A Will, often referred to as a "Last Will and Testament," is a legal document that outlines your wishes regarding the distribution of your assets and the care of your dependents after you pass away.
Communicates your wishes regarding distribution of your assets to your loved ones.
Provides clarity on the list of assets heldto ensure your money doesn't end up in unclaimed accounts.
Reduce the chances of disputes and prevent legal battles among family members.
Enables you to make key decisions regarding who should be the Guardian of your minor children, and Executor of your estate, among other things.
If an Indian passes away without leaving a Will, it is known as "intestate death". Your estate will become subject to the Indian Succession Act, the Hindu Succession Act, and multiple other complex personal laws. These laws decide who your beneficiaries or legal heirs will be, in what proportion your assets will be distributed, and who will be the Guardian of your children.
The person writing the Will (the Will maker or Testator) much be at least 18 years of age.
The Testator must create the Will voluntarily, of his or her free will, and without any undue influence from others.
The testator should be of sound mind and lucid at the time of creating the Will. He or she should understand the effect of the wishes outlined in the Will.
It is important to appoint a trusted person as the Executor of your Will. He or she will be responsible for carrying out the wishes as per your Will after your demise.
The Will must be signed by the Testator in the presence of at least two witnesses. Ideally the witnesses should not be beneficiaries of interest in the Will.
Each of the two witnesses must also sign the Will to acknowledge its validity and authenticity.
A valid Will does not have a prescribed format in India. However, practically a Will should include certain declarations by the Testator, personal and family details, asset list, beneficiary details, wishes, etc.
A Will is exempt from stamp duty. It can be hand-written or typed on plain paper using any Will format.
It is not by law mandatory to register your Will at the sub registrar's office. However, we do recommend a registered Will in certain situations: e.g. if immovable property is part of the Will. Yellow will assist with your Will registration process.
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Accurately convert your wishes into a legal document
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Customised asset distribution among your beneficiaries
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