CALL NOW +91 – 8800110989 A Will Deed is popularly known as Will, it is a legal document that helps in succession planning. Through a valid and legal deed the testator decides the way his or her property and assets will be distributed among the heirs. Therefore will is a crucial document in testamentary succession, it helps in avoiding any potential family dispute. A legal and valid will not only facilitate smooth transfer of assets and property but also eliminates the need of litigation as it clearly outlines the rights and entitlement of heir and surviving family members over the inheritance. In this comprehensive guide we will take a deeper look at registration, drafting and compliance related to the will deed.
Understanding What is a Will Deed?
A ‘will’ is a legal document through which the testator expresses his or her wish regarding the distribution of his or her assets. Once registered with competent authorities it becomes legal binding on surviving members of the deceased. Allowing the rightful heir to inherit the property of the ascendant as per the clause mentioned in the will deed.
Distribution of various assets can be done through this legal document for example money present in the bank account, stocks, mutual fund, real estate and other tangible and intangible assets.
In case the heir is minor the testator can appoint a guardian till the time he or she comes of age. To manage the distribution of the asset the testator can choose to appoint an executor which can be any trusted individual or institution.
Will Deed Section:
The will deeds has been defined under Indian succession act of 1925. According to which it is a legal document through which a person decides on his or her succession planning. The revocation and alteration in the will is subject to the competency of the testator. If the testator is competent to make decisions on their own they can alter or revoke the will at any point of time in their life.
Benefits of Will Deed:
A will-deed offer several benefits and some major benefits are listed below
A will deed helps in planned succession
It provides legal clarity and avoid any confusion
It can help in protecting the right in case the heir is a minor
A will deed helps in avoiding any potential dispute among family members
It saves the surviving members from legal complications.
It gives testator the freedom to distribute the assets as per the wish
A will-deed reduces stress and brings peace of mind
What Are The Requirements of Writing A Will-Deed?
Any person who wishes to write a will deed must meet following requirements
Age: The age of the individual has to be above 18 years to be able to write a will.
Mental Capability: The person who wants to write a will must be mentally capable, having a sound mind at the time of writing a will deed is a major requirement. Any person writing a will in a situation where he or she is not in a capacity to understand their action and subsequent consequences are not allowed to write a will deed.
Consent & Free Will: A will-deed must be written with the consent of the testator and any will made under threat or coercion can not be considered a legal and valid document.
Key Elements of a Valid Draft of Will Deed
For a will deed draft to be accurate and to be in compliance, help of a legal counselor is advisable. Let us now take look at the key elements of the will deed
Listing of Assets: The will draft must include all the assets of the testator for example, immoveable property, bank account, fixed deposits, financial investments like mutual funds, stocks, bonds or and any precision metal like gold.
Listing of Beneficiaries: A will-deed must have a list of all the beneficiaries among which the distribution is supposed to take place. The list must be crafted carefully making sure no beneficiary is left out.
Distribution of Assets & Deciding on Share: The will-deed draft must include the details of distribution, clearly outlining who gets what including the details of their share in that particular asset.
Signature: The will document must be duly signed by the testator
Witness Details: It must include two witnesses along with their signatures.
Details of the Executor: The will document must include the details of the executor, the person or the institution who will help in executing the will on behalf of the testator after his or her death.
The important point to be noted is that in case a minor is in the beneficiary list the testator must appoint a guardian or custodian of the asset till the time the minor comes of age.
How to complete Will Deed Registration:
A registered will deed becomes a legal binding and makes sure that last wishes of the deceased are respected. The registration of the will deed makes it enforceable and a legal binding on the beneficiaries. Though there is no mandatory requirement of registering a will, it is highly recommended to get the will registered for its validity and authentication. Let us now see the process of getting a registered will-deed.
- Visit the sub registrar office or the competent authority in the area of residence
- Submit the original will deed document duly signed by the testator
- Two passport size photographs, in case the registration office has digital camera photos can be taken at the time of visit, fingerprint may be required in some offices.
- Medical certificate from the doctor verifying the mental capability of the testator, the certificate providing doctor must hold MD or MBBS degree
- Identity proof of the testato
- Address proof of the testator
- There is requirement of two witnesses
- The witness must provide their ID proof.
- PAN of the testator and the witnesses
- After providing these document, you will required to pay a nominal registration fee
- Registrar office will collect the document for verification purpose
- After the verification a registered will deed certificate will be issued.
Usually the registered will is issued by the registrar office within a week’s time.
Will Deed Stamp Duty
There is no provision of paying stamp duty while registering a deed in India, however, the testator is required to pay a nominal registration fee. The registration fee varies from place to place for example the will registration fee in Delhi is Rs 600/-
Will Deed for Property
There is no separate concept of Will Deed for Property, the normal, legal and valid will deed can help the testator to distribute his or her property as per his or her wishes.
Will Deed vs Gift Deed
While Both Will and Gift Deed help in transfer of the immovable property, however, there are some fundamental differences between both the deeds. Let us examine the key differences
| Differentiator | Will Deed | Gift Deed |
| Purpose | Made for purpose of succession planning for assets and property distribution | Made for the purpose of gifting has nothing to do with succession planning. |
| Effect | Takes effect after the death of testator or as per the conditions | Becomes effective immediately after the execution |
| Asset Transfer | Asset transfer as per the clause or post demise | Asses transfer immediately upon execution |
| Revocability | Revocable but subject to sound mind of testator | Irrevocable, can be challenged only if strong legal basis present |
| tax liabilities | Nothing to do with will | Both donor and recipient comes under tax implication |
How Insaaf99 Helps You from Drafting, Registration and Execution of the Will Deed
Insaaf99 is one the premier online legal consultation platforms that provides comprehensive assistance in succession planning by helping you throughout the journey of drafting, registering and execution of the will deed.
Drafting of the Will Deed: Our team of experienced lawyers understand your requirements and help in drafting accurate and compliant will deeds which are tailored to your needs. You can conveniently set up online with our adept lawyers and provide the required details and we will provide you with a will deed draft which is compliant with law. Our team has expertise in drafting basic will, joint will for couples with assets under joint ownership and customized will for specific needs.
Registration of Will Deed: We not only help you with the drafting of the will but we also help you get it registered. Book an online consultation with one of our legal experts to provide your location. We will find the nearest sub registrar office and schedule an appointment. We will also guide you in compiling the necessary documents. Once all the required documents have been collected the final step is visiting the sub registrar office along with two witnesses to complete the registration process.
Execution of Will Deed: Insaaf99 with its team of experienced legal experts the testator by taking the responsibilities of an executor. We are known for legal and financial expertise and our ethical approach to 100% execution of the will deed as per the law. You can start by getting an agreement signed for executorship with Isaaf99 by paying a nominal fee. Insaaf99 will take over the responsibility custodian for safekeeping of the original will document and execution of the original will as per the wishes of the testator.
Insaaf99 through its convenient online legal consultation services provide comprehensive solutions for will deeds from drafting to execution, we make sure that the succession goes through smoothly and the final wishes of the deceased are respected.
Contact Insaaf99 .today and get legal clarity about the will deed and executorship, plan your succession to avoid any potential family dispute with perpetual will, safe custody and 100% guarantee of execution. We provide peace of mind for you and your family.
Frequently Asked Questions
Is Will deed legal in India?
Yes the Will deed is legal in India and it is defined under Indian succession act of 1925.
Can a will deed be challenged?
A registered and valid will deed is a legal binding, it can only be challenged under specific circumstance for example suspicion of fraud and a possibility of testamentary incapability of testator.
How do you execute a will deed?
The will deed is executed by the executor who files the original in the court to initiate the probate process after the validation from the court the will is executed.
How long a will is valid after death?
A will is perpetual and not time bound, hence, it remains valid until execution after the death of the testator.
Is Will valid without registration?
In India there is no mandatory requirement for the registration of will, hence, it can be considered valid even without registration, however, in that case challenging the will becomes easy if there is dispute among the surviving members.
Is a witness required for will?
Yes, there is a mandatory requirement of two witnesses for the will to be considered valid.
Is the notary will valid?
Yes a notarized will is considered a valid document.
How do I register a handwritten will?
A handwritten will can be registered with sub registrar office by presenting the original documents, valid identity proof, address proof, PAN card the presence of two witnesses is required, after the successful examination by the authorities it can be registered.
What is the cost of registering a will in India?
The cost of registering a will differs from state to state as it follows the registration rule of the specific area. For example in Delhi the registration charges are 600 RS.
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