Will means the legal declaration of the intention of a person with respect to his property, which he desires to take effect after his death. It is a unilateral document and takes effect after the death of the person making it. It can be revoked or altered by the maker of it at any time he is competent to dispose of his property. A Will is a legal document which ensures that the Will writer’s wishes are fulfilled after his death. A person records his wishes regarding his properties in a Will and which are to be followed accordingly after his death. So, a Will can be defined as the legal declaration of the intention of the individuals that has been made when he is alive. So, it is a kind of document that legitimately helps to distribute his left out properties among the beneficiaries after his death.
Features of Will
- Will is a legal declaration and one needs to follow some formalities in order to make this a valid one with signature and attestation as per law;
- The main essence of a will is that it comes into effect after the death of the testator.
- As per Section 62 of the Indian Succession Act, 1925, a Will is revocable during the lifetime of the maker of Will.
- A change in the Will is possible if the testator is alive since this is revocable in nature;
- The main proposition of a Will is to the disposition of property after the demise of the property owner;
- A Will becomes a public record after the demise of the testator so no further ambiguity occurs;
- Probate authenticate a Will in the court after the death of the Will maker.
- A Will can not be challenged in any court of law after the death of the Will writer if it is written by the Testator with a sound mental capacity.
Benefits of Will:
- The Will maker names a person as executor in his will to legally represent him;
- Legal Executor ensures to fulfill testators wishes as per the Will;
- One can protect his family’s financial health even after the death of the testator;
- Proper distribution of the wealth, which the testator leaves behind and this reduces the grievances among the family members;
- It helps in reducing taxes for the beneficiaries;
- Avoidance of high administration cost;
- A testator can have peace of mind and die happily knowing that everything regarding his property is in place;
- A will is corroborated by a probate proceeding filed by the executor as named in the Will;
- Since a testator makes a Will completely voluntarily in his sound mental capacity, no one can challenge it after his demise.