Estate Planning

I t d e a l s w i t h

Estate Planning

T h e E s t a t e D u t

Estate Planning

A r e a s t o b e d i

Estate Planning

WILL

N o t e x t a v a i l a

Law of Will in Hindu Law

T h e a n c i e n t t e

Law of Will under Mohammadan Law

The reasons for preference to make a will

The testator does not want that the property should devolve in accordance with the intestacy provisions An opportunity to make disposition according to ones own wishes By this debtor can appoint executor and ensure that his estate his

A c c o r d i n g t o H

Legislative Provisions in connection with the Will

Law of will

The term Will means the legal declaration of the intention of the testator with respect to his property which he desires to be carried into effect after his death The person whose Will has been prepared is called the testator The Will is often called a testamentary document. It is ambulatory until the death of the testator

S e c t i o n

2 ( h ) o

T h e i n t e n t i o n

Law of will Interpretation if Will

A w i l l t a k e e f

L e g a l D e c l a r a t

Characteristics of a will

T o t a k e e f f e c t

Characteristics of a will

U n c e r t a i n t y :

Characteristics of a will

C o n d i t i o n a l o r

Types of will?

Joint Will:

A joint Will is a Will made by two or more testators, contained in a single document, duly executed by each of the testator and disposing either of their separate properties , or of their joint properties It operates on the death of each testator If separate properties of two or more persons are disposed of by a single will,

M u t u a l w i l l :

T w

H o l o g r a p h w i l l

D u p l i c a t e w i l l

A w i l l c a n b e

What is the legal framework of a Will

Who can make a will?

As per section 59 of the Indian Succession Act following persons are capable of making a will: Any person of sound mind not being minor A woman who has authority to alienate her property during her lifetime

A p e r s o n w h o i

Who can make a will?

T h e p o w e r t o d

Immovable and movable property

W i l l m a d e w h i l

Constraints on the operation of a will

T r a n s f e r o f p r

Who can take property under a will?

I f t h e t e s t a t o

Who can take property under a will?

A t e s t a t o r c a n

Who can take property under a will?

Structure of a will

It may commence will simple words this is the will of . or I ------hereby make this will then executor to be appointed a direction made as to estate debts then specific or general gifts to the beneficiaries

T h e e x e c u t o r i

Structure of a will

S o m e a r e r e m u n

Structure of a will

F o r m o f a w i l l

Drafting of a will

F o r m o f a w i l l

Drafting of a will

M e n t i o n n a m e a

POINTS TO CONSIDER

D e t a i l s p r o c e d

POINTS TO CONSIDER

P r o v i s i o n t o c

POINTS TO CONSIDER

Registration provides evidence that the proper parties appeared before the registering officer for attestation In India registration of will is not necessary The registration only evidences

Is registration of will compulsory?

Procedure for registration

The testator must be personally present at the registrar office No fee required

EXEMPT PERSONS

Persons with infirmity of body Persons in jail

No

stamp

duty/

registration

fee

F o r i m m o v a b l e

Other formal requirements

The testator must sign or fix his mark to the will or It must be signed by other in his presence and by his direction Use of pen and ink is not necessary for signing Stamping of the name of the testator in his presence and under his

To The object of attestation is that some person should verify that the will was signed voluntarily The attester or his spouse should not be beneficiary According to section 63 (c) of Indian Succession Act the will must be attested by two or more persons to confirm that they saw the testator sign or affix his mark or any other person sign or fix mark at the

Attestation by two witnesses

T e c h n i c a l l y i n

Does a will last

A n y t i m e w h e n

Revocation of wills

T h e w i l l g e n e r

To administer the estate of the Probate

T h e e x e c u t o r

Administration of an Estate

E x

T h e e x e c u t o r i

The Executor

Dispose of the body of the deceased Prove the will Exhibit in the court an inventory of the assets, credits, debts and liabilities Consolidate the estate and convert into money if required Pay the debts Pay to legatees and distribute the residue among the persons entitled

The duties of the executor are

Who can be executor?

All persons capable of executing a will can be Executor Who should be appointed executor: A person who will be impartial and fair The testator can appoint one or more executors For large estate responsible persons should be appointed In the event of death of a executor

Executor:

The executor can decline to act It is wise to appoint alternative executors It is best to avoid appointed a person who might have a conflict of interest, say a business partner

Probate:

A probate means a copy of the will certified under the seal of a competent court giving power to the executor to

Letters of Administration (LoA)

If a person dies intestate or a will does not name any executor, or if the executor does not want to act as such or is unable to so act, an application can be filed in the courts of law for granting of LoA Under the Indian Succession Act, 1925, a LoA can be granted to any person entitled to the whole (universal legatee) or any part of the estate (residuary legatee) of the

A M u s l i m c a n m

Mohammadan Law of Wills

The bequest in favour of a heir is not valid unless other heirs give their consent after the death of the testator. Any single person may give consent to bind his own share A Mohammadan cannot by Will dispose of more than one third of the surplus of his estate after payment of funeral expenses and debts. More than one third bequest will need

Mohammadan Law of Wills

In Sunni Law even for 1/3rd consent of other heirs required but not in Shia Law But bequest up to 1/3rd in favour of stranger, consent not required In Sunni Law the legacy lapses if the legatees predecease

Mohammadan Law of Wills