Important Facts to Know About a Will

Pavithra S
Pavithra S / 3 yrs ago /
  11

When we speak about a property (the asset) and investment, there are lots to get to know about it. The subject is huge and understanding the basic components is really significant to either to make use of some provision or to avoid any legal issues in the future. A will is one such legal document that directs how a person’s assets are to be distributed after his/her death. It is vital for every person to be aware of this legal testament and its prospects in order to carry forward it in the future.

Below we present you some important facts about a will that you must know.

Making a will

Any person who is of sound mind and body can make a will, provided he should be a major. In a will, the aggrieved person usually expresses his/her wishes as to how his/her property should be shared out upon his/her death. 

Executor or legatee of the will

A legatee is referred to a person who receives personal property through a will. He/she is the primary beneficiary or inheritor of the property. Any person can be nominated a legatee of the will, including a minor, a corporation and other juristic persons. If a testator names a minor as a legatee, then he/she should also appoint a guardian to manage the transferred property. One can also make some provision for a friend who is in need of money, a faithful servant, and even a nurse.

Ensuring a will to be free from errors

A legitimate will should clearly elucidate the name of the testator, having no errors in initials, spellings or any grammar mistake in that way leaving no scope for any interpretation.

Legatee appointment and rights related to it

The testator can designate any person as a legatee or an immediate beneficiary of a will and he has absolute rights to it.

Effect of a will after death

A will is legally enforceable only after the death of a person. No right is given to the legatee or the person who is to inherit the property until the death of the testator.

Amendments with regards to a will

If the person wishes to make any changes to the will at any point of the time, he/she can do the amendment without changing the entire will by making a codicil to it.

The last will declaration

A person is allowed to make any number of will he/she wishes to do. There are no restrictions to it, however only the last will made before his/her death is valid and enforceable.

Will disclosure

It is always advisable to declare all movable and immovable properties in the legal document in order to avoid any challenges in the court due to the discrepancies of the will.

Authentication of a will

The testator is obliged to sign the will in the presence of at least two independent witnesses, whereby they have to certify that the will is signed in their presence by the testator.

Registration

Though it is not mandatory for a person to register a will, it is always suggested to do so in order to avoid any legal problems in the future.

While owning a property is pride, transferring it to the safe hands is immensely important so that your hard-earned money is not lost or destroyed.



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