LAST WILL AND TESTAMENT

LAST WILL AND TESTAMENT

last will and testament

 

Before making your LAST WILL AND TESTAMENT, we suggest you go through these frequently asked questions.

Q: MY FATHER BOUGHT A FLAT 20 YEARS AGO IN MUMBAI ON HIS NAME. HE DIED ON 20-1-2013 AND AS PER HIS WILL THE FLAT IS TO BE DIVIDED BETWEEN ME, MY BROTHER AND HIS WIFE IN EQUAL SHARES. HOWEVER, THEY HAVEN’T BEEN THERE FOR HIM THESE PAST YEARS AND THEY HAVEN’T STAYED WITH US ALSO. CAN I REGISTER THE PROPERTY IN MY NAME?

A: As per your father’s Will your brother, his wife and you have equal share in the flat. Thus, even though they haven’t stayed with you and your father or contributed in anyway, they still have rights in the flat as per the Will. If they approach the court they will get their share. You cannot register the house in your name without your brother and his wife’s consent as they now have an equal share in the flat and it would be illegal to do so without their consent.

Q: DO WE NEED TO PAY STAMP DUTY ON A WILL?

A: No STAMP DUTY is required to be paid for executing a Will or a codicil. A Will, therefore, need not be made on stamp paper.

Q: DOES A WILL NEED TO BE REGISTERED?

A: In India, registration of Wills IS NOT COMPULSORY even if it relates to immovable property.

The registration of a document provides evidence that the proper parties had appeared before the registering officers and the latter had attested the same after ascertaining their identity.

The non-registration of a Will does not lead to any inference against the genuineness of a Will. Nor a Will can be accepted as genuine by courts even though it has been registered.

Q: MR. X DIED ON 5TH JAN 2014, LEAVING BEHIND A WILL STATING ALL MUTUAL FUNDS AND FIXED DEPOSITS TO BE BEQUEATHED TO MRS.X IN FULL. HOWEVER, IN THE NOMINATION FORM OF THE BANK MR. Y’S NAME HAS BEEN PROVIDED. THUS, WHOM WILL THE AMOUNT IN THE MUTUAL FUND AND FIXED DEPOSIT GO TO? THE PERSON NAMED IN THE WILL OR TO THE NOMINEE?

A: WILL SUPERSCEEDES ANY NOMINATION. Thus, in the above the funds will go to Mrs. X and not Mr.Y. If there is a nomination and no Will, then the nomination rules.

Make sure names provided in the Will match the nominee name stated to reduce confusion and disputes.

Always remember, what is stated in the Will overrides nomination.

About The Initiator Adv. Heena Panjabi

An advocate by profession, with an aim to educate and spread knowledge about the law, Adv. Heena Panjabi came to India after living in Dubai for 18 years, with the zest of studying law and fulfilling her dream of being a legal practitioner. Her main motive of studying law was to work with people and educate them about their legal rights, as ignorance of law is no excuse. She started an initiative 'LAW WISE INDIA' with the main motive of providing information, educating and simplifying different laws, acts, rules and regulations in India.

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