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The Tax Publishers Inheritance Law--Will What is a Will? Why Is It Necessary to Write a Will CA. Pradeep Narain Will is not merely a legal document. It safeguards the interest of the family members and their loved ones. The learned Author in this small write up tries to discuss the importance of will, its essentials and other important factors relating to a will. I. Introduction A Will ensures that the bequest or distribution of the wealth of a person, also known as the testator, after his demise is as per the directives in his Will. Wealth includes real estate, bank accounts, jewellery, artefacts, insurance policies, business interests, intellectual property, digital assets such as cryptocurrencies, etc. A well-crafted Will is the foundation of a comprehensive wealth transfer plan. It is important to note that a nominee does not become the owner of a property on the demise of the testator. The nominee holds the same in trust only.--Shakti Yezdani vs Jayanand Jayant Salgaonkar on 14 December, 2023. (SC). Despite its importance, many of us neglect to create a will, leaving our legal heirs and loved ones vulnerable to legal complexities, emotional stress, inheritance disputes and financial uncertainty. A well-crafted will not only ensures the smooth transfer of assets but also provides peace of mind for the testator and his family. In India, the Indian Succession Act, 1925, and the Hindu Succession Act, 1956, govern the laws related to succession and creation of a valid Will. Muslims are governed by their personal law. Navigating India's complex succession laws is not an easy process. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Inheritance Law--Will

What is a Will? Why Is It Necessary to Write a Will

CA. Pradeep Narain

Will is not merely a legal document. It safeguards the interest of the family members and their loved ones. The learned Author in this small write up tries to discuss the importance of will, its essentials and other important factors relating to a will.

I. Introduction

A Will ensures that the bequest or distribution of the wealth of a person, also known as the testator, after his demise is as per the directives in his Will. Wealth includes real estate, bank accounts, jewellery, artefacts, insurance policies, business interests, intellectual property, digital assets such as cryptocurrencies, etc. A well-crafted Will is the foundation of a comprehensive wealth transfer plan. It is important to note that a nominee does not become the owner of a property on the demise of the testator. The nominee holds the same in trust only.--Shakti Yezdani vs Jayanand Jayant Salgaonkar on 14 December, 2023. (SC).

Despite its importance, many of us neglect to create a will, leaving our legal heirs and loved ones vulnerable to legal complexities, emotional stress, inheritance disputes and financial uncertainty. A well-crafted will not only ensures the smooth transfer of assets but also provides peace of mind for the testator and his family. In India, the Indian Succession Act, 1925, and the Hindu Succession Act, 1956, govern the laws related to succession and creation of a valid Will. Muslims are governed by their personal law. Navigating India's complex succession laws is not an easy process.