Roadmap to understanding the importance of a Will
In India, inheritance laws and family dynamics intertwine, where the latter plays an important role in deliveration of a Legal Will. As per Daksh, a judicial analysis bureau, property and family disputes account for 76% litigation, clogging our judicial system. In such a scenario having a Legal Will is not only a formality to follow but an absolute necessity for generational transfer and change.
What is a will?
A Will is a legal document or declaration that a person makes in order to plan the distribution of his assets and properties in a way he wants. It enables the heirs and survivors of the to inherit the property as per written. Once a Will is written, assure a legal executor is appointed ensuring a safe distribution of the assets when there is ancestral and self acquired property
What happens if you die without a Will in place?
- Not having a valid will leaves the family in a vulnerable state. Along with grieving the loss of a loved one unwanted legal exposure ensues.
- Family members can get into conflicts debating the distribution of wealth.
- There can be poaching of the ancestral home and other properties.
Real-world example
A beautiful ancestral property owned by Karan Ahuja, aged 57, who had 3 kids, his eldest was a male. He passed away in his sleep due to cardiac arrest. A doctor by profession, Mr. Karan owned a clinic and had acquired tremendous wealth. The eldest being a male and the only other doctor in the family contested stating he must inherit the clinic and ancestral home. A legal battle ensued between the members, if Mr. Karan had a registered Legal will , the distribution of ancestral property and other assets could have been equally divided.
What is ancestral property ?
An early definition was property inherited from four generations of male ancestors was accepted by Hindus, Sikhs, Jains, and Buddhists. This changed as per the Hindu Succession Act of 1956(amended in 2005) it evolved to women now having an equal right to inherit ancestral property & family wealth regardless of whether their parents are alive or not and irrespective of their marital status.
What is a Self- Acquired Property ?
It refers to assets that have been acquired by an individual through their own efforts or simply inherited. This individual has full rights to pass on the property to a loved one through a legal will.
In the case of missing legal will.
One should file Partition of ancestral property. A partition deed is an unequivocal intention by any coparcener to divide the ancestral property. There are few modes of partition by which a coparcener can demand partition:
- Partition by suit | a legal process that divides property among co-owners.
- Partition by arbitration | a legal process where they appoint an arbitrator to divide the property.
- Partition by family settlement | a legal process where co-owners mutually consent to the partition of their undivided share in the property.
- Partition by a partition deed | it ensures the division of the property according to the share of the individual.
- Partition by agreement | an express statement that the right to partition is waived.
All the above modes of partition are legally recognized. However, partition deed and partition by suit are the most preferred modes for partition.
Steps to be taken to create a will
- Find a legal aid
- Getting your will drafted
- Registering it in the Sub Registrar’s Office within the appropriate jurisdiction
- Incase required, appoint an executor.
We at Landeed understand the significance of a succession will and partition deed. We offer a complete end and end solution of drafting & registering a will, partition deed and assist in procuring linked documents. To know more download the Landeed app on IOS & Android.
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