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Will or Vasiyat Drafting
All about Will or Vasiyat Drafting
A
Will or Vasiyat as commonly known is a legal document prepared by a person
about the manner in which he / she decides his / her property to be managed or
distributed after death. Once the will is prepared, it can be updated depending upon need or any major changes or circumstances. In nutshell, will is basically a document which is prepared with consent or will of executant without any pressure mentioning the details of property and details of person who will inherit it.
According
to Indian Succession Act, 1925 anyone who is of sound mind and who is not minor
can make a Will.
The
following information is required for drafting a Will:
1)
Particulars
of Executant /Testator of Will
- Complete name including short form etc.; and
- Parentage and address including permanent address
2)
Description
of family:
- Married /Unmarried / Divorced;
- Spouse -Whether living or not; and
- Siblings -Whether alive or not or predeceased along with their respective marital status (Anyone who has been debarred may also to be mentioned)
- Sound mental disposition state;
- Age to be given / mentioned; and
- Physical state of health
4)
Details
of assets:
- Whether movable or immoveable or both;
- Whether self acquired or inherited through succession;
- Jewellery / shares / Fixed deposit receipts / bank balance; and
- Idols / Paintings etc.
5)
Will
in case of Allotment of shares
- Need to mention who all are included and who are excluded;
- Shares to be mentioned specifically with clear allotment of movable and immovable assets; and
- Allotment of liabilities may also be included / appended to any property.
Two
witnesses are required to sign the Will with full name and addresses of each
witness shall be required along with their Id proof. Copies of Will are kept separately from original Will.
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