parcener (a person having an interest in the ancestral property) acquires his share in the ancestral property (ie, on partition), that can be bequeathed by a Will.

Can I mention my wishes regarding my digital life such as access to email accounts, social media accounts, and online financial accounts?

Yes, a Will allows you to mention how you would like your digital life to be dealt with. A Will allows you to give a person the authority to access your online accounts. We create a secure digital locker for your online credentials, which will be shared only with your Digital Guardian upon your demise.

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Can joint properties be included in a Will?

Yes. It is recommended to clearly list all joint property titles to avoid unnecessary disputes.

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Can rented properties/tenancy rights be included in a Will?

No, tenancy rights is not a property or asset hence it cannot be bequeathed in a Will.

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I want all my assets to go to my two children equally, and all of us have very amicable relations. I would prefer that they receive their share during my lifetime. Why make a Will then?

It is not uncommon to gift some amount of assets to children, especially on completing important life milestones such as marriage, etc. However, a gift cannot be a substitute for a Will because you will always have some assets reserved for yourself such as the home you live in, bank account deposits, etc. to take care of your needs during your lifetime. Though it is alright to gift a small portion of your assets, gifting your entire estate during your lifetime could have unfavourable results, as has been seen in the Singhania family (Raymond Group). Therefore, gifting everything you own may not always be ideal. When you write a Will, it means that you have complete control over your assets during your lifetime.

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Assets and Distribution

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