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Last Will and Testament

last will and testament

 

 

 

 

 

 

 

 

 

 

 

A “WILL” can be defined as “A legal statement written by an individual, stating the manner in which his or her wealth may be distributed after his or her demise.” A person making a Will is known as a “TESTATOR”.

A Will after death of person, reduces the confusion of sharing property amongst the family members and relatives.

In case a person dies without making a Will, he/she is said to have died intestate. His/her property shall be inherited to his/her legal heirs in accordance with the personal law applicable to him/her i.e. either The Hindu Succession Act, 1956, The Indian Succession Act, 1925, un-codified law of Muslims, Parsis etc.

Definitions in relation to preparation of a WILL: Read More…

Leave and License Agreement

A Leave and License agreement is an agreement made when a certain residential property is given on rent.

So why not prepare a rent agreement and why a leave and license agreement?

A rental agreement is also known as a lease agreement and in a RENTAL AGREEMENT THERE IS TRANSFER OF INTEREST IN THE PROPERTY from the person who owns it to the person who is leasing it.

However in a LEAVE AND LICENSE AGREEMENT there is no transfer of interest, it is only GRANTING OF PERMISSION to the other party to stay in our house for a specific period of time on the terms and conditions mentioned in the agreement.

That is why whenever any property is given on rent we prepare a Leave and License Agreement and not a Rental Agreement.

Following clauses should be mentioned while drafting a Leave and License Agreement: Read More…