At present, Courts are overburdened with property disputes among joint families. In every dispute, the question of law as to whether a set of heirs is entitled to a share in the joint family property or how much share should be provided to a member in the joint family property.

Partition suits, take a toll on the mental health as well of the parties involved in such suit. Therefore, it is important to make a Will before one’s death to ensure peace among the heirs.

What is a Will?

A will is a legal document which a person makes for the distribution of the assets and liabilities that such person may leave behind after his/her death. There is no prescribed format for drafting a Will. It can be handwritten or typed and can work even if not written on a stamp paper.

Who can make a Will?

The Indian Succession Act, 1925 governs the law relating to Wills and provides the eligibility to be attained for making a Will. The Act provides that the following requirements should be satisfied before making of a Will:

i) The maker should be of sound mind, and

ii) The maker should not be a minor.

A person who dies without making a Will, is known as intestate.

Why one should make a Will?

A Will enables the maker to be in control of the distribution of his assets and liabilities even after his/her death. A Will also avoids the potential conflict/dispute that may arise between the heirs of the person who died intestate.

Lastly, it also saves the time of the court as it prevents frivolous litigation among the heirs of a person.

Essentials of a Will

A Will to be valid and exhaustive, must contain the following elements:

1. Declaration

A Will should be in the form of a declaration that the executor of the will is a person of sound mind and wishes to distribute his/her assets after death in the manner to be provided by the Will.

If there are any previous Wills, the subsequent Will is supposed to declare that the previous Wills are to be revoked and only the latest one is to be considered for such matter.

2. List of Assets

A Will should contain a list of all the assets or properties, whether movable or immovable, of the executor.

The Will should also contain details of the bank accounts of the executor, fixed deposits, and mutual funds.

3. Manner of Distribution

The Will, after providing a list of all assets of the executor, should provide how those assets are to be distributed among the heirs of the executor.

In case the Will provides for conferment of some assets to a minor, it should also appoint a custodian to take care of such assets till the time the minor becomes a major.

4. Sign of Witnesses and Executor

After a Will is drafted, it should be signed by the executor and at least two witnesses to prove its validity.

Conclusion

A Will is a legal document that provides for the distribution of the assets of its executor after his/her death. It avoids conflict among the heirs of the executor. A Will should be in the form of a Declaration. It should contain a list of assets and provide the manner in which such assets are to be distributed after the executor’s death.