WHY MAKING AN APPROPRIATE WILL IS ABSOLUTELY NECESSARY FOR VETERANS
(YOU CAN IGNORE THIS AT THE PERIL OF YOUR SPOUSE)
However the said Act gives the right to any person to dispose off his own assets the way he likes. For this the document called " WILL OF SUCH AND SUCH" written by hand on a plain sheet of paper expressing his wish to bequeath his/her assets after his death as per his free will, to any other per or persons who may or may not be his relations, duly signed by him in good senses in the presence of minimum two witnesses, who too attest the document with their signatures.
The will must be made without any delay. If it is in manuscript ie in the hand writing of the person it becomes most authenticated document. It may be unregistered the ACT does not make any difference in the Registered or Unregistered will.
A learned Lawyer once told me , the shortest will with one sentence is all what is accepted in Law of our land. Just write My Will.. "All for My Wife" Sign in the presence of two witnesses. There is thus no format or any legal language necessary mere expression of your will on a piece of paper duly signed and witnessed is valid under Hindu Succession Act.
Do not be mislead by the firms which offers your services at a hefty price of 50000/- or so for making a will.
DO NOT DELAY take a piece of paper and scribble your will on it and sign it with your official signatures, don't bother for witnesses , Friends are there , even if we do not see tomorrow here. The so called formal WILL can follow once you are sure in your mind.
Please remember that the will can not be challenged in court on its contents since the person making will has all the right to will his own assets which he has mustered out of his own earnings during life time (NOT THOSE INHERITED - WHICH HAVE TO GO FROM DADA TO POTRA) Iin the manner and as per his free will.
It can only be challenged on following grounds :-
1. Fake/Forged Signatures.
2. Person Not in Proper State of Mind
3. Per was under influence of drugs.
4. Will signed under threat or coercion.
5. Will is said to be fake.
It is therefore necessary to take due precautions for making the will so that the aspects are duly covered. In the latest methodology people have started video-graphing while the will is being signed.
When the time comes min two witnesses who signed the will must present themselves to to the Magistrate for issue of Probate. In case of Registered will production of witnesses is not necessary.
The will must be made without any delay. If it is in manuscript ie in the hand writing of the person it becomes most authenticated document. It may be unregistered the ACT does not make any difference in the Registered or Unregistered will.
A learned Lawyer once told me , the shortest will with one sentence is all what is accepted in Law of our land. Just write My Will.. "All for My Wife" Sign in the presence of two witnesses. There is thus no format or any legal language necessary mere expression of your will on a piece of paper duly signed and witnessed is valid under Hindu Succession Act.
Do not be mislead by the firms which offers your services at a hefty price of 50000/- or so for making a will.
DO NOT DELAY take a piece of paper and scribble your will on it and sign it with your official signatures, don't bother for witnesses , Friends are there , even if we do not see tomorrow here. The so called formal WILL can follow once you are sure in your mind.
Please remember that the will can not be challenged in court on its contents since the person making will has all the right to will his own assets which he has mustered out of his own earnings during life time (NOT THOSE INHERITED - WHICH HAVE TO GO FROM DADA TO POTRA) Iin the manner and as per his free will.
It can only be challenged on following grounds :-
1. Fake/Forged Signatures.
2. Person Not in Proper State of Mind
3. Per was under influence of drugs.
4. Will signed under threat or coercion.
5. Will is said to be fake.
It is therefore necessary to take due precautions for making the will so that the aspects are duly covered. In the latest methodology people have started video-graphing while the will is being signed.
When the time comes min two witnesses who signed the will must present themselves to to the Magistrate for issue of Probate. In case of Registered will production of witnesses is not necessary.
WHO BE YOUR BENEFICIARY OF YOUR ASSETS THROUGH YOUR WILL ?
Unless you have an estranged partner, in most cases your wife / your spouse should be the only beneficiary. Every one loves one's children, as it is, in the end after both of you are gone the final assets will go to them, why then make any one other than your spouse as the JOINT or ADDITIONAL beneficiary OF YOUR ASSETS.
Let the spouse, who is your life partner in thick or thin, have full right and discretion rather than look over the children for any thing minor or big after you are gone. The property and other financial assets in your name must go to the spouse independently rather than joint with children, so that the spouse need not have to ask for their concurrence for its usage or disposal if the need be when you are not on the scene.
The frequent happenings in the society will point this to you that THE SITUATION, GOOD WILL AND YOUR OWN ENVIRONMENT ETC WHAT EXISTS TODAY, MAY NOT REMAIN FOR EVER, IS THERE ANY ASSURANCE OF THE SAME to PREVAIL FOR EVER SPECIALLY WHEN YOU ARE NOT THERE TO MODERATE. -- NIL NIL NIL.
Hence let your spouse after you, have full independence AND absolute control of the assets during his/her remaining life span, rather than be dependent, even if partially, on any other member of the family in using her/his discretion on utilisation of assets as per his/her desires.
** You can review many articles which we have included at the end of this post.
** We place here a suggested format rather contents of the Will which must be included in the will.
USEFUL ARTICLES ON THE SUBJECT
** You can review many articles which we have included at the end of this post.
** We place here a suggested format rather contents of the Will which must be included in the will.
SAMPLE WILL FORMAT
(DRAFT AS GUIDELINE)
"WILL" OF - Colonel IM SMART (Veteran)
I , Brig IM SMART (Retired) , Son of Late Shri xxxx VV VV , R/O House No ... , Area , Sector-xx, LUCKNOW (UP)—212303, hereby proceed to make my this WILL which hopefully would be my last WILL. I, hereby revoke this day all previous wills or any other testamentary dispositions which may have been made by me directly or indirectly and hereby declare them Null and Void.
2. Now that I am 65 years of age , I wish to make arrangements for amicable disposal of my properties and other movable assets after my death so that no misunderstanding or dispute arises between my wife and children and the mutual love and affection among them continues for ever.
3. I am making this WILL without being under any kind of pressure or influence on me, I am fully in my senses and all my faculties are in order, I am also not under any drugs. I am in absolute sound state of mind, in Good Health and make this WILL purely with my own independent decision and discretion without any sort of influence. I also declare that :-
(a) I have married only once and the name of my spouse is Smt XXX XXXXX D/O Shri xxxx xxxx on (date…) in the month of 196x in accordance with Hindu Rights and Customs. I have no illegal wife or have ever indulged into any “Stay or live in” type relation with any other woman at any times.
(b) We have Two children from our wedlock .
(i). My elder child is a Son named Mr xxxx xxxx who is married to Ms. xxx xxxx,. He was born on the xxth Jxxx 2xxx …. At ……. State .
(ii). The Second child is also our second son named Mr Xxcccc xxx, he is not yet married. He was borne on the xxrd of Month 1967 at ………. (Place)
4. I, further declare that other than the TWO children mentioned above I have absolutely NO adopted, legal, illegal or any other type of children of my own.
5. During the course of my service with Indian Army as an Army Officer and while working with corporate offices after my retirement, I have earned my salaries and pension and by way of my savings and investments, I have acquired movable and immovable properties as BROADLY MENTIONED below:-
(a) Immovable Property---Flat in Sector xx, Noida ( Address –xx xxx – Sector-60/ Noida (UP)-201303)
(b) Movable Property ---This includes Fixed Deposits, Shares , Mutual Funds and bank balance in my Saving bank Accounts of various Banks. These are available in my Diary as well as in My File marked “ My Financial Assets” duly authenticated by me with signatures. In addition in terms of gold ornaments I have approx “….. “ gms of gold which is in possession of my wife kept by her in her locker in her Bank.
6. I have NOT INHERITED any assets of any kind from my father or father in law. I also have no debts as I have not borrowed or taken any loan from any individual or organization. I have also not given any loan to any one and no one owes me any money or obligations. I am thus the sole and indisputable owner of my above Movable and Immovable Assets
7. I further WILL that by way of this will my assets as above be disposed off after my death as under:-
(a) . I bequeath to my wife Smt xxx xxx (D/O Shri cccc xxx ) who is residing with me , all my properties movable and immovable with full right and power of disposal as an absolute and indisputable owner.
(b) In case my wife predeceases me or we both die together , then my property and other movable assets be disposed off equally among my two children.
I expect my loving children to mutually decide the exact distribution of household items and my other movable assets based on this WILL after death together of myself and my wife.
8. However in case they cannot amicably decide the distribution of my assets as outlined above, I hereby appoint my trusted friend Brig . xxx xxxx (retired) S/O……….. and R/O House No ….. Address NOIDA. as the executor of this will, who will have final say in the matter of distribution. (NOTE - The beneficiary of the will (Spouse in almost most cases) can also be appointed as executor of the will)
9. This WILL will come into affect immediately upon my death.
I0, Brig IM SMART (Retired) hereby sign this WILL on the …. day of 2009 in the presence of two witnesses who are very well known to me as also they too know me adequately .
11. None of the beneficiary is present while I sign this will.
-- signed --
(Colonel IM SMART)
Testator
12. Signed by the above named Testator Colonel IM SMART in our presence, at the same time and each of us has, in the presence of testator, signed our name here under as attesting witnesses.
Witness No 1 WITNESS NO.2
------------------------------------- -------------------------------------
(Name of Witness) (Name of Witness)
Address of the Witness Address of the Witness
Date .... Date ....
NOTE - One can have even three or 4 Witnesses
WILL BY THE WIFE - Similarly the wife should also make her WILL on similar lines to bequeath her assets to her husband so that he remains a the sole and absolute owner of all her assets incl FDRs etc invested in her name.
We have large number of documents, Instruction, explanation etc collected and placed on this blog site which can be accessed through the index of this Blog site.
Some of these are linked below, please click on the title to open any of the under mentioned document for you to read or download
LIST OF RELATED IMPORTANT DOCUMENTS
| * INDIAN SUCCESSION ACT (VERY IMPORTANT - DOWNLOAD) * COMPENDIUM FOR VETERANS |
| * WILL – DEFINITIONS AND OVERVIEW - Veterans Folder |
| * WILL - NO THERE IS STILL A WAY - Veterans Folder |
| * WILL FORMATS (SIMPLE ONES) |
* WILL FORMAT & SOME ADDL ISSUES
| * WILL – REGISTRATION IS NOT NECESSARY - Veterans Folder |
* WILL - HOW TO MAKE IT TAMPER PROOF Veterans |
| * PREPARATION OF WILL BY ELDERS |
| * NOMINEE WILL HE GET THE MONEY ON YOUR DEATH |
| * WHEN OLD - WHOM WILL YOU DEPEND UPON |
| * SAVE TAX BY MAKING A WILL |
| * HANDING OVER YOUR WEALTH BATON - Veterans Folder |
| * SUCCESSION PLANS - YOURS - Veterans Folder |
* WILL OF AURANGZEB - Articles History
******* END *******
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