All about will
“Where there is a will there is a way,” goes the age-old adage. Obviously, a properly drafted Will ensures smooth succession in property matters. A Will is a statement made by a person stating the manner in which his property must be distributed after his death. The person making the will is called testator. The person whom the testator bestows benefits in his will is called legatee or beneficiary. If the testator bequeaths all his property to one beneficiary through a will, such a person is called a universal legatee. Sometimes the testator may appoint a person to give effect to his will after his death. Such a person is called an executor.
It is not compulsory to register a will. If registered it does not require the payment of stamp duty. A will should have at least two witnesses who shall sign the document in the presence of the testator, and at the request of the testator and in the presence of each other. A witness cannot take benefit under the will to which he is a witness.
A certificate proving a will issued by the court is called a probate. A beneficiary or the executor may apply the court for the same. If a person writes more than one wills, the last will have preference over others.
Any person of sound mind and above eighteen years of age can dispose off his property by writing a will. An amendment to a will is called a codicil. A testator can revoke a will during his lifetime.
A will must be in writing. However soldiers, airmen and sailors while they are in action may pronounce their will orally in presence of two witnesses. Such wills are called privileged wills.