MAKING A WILL - RallyMark Legal · 2017. 11. 24. · SinhagdRoad,Opp.BigBazar Pune -411030...

MAKING A WILL: MAKING A WILL: MAKING A WILL: MAKING A WILL:

IMPORTANCE AND

RALLYMARK LEGALADVOCATES & LEGAL CONSULTANTS

MAKING A WILL: MAKING A WILL: MAKING A WILL: MAKING A WILL:

IMPORTANCE AND

PROCESSPROCESS

PRESENTED BY

RUPENDRA K. PORWALFCS, LL.M.( UNIVERSITY OF MANCHESTER, UK)

[email protected]

M-+91 9838597775

www.rallymarklegal.com

PRESENTED BY

RUPENDRA K. PORWALFCS, LL.M.( UNIVERSITY OF MANCHESTER, UK)

[email protected]

M-+91 9838597775

www.rallymarklegal.com1

WHAT IS WILL?

Will is a legal document which states

(“Testator”) that how his wealth

between/among the family

(“Beneficiaries”) after his death.(“Beneficiaries”) after his death.

� A Will may include:

• Any property such as flats, jewelry,

clothing, furniture and other things

• Obligations and rights associated

rights of the property.

• Any property held in foreign countries


states the intention of will maker

wealth ought to be distributed

members and other parties

jewelry, land, houses, cars, cash,

things of valuable nature.

associated with the property such as lease

countries.2

WHY THERE IS A NEED OF A WILL?

� It enables the Testator to transfer

persons whom he chooses to be

his death.

� It ensures that after the death� It ensures that after the death

distributed between/among the

� It enables the Testator to decide

distribution of his wealth between/among

� It enables the Testator to assign

trusted person after his death.

take care of minor children if neither


WHY THERE IS A NEED OF A WILL?

transfer his wealth in favour of the

be bestowed with his wealth after

death of the Testator, the wealth isdeath of the Testator, the wealth is

the Beneficiaries without disputes.

decide the quantum and manner of

between/among the Beneficiaries .

assign his responsibilities to his

For Ex. Appointing a guardian to

neither of parents survive.3

CONSEQUENCES OF NOT MAKING A WILL

� In absence of a Will, if a person

• The wealth shall be distributed

heirs according to the prevailing

must not have been intendedmust not have been intended

• The consolidation of the assets

heirs have to search the heaves

deceased's tangible and intangible

• Some of the financial transaction

the bills and receipts are

tangible proofs are provided.


CONSEQUENCES OF NOT MAKING A WILL

person dies:

distributed between/among the legal

prevailing laws of inheritance, which

by the Testator.by the Testator.

assets becomes very difficult and

heaves of papers to know the

intangible assets.

transaction may not be located because

delivered online and no other

4

• The succession of property is

inheritance, religious personal

The laws also differs between

• The legal heirs will find it

accounts, investments and

names owing to administrative

consuming process.


is governed by complex laws of

personal laws and applicable customs.

men and women.

very difficult to get Testators’

holdings transferred in their

administrative paperwork and time

5

WHO CAN MAKE A WILL & TIMING OF THE WILL?

� Any person who is major and has

� There is no specific right or wrong

as an individual believes that he

his wealth is to be distributedhis wealth is to be distributed

Beneficiaries and which is

succession laws, he should consider

� Even a person who is young

assets, he can write a Will

accumulated up to the time of

to the Beneficiaries according


WHO CAN MAKE A WILL & TIMING OF THE WILL?

has sound mind can make a Will;

wrong age to write a Will. As soon

he has specific thoughts on how

distributed between/among thedistributed between/among the

is different from prevailing

consider a Will.

and currently possess limited

stating that whatever assets

his death ought to be passed on

to the specified ratio.6

IMPORTANT POINTS TO BE KEPT IN MIND BEFORE

MAKING A WILL

� Prepare a list of all moveable and

� Prepare a list containing names

Decide the share of each Beneficiary� Decide the share of each Beneficiary

� Also make note of rights and

particular assets;

� Appoint a trusted person as

responsible for distribution of wealth

� Select a good lawyer for consultation


IMPORTANT POINTS TO BE KEPT IN MIND BEFORE

MAKING A WILL

and immoveable assets;

names of Beneficiaries;

Beneficiary in the wealth;Beneficiary in the wealth;

and obligations associated with

as an executor who will be

wealth as per the Will;

consultation and drafting of your Will;7

� Requirement of signatures of

other than the beneficiaries;

� As the law mandates that only

write a will, the Testator can attach

stating that he was in good

making the Will. In order to alleviate

request the doctor to sign the Will


of two witnesses who should be

only a mentally sound person can

attach a certificate from a doctor

good health and sound mind while

alleviate any risk, the Testator may

Will as a witness.

8

IS WILL REQUIRED TO BE REGISTERED?

� Registration of Will is not compulsory

Testator to register the Will.

� However it is recommended

registered with the office of Sub

� A registered Will is more authentic

genuineness.


IS WILL REQUIRED TO BE REGISTERED?

compulsory. It is optional for the

recommended that Testator gets the Will

Sub- Registrar.

authentic and difficult to dispute its

9

AMENDMENTS OR WRITING OF A NEW WILL

� Will can be amended as many

changing dynamics of the family

Beneficiaries or when new assets

disposed off.

� Minor changes in the will can be� Minor changes in the will can be

statement, known as a Codicil.

changes in the Will, it is suggested

� If the Will is not registered, destroying

Will is all that Testator is required to

Will clearly mentions the date of creation

earlier ones.

� If the previous Will is registered,

registered.


AMENDMENTS OR WRITING OF A NEW WILL

times as Testator wants as per

family and his relationship with

assets are acquired or old one are

be made through a supplementarybe made through a supplementary

If Testator needs to make major

to create a new one.

destroying the old one and writing a fresh

to do to revise it. Make sure that the

creation. The last Will supersedes all

registered, ensure that Codicil or new Will is10

OUROUROUROUR ASSOCIATEASSOCIATEASSOCIATEASSOCIATE COMPANYCOMPANYCOMPANYCOMPANY

CORPORATECORPORATECORPORATECORPORATE CONSULTANSTS(P)CONSULTANSTS(P)CONSULTANSTS(P)CONSULTANSTS(P)

FOLLOWINGFOLLOWINGFOLLOWINGFOLLOWING SERVICESSERVICESSERVICESSERVICES::::

1. Financial Services ;

2. Regulatory Compliances;

3. Tax Advisory Services;

4. Audits and Accounts;

5. Equity Advisory Services;

6. Outsourcing; and

7. Private Equity and Venture Capital.

COMPANYCOMPANYCOMPANYCOMPANY M/SM/SM/SM/S RELRELRELREL----INTEGRALINTEGRALINTEGRALINTEGRAL

CONSULTANSTS(P)CONSULTANSTS(P)CONSULTANSTS(P)CONSULTANSTS(P) LTDLTDLTDLTD.... PROVIDESPROVIDESPROVIDESPROVIDES


11

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12

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MAKING A WILL - RallyMark Legal · 2017. 11. 24. · SinhagdRoad,Opp.BigBazar Pune -411030...

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