Estate Planning Session 1

7/31/2019 Estate Planning Session 1

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Estate Planning


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Estate PlanningIt

dea

ls with


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Estate Planning The

Es

tate Du

t


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Law of Will in Hindu LawNo

tex

t avail

a


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Law of Will underMohammadan Law

The

an

cient t

e


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The reasons forpreference to make a will The testator does not want that the

property should devolve inaccordance with the intestacy

provisions

An opportunity to make disposition

according to ones own wishes

By this debtor can appoint executor

and ensure that his estate his


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Legislative Provisions inconnection with the Will

Acc

ord

ing to

H


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Law of will

The term Will means the legaldeclaration of the intention of thetestator with respect to his propertywhich he desires to be carried intoeffect after his death

The person whose Will has beenprepared is called the testator

The Will is often called atestamentary document. It isambulatory until the death of thetestator


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Law of willInterpretation if Will

The

in

tention


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A w

ill

take e

f

L


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Characteristics of a willLeg

al

Declara

t

T


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Characteristics of a will To

tak

e ef f ec

t

U


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Characteristics of a willUnc

ert

ainty:

C


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Types of will?Con

dit

ional o

r


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Joint Will:

A joint Will is a Will made by two ormore testators, contained in a singledocument, duly executed by each of thetestator and disposing either of their

separate properties , or of their jointproperties

It operates on the death of eachtestator

If separate properties of two or more

persons are disposed of by a single will,

M


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Mut

ual

will:

T

w


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D


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Dup

lic

ate wil

l

A


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What is the legalframework of a Will

A w

ill

can be


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Who can make a will? As per section 59 of the Indian

Succession Act following persons arecapable of making a will:

Any person of sound mind not beingminor

A woman who has authority toalienate her property during her

lifetime

A


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Who can make a will?A p

ers

on who

i

T


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Immovable and movableproperty

The

po

wer to

d

W


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Constraints on theoperation of a will

Wil

l m

ade whi

l

T


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Who can take propertyunder a will?

Tra

nsf er of p

r

I


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If

the testat

o

A


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A t

estator ca

n


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Structure of a will

It may commence will simple wordsthis is the will of . or I------hereby make this will

then executor to be appointed

a direction made as to estate debts

then specific or general gifts to the

beneficiaries

T


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Structure of a will The

executor

i

S


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Structure of a willSom

e are remu

n

F


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Drafting of a willFor

m of a wil

l

F


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Drafting of a willFor

m of a wil

l

M


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POINTS TO CONSIDERMen

tion name

a

D


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POINTS TO CONSIDERDet

ails proce

d

P


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POINTS TO CONSIDERPro

vision to

c


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Is registration of willcompulsory?

Registration provides evidence thatthe

proper parties appeared before theregistering officer for attestation

In India registration of will is notnecessary

The registration only evidences


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Procedure for registration The testator must be personally present

at

the registrar office No fee required

EXEMPT PERSONS Persons with infirmity of body Persons in jail

No stam dut re istration fee

F


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Other formalrequirements

For

immovable


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The testator must sign or fix his mark

to the will or

It must be signed by other in his

presence and by his direction

Use of pen and ink is not necessary

for signing

Stamping of the name of the testator

in his presence and under his


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Attestation by twowitnesses

To The object of attestation is thatsome person should verify that thewill was signed voluntarily

The attester or his spouse should notbe beneficiary According to section 63 (c) of Indian

Succession Act the will must beattested by two or more persons toconfirm that they saw the testatorsign or affix his mark or any otherperson sign or fix mark at the

T


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Does a will last Tec

hnically i

n

A


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Revocation of willsAny

time when

T


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To administer the estateof the Probate

The

will gene

r

T


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Administration of an Estate The

executor

E

x

T


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The Executor The

executor

i

f


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The duties of theexecutor are

Dispose of the body of the deceased Prove the will Exhibit in the court an inventory of

the assets, credits, debts andliabilities Consolidate the estate and convert

into money if required Pay the debts Pay to legatees and distribute the

residue among the persons entitled


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Who can be executor?

All persons capable of executing awill can be Executor Who should be appointed executor:

A person who will be impartial andfair The testator can appoint one or more

executors For large estate responsible persons

should be appointed In the event of death of a executor


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Executor: The executor can decline to act It is wise to appoint alternative

executors

It is best to avoid appointed a personwho might have a conflict of interest,say a business partner

Probate: A probate means a copy of the will

certified under the seal of a competent

court giving power to the executor to

L f Ad i i i


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Letters of Administration(LoA)

If a person dies intestate or a willdoes not name any executor, or if the executor does not want to act assuch or is unable to so act, anapplication can be filed in the courtsof law for granting of LoA

Under the Indian Succession Act,1925, a LoA can be granted to anyperson entitled to the whole(universal legatee) or any part of the

estate (residuary legatee) of the

M h d L fA


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Mohammadan Law of Wills

A M

uslim can

m

M h d L f


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The bequest in favour of a heir is notvalid unless other heirs give theirconsent after the death of the

testator. Any single person may give consent

to bind his own share

A Mohammadan cannot by Willdispose of more than one third of thesurplus of his estate after payment of funeral expenses and debts. Morethan one third be uest will need

M h d L f


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In Sunni Law even for 1/3rd consentof other heirs required but not in ShiaLaw

But bequest up to 1/3rd in favour of stranger, consent not required

In Sunni Law the legacy lapses if thelegatees predecease

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Estate Planning Session 1

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