• HDFC
• 12 Jun 2018
• e Will

HDFC, Tester

People tend to get confused between Wills, Living Wills and trusts. The confusion often arises out of similarity between the laws and procedures or due to misconceptions owing to lack of knowledge. Here are some common myths and facts surrounding preparation of Wills.

 

 

Myth: A Last Will can be made by people above the age of 40.

Fact: Any person above the age of 18 years is eligible to make a Last Will as long as he or she is of sound mind and is free from stress and any form of illnesses.

 

Myth: The Last Will has to be drafted by a lawyer.

Fact: It is not necessary to get a Last Will made by a lawyer. However, it is always good to consult a lawyer or get it drafted by lawyers so that you get    proper guidance and fulfill all the conditions. Last Wills, if not executed properly, are not enforceable in any court of law.

 

Myth: The certified copy of a Last Will is only available to the Testator and the Executor.

Fact: A certified copy of a registered will is available to the testator only during his lifetime. After his death, anybody can obtain a copy after producing proof    of death of the testator.

 

Myth: The witnesses mentioned in the last Will and for registration of the last Will have to be the same.

Fact: Different persons can be witnesses to the Last Will and during its subsequent registration.

 

Myth: The Indian Succession Act applies to Muslims.

Fact: The Indian Succession Act does not apply to Muslims in India unless specified and to the extent that they are not in conflict with the recognized Muslim    Laws. It governs Wills made by Hindus, Buddhist, Sikhs, and Jains.

 

Myth: Mentioning a nominee is enough. I do not need to write a Last Will.

Fact: The last Will prevails over a nomination. Mentioning a Nominee only assures a smooth transfer of the assets to the nominee. However, other legal heirs can stake a claim on that property. So it is always good to write a Last Will.

 

Myth: Stamp Paper is required to execute the last Will.

Fact: You do not require a Stamp Paper to prepare a Last Will. Stamp Duty is not payable on Last Will. You can prepare the last Will on any kind of paper. However, if you want to register a Will, it is necessary to use a stamp paper.