It is advisable that each and every person have to prepare their own WILL of their entire properties, which includes Immovable as well as movable. We know that we do not know, how long we are going to alive. If you wish that your property is to be distributed according to your wish WILL is a must. Some people wish that WILL is to prepared, when we become old, that is not correct thinking.
AS per Section 2(h) of Indian Succession Act, “Will” means the legal declaration of the intention of a testator with respect to his property which he desires to be carried into effect after his death. That means distribution of property after the death of a person, as per his wish.
Is it necessary that WILL is to be registered?
As per The Registration Act, 1908, Section 18 provides that which types of documents are not required to be registered.
Section 18 of Registration Act, 1908:
Documents of which registration is optional. Any of the following documents may be registered under this Act, namely:-
(a) instruments ( other than instruments of gift and wills) which purport or operate to create, declare, assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of a value less than one hundred rupees, to or in immovable property;
(b) instruments acknowledging the receipt or payment of any consideration on account of the creation, declaration, assignment, limitation or extinction of any such right, title or interest;
(c) leases of immovable property for any term not exceeding one year, and leases exempted under section 17;
(cc) instruments transferring or assigning any decree or order of a Court or any award when such decree or order or award purports or operates to create, declare assign, limit or extinguish, whether in present or in future, any right, title or interest, whether vested or contingent, of a value less one hundred rupees, to or in immovable property;
(d) instruments (other than wills) which purport or operate to create, declare, assign, limit or extinguish any right, title or interest to or in movable property;
(e) wills; and
(f) all other documents not required by section 17 to be registered.
From the above definition, WILL is not covered u/s 18(e) of the act. Therefore if WILL is not registered, it is a valid WILL.
WILL is document and it may change every day, if the person think to change. If the WILL is registered once and then if you would like to change, you have to mention in amended WILL, that I have prepared WILL previously and was registered on such and such date, may treated as cancel and this is my final WILL.
WILL may on a plan paper, or even hand written is considered as WILL. Sometimes person write on simple paper that, after my death, my following property is to distribute to the person whose name is written against property. Further it is not necessary that WILL must be on stamp paper. As per Gujarat Stamp Act, stamp of Rs. 500 or more required for partnership deed, for dissolution this amounts stamp paper required, for affidavit this amount of stamp paper, but no where it has mentioned about WILL. Therefore stamp paper is not necessary.
Normally WILL is to be drafted in two types of property, i.e. Immovable and Movable. In immovable property, description of the property, like open plot of land, Bungalow, Flat, Office Premises, Factory Premises, Agriculture Land etc., with its area, survey no, place where situated etc. is to mention. If the property is held jointly with any one, you have to mention about your share, in that property. If the property is in the name of firm, you can mention only about your share.
Movable property will include, your bank account along with a/c number whether Savings, Current or any overdraft, Fixed Deposits with number, name of bank, branch etc., any other deposit with any person with amount. Details of Shares with d mate account number with which company or bank. If invested in Mutual Fund details along with scheme, name of company etc. is to be mention. Details of insurance policies with name of Insurance Company and amount. Ornament if any, with weight and description, if possible prepare valuation report of ornaments of gold, any ornaments of diamonds valuation report etc. are to be mention. In case of article of any precious metals or vessels, details with weight is to be mention. Details of Silver utensils, with weight.
After giving above details of immovable and movable properties, now you have to mention the name of person, whom you want to give after your death. Each property with survey number and area, to whom you want to give. Clear clarification required with amount in case of deposits, in case of ornaments weight is to be mention, shares number of shares of which company, to whom you want to give is to be mention.
Generally, when a male person prepared his WILL, it is advisable that he should write in WILL, that after my death all property will go to my wife, if she is not alive at that time then it will be distributed to such and such person. If female makes WILL she will write after my death, all properties will go to my husband, and if he is not alive at that time, it will be distributed to such and such person, i.e. son, daughter or any other person.
Executors: In a WILL you must write the name of executor, so after the death he will take possession of all the property and distribute as per WILL. The executor may be one or two persons, whom you rely much. It is necessary to inform the person, whom you have decided to appoint an executor.
Witness: At the bottom of WILL, where you are signing, it should be in presence of two witnesses. It is not necessary that witness should know what has written in WILL, they are the witness for signature only. That means the signature is made in their presence. Please remember that if possible try to avoid signature as witness, whom any part of property is to be given.
It is advisable to prepare WILL to avoid un necessary dispute in family after death.