What is a will deed: A will deed is a legal document that grants ownership of tangible assets to the testator’s (the person who creates the will) heirs upon the testator’s death.
The will deed is made to prevent future legal problems between the heirs, as it includes arrangements for the division and disposal of property and assets. However, the testator has the right to modify or cancel it at any time.
When creating a will, many senior citizens face the challenge of distributing their home or other real estate among children or other legal successors. The typical trend in India is to split the home into rooms or floors. However, this is a very common method followed by parents in India, but this type of allocation of property might not be a good idea and create problems for legal heirs.
This article will talk about the features and benefits of a will deed along with the benefits and process of doing it.
What are the features of a will deed?
There are many features of a will deed. Some of them are explained below:
- The will is described in the Indian Succession Act, 1925, Section 2 (h), as the legal statement of a testator’s purpose regarding their property that they wish to be carried out after their death.
- It is a legal tool for estate planning and succession.
- The will only becomes legally enforceable once the testator passes away.
- This comes under the Indian Succession Act, 1925.
- The signatures of two witnesses, unambiguous intentions for inheritance, and the ability of the testator to carry out the will are the requirements for a document to be considered legally valid.
- The testator has all the rights to change the will at any time in his lifetime.
- It can be undone by a new will, a statement in writing, or by destroying the existing will.
- Following the testator’s death, the will is carried out by a court application for a letter of administration or probate. This is the certification that the executor receives from the court. Court fees are also payable for the probate petition.
Why should a person write a will deed?
There are many benefits of writing a will deed. These include fewer possibilities of family disputes in the future, and the assets can be distributed as per the testator’s wish. Besides these two, it also combats future invasions, business disruptions, and other potential obstacles.
What is the court fee and how is it calculated?
The ad valorem method is used to determine the fees, which means a certain portion of the estate’s worth must be probated. In places like Kolkata, Mumbai, and Chennai, obtaining probate is required.
In cities like Kolkata, the fee is around 5.5 per cent of the property value, while in Mumbai, they charge Rs 75,000 and Rs 25,000 in Chennai.
Will Deed: Format
A will deed should include details like:
- Personal information such as name, address, etc.
- The date on which the “Declaration of Date” was prepared.
- The fact that you are not being pushed or influenced in any way to draught this will serve as proof of your free will.
- Give information about the executor.
- Information about the assets and beneficiaries
- Following the aforementioned mentions, sign the will.
- Witnesses’ signatures: Get a minimum of two witnesses to testify to the will.