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Know About Trusts
1. What is a Private Family Trust?
Answer: A Private Family Trust is a legal entity created to manage and protect your assets for the benefit of your family members and future generations. It allows you to set specific conditions on how and when the assets will be distributed and used, providing control and protection over your wealth.
2. Why is a Private Family Trust important in financial planning?
Answer: A Private Family Trust ensures that your hard-earned wealth is protected, managed according to your wishes, and transferred to your heirs in a controlled manner. It helps prevent misuse of assets, reduces risks in case of disputes, and protects the family’s wealth from external threats like legal claims.
3. Who should consider creating a Private Family Trust?
Answer: Every individual, especially those in the middle class and above, should consider creating a trust. It’s particularly beneficial for those who want to:
- Protect their wealth.
- Ensure proper transfer of assets to future generations.
- Safeguard against legal risks (e.g., doctors, marriages, CEOs facing professional liabilities).
Incentivize their heirs to be responsible.
4. What are the key benefits of a Private Family Trust?
Answer:
- Asset Protection: Separates the title of the property from control, reducing the risk of assets being taken away due to legal disputes.
- Controlled Distribution: Allows you to set conditions on how your assets are distributed after your death.
- Incentivizes Heirs: You can link your heirs’ access to wealth with their own efforts. For example, you might stipulate that your son receives an amount equivalent to 20 grams of gold every month, but if he needs more, he would only get an equivalent amount from the trust based on his own earnings.
- Long-term Planning: Ensures that your assets are transferred according to your wishes for many generations.
5. How does a Private Family Trust differ from a will?
Answer: A will only takes effect after your death and requires probate, which is a legal process that can be time-consuming and public. A trust, however, takes effect immediately upon creation, and assets within the trust do not require probate, offering privacy and quicker transfer of assets to your heirs.
6. What is the role of a trustee in a Private Family Trust?
Answer: The trustee manages the trust and its assets according to the trust deed. The trustee can be the settlor, a family member, or a trusted individual. The trustee is responsible for ensuring that the assets are used for the benefit of the beneficiaries as per the terms of the trust. For example, if you create a trust for your children, you might choose a younger and healthier relative as a trustee to ensure they outlive you and manage the trust effectively.
7. Can you control your assets after death through a Private Family Trust?
Answer: Yes, a Private Family Trust allows you to control how your assets are managed and distributed even after your death. The trust deed can specify conditions that must be met for the distribution of assets, ensuring your wishes are followed. For instance, you can ensure that your wealth is used for your grandchildren’s education by setting conditions in the trust.
8. What types of assets can be included in a Private Family Trust?
Answer: A wide range of assets can be included, such as immovable property (e.g., houses, land), movable property (e.g., cash, stocks, mutual funds), and insurance policies. You can even include specific conditions for each type of asset, such as using the rent from a property for educational expenses of a specific heir.
9. What are the tax implications of transferring assets into a Private Family Trust?
Answer: The tax implications depend on whether the trust is revocable or irrevocable. Here are the key points:
- Revocable Trust: If the trust is revocable, where the settlor retains the right to take back the assets, there is no tax on the transfer because it is not considered a transfer under the Income Tax Act.
- Irrevocable Trust: If the trust is irrevocable, the transfer of assets is considered a gift. Gifts to specified relatives are tax-free, so if the beneficiaries are your family members as defined under Section 56, there will be no tax on the transfer.
- Example: Suppose you transfer a house worth ₹2 crore into an irrevocable trust for your son. If your son is a specified relative, this transfer is tax-free.
10. How is income generated by the trust taxed?
Answer: The taxation of income generated by the trust depends on the type of trust:
- Revocable Trust: The income generated by the trust is taxed as the settlor’s income, just as if the assets were not transferred to the trust.
- Irrevocable Trust: The income is taxed in the hands of the beneficiaries according to their tax slabs.
- Discretionary Trust: The income is taxed at the maximum marginal rate if the trustee has discretion over how the income is distributed among beneficiaries.
11. What happens when a trust sells an asset?
Answer: When a trust sells an asset, the tax implications are as follows:
- The cost of acquisition is considered the same as it was for the settlor.
- The trust gets the benefit of the Cost Inflation Index (CII) or Capital gains tax as applicable for calculating capital gains tax.
- Example: If a trust sells a property that was acquired by the settlor 20 years ago, the trust will calculate the capital gain based on the indexed cost of acquisition or pay the capital gains tax, just as the settlor would have done.
12. How does a Private Family Trust protect assets from legal disputes?
Answer: By transferring assets into a trust, the legal title is held by the trust, and control remains with the trustee. This separation makes it difficult for creditors or legal disputes to affect the assets within the trust, providing a layer of protection.
- Example: Suppose you are a director in a company, and a legal dispute arises due to company liabilities. If your personal property is in a trust, it is protected from being claimed by creditors because the title is held by the trust, not you personally.
13. Can my assets be protected if I go through divorce?
Answer: The trust has the title to assets hence cannot be touched during divorce dispute.
14. Who should be appointed as a trustee?
Answer: The trustee should be someone you trust, who is younger and healthier than you, to ensure they outlive you and can manage the trust effectively. This could be a family member, a close relative, or a professional trustee.
- Example: If you have a son who is 25 years old and responsible, you might make him a trustee, ensuring continuity and proper management of the trust after you.
15. Is it necessary to create a will if you have a Private Family Trust?
Answer: Yes, it is advisable to create a will, particularly a “pour-over will,” which ensures that any assets not transferred into the trust during your lifetime are transferred to the trust after your death.
- Example: If you have some investments that you forgot to transfer into the trust, a pour-over will can ensure these assets are moved into the trust after your death, avoiding probate.
16. How do you manage a trust with assets in multiple countries?
Answer: If you have assets in multiple countries, it is advisable to create a trust in the country where you are a citizen or where the majority of your assets are located. The foreign property can be included in a will that is linked to the trust.
- Example: If you are an Indian citizen with property in the UK, you might create a trust in India for your Indian assets and include your UK property in a will that directs it to the Indian trust.
17. How does a Private Family Trust help in estate planning for professionals like doctors and CEOs?
Answer: For professionals who face legal risks (like doctors or CEOs), a Private Family Trust offers protection by separating their personal assets from their professional liabilities. This ensures that personal assets are shielded from lawsuits or legal claims related to their professional work.
- Example: A doctor facing multiple malpractice lawsuits can protect their personal home by transferring it into a trust, ensuring that it cannot be claimed in legal disputes.
18. Can a Private Family Trust be created for future generations?
Answer: Yes, you can create a trust that continues to benefit future generations. You can specify conditions for the distribution of assets and even set up future trustees who will manage the trust after you.
- Example: You can set a condition that your grandchildren receive the trust’s assets only when they turn 25 and have completed their education, ensuring the assets are used wisely.
19. What happens if the trustee does not follow the trust deed?
- Answer: If a trustee does not follow the trust deed, they may be violating Section 316 of the Bharatiya Nyaya Sanhita, which addresses the criminal breach of trust. Under this section, if a trustee misappropriates or uses the trust’s assets in a manner not authorized by the trust deed, they can face severe legal consequences, including imprisonment, fines, or both. This section carries significant penalties, which can include imprisonment for up to 10 years or more, depending on the severity of the breach.
Additionally, the trustee may also be held liable under the Indian Trusts Act, 1882, for breach of trust, requiring them to compensate for any losses incurred due to their failure to adhere to the trust deed.
- Example: If you appoint a cousin as a trustee to manage your son’s share of the trust, and the trustee fails to distribute the income as specified in the trust deed, they could face serious legal consequences under Section 316 of the Bharatiya Nyaya Sanhita. This could include imprisonment, fines, and being required to make restitution for the mismanagement, ensuring that the trust is managed properly and in line with legal obligations.
20. How does a Private Family Trust interact with other legal entities like HUF?
Answer: A Private Family Trust is a separate legal entity from a Hindu Undivided Family (HUF) and has its own tax treatment. While an HUF is governed by different legal principles and is subject to its own tax rules, a trust offers more flexibility in managing and distributing assets according to the settlor’s specific wishes.
Example: An HUF may automatically divide assets among family members according to Hindu law, whereas a trust allows you to set specific conditions, such as giving your daughter access to funds only after she reaches a certain age or achieves specific goals.
21. When should someone consider creating multiple trusts instead of a single trust?
Answer: Multiple trusts might be considered for High Net Worth Individuals (HNIs) or Ultra-HNIs who have substantial assets or complex estate planning needs. Multiple trusts can provide additional protection and flexibility, especially when different beneficiaries or purposes need to be served.
- Example: If you have a large estate and want to ensure that your business assets are managed separately from your personal wealth, you might create separate trusts for your business and personal assets, each with different trustees and beneficiaries.
22. What are the tax implications if a trust is discretionary?
Answer: In a discretionary trust, where the trustee has the discretion to decide how the income is distributed among the beneficiaries, the income is taxed at the maximum marginal rate. This is generally the highest income tax rate applicable.
- Example: If your trust generates an annual income of ₹10 lakhs, and it’s a discretionary trust, this income would be taxed at the highest income tax rate (e.g., 30% plus applicable cess), regardless of the individual tax rates of the beneficiaries.
23. How can a trust help in managing specific goals like education or marriage expenses?
Answer: A trust allows you to earmark funds for specific purposes, such as education or marriage. You can set conditions in the trust deed that the funds will only be released when certain milestones are achieved.
Example: You might create a trust for your children, specifying that the trust will pay for their college education. You can include a condition that they will receive additional funds from the trust only after completing their degree, thus ensuring the money is used for its intended purpose.
24. What happens to the assets if the beneficiary fails to meet the conditions set in the trust?
- Answer: If a beneficiary fails to meet the conditions set in the trust, the assets may be withheld or redirected according to the terms of the trust deed. The trustee has the authority to enforce these conditions.
- Example: If you set a condition that your son must be employed full-time to receive income from the trust, and he fails to meet this requirement, the trustee can withhold the payments until the condition is satisfied.
25. Can a Private Family Trust be modified or revoked?
Answer: Whether a trust can be modified or revoked depends on the type of trust:
- Revocable Trust: The settlor retains the right to modify or revoke the trust at any time.
- Irrevocable Trust: Once established, an irrevocable trust cannot be easily modified or revoked, as the assets are no longer under the direct control of the settlor.
Example: If you create a revocable trust for managing your assets while alive, you can change the terms or revoke it if your circumstances change. However, if it’s irrevocable, these changes would not be possible.
26. How does a Private Family Trust ensure long-term asset protection?
- Answer: A Private Family Trust ensures long-term asset protection by separating ownership (title) from control. The trust holds the title to the assets, while the trustee controls them according to the trust deed, preventing creditors or legal disputes from easily accessing these assets.
- Example: Suppose you own a family home that you want to protect from any future legal claims. By transferring the home into a trust, you ensure that even if legal claims are made against you personally, the home remains protected within the trust.
27. What are the key considerations when choosing beneficiaries for a trust?
- Answer: When choosing beneficiaries, consider their age, financial maturity, and needs. You may want to include provisions for their education, marriage, or other life milestones. It’s also important to consider the potential for future conflicts and how the trust can be structured to minimize these.
- Example: You might choose to provide for your children’s education first, with the balance of the trust being distributed when they reach a certain age, ensuring they are financially responsible before receiving a large sum of money.
28. What legal protections does a Private Family Trust offer against external claims?
Answer: A Private Family Trust offers significant legal protection by holding assets in the trust’s name rather than the individual’s. This means that in most cases, creditors or litigants cannot claim these assets to satisfy personal debts or legal judgments against the settlor or beneficiaries.
Example: If you are a business owner and someone files a lawsuit against your company, the assets held in your family trust (e.g., your home or investments) are generally protected from being seized as part of the legal settlement.
Know About Wills
When Should I Make My Will?
Now. Don’t wait.
The only answer to this question is SOONER the BETTER. There is NO APPPROPRIATE AGE or TIME for making a will. NOW, is the right time.
Advantages Of a Will
- Depends upon the own sweet will and volition of the testator.
- Avoidance of any family dispute by clear disposition of property in the will.
- Fraudulent family members can be excluded.
- Sensible choice today.
- Advantageous from the tax planning
- Special responsibilities can be catered to towards a needy family member.
- Special provision can be made for non-family members.
Can You Make Changes in Your Will?
It is advisable that a person should only make ONE Will for all his properties. The maker of the Will can cancel or change the will ANY NUMBER of TIMES. When changes are made in a Will, it is called CODICIL.
So, never make a change in the original will, by writing or overwriting, but make a CODICIL, in which you can write that you are cancelling your earlier will and codicil(s), and this codicil should be treated as your last Will and Wish.
Do I need to register my will?
However, registration of will is a GOOD POLICY, and until and unless prevented by circumstances, one must always try to REGISTER the Will.
Registration of a will is generally considered to be authentic, and it will be prima facie presumed that the TESTATOR at the time of the making the will was in GOOD HEALTH, SOUND and DISPOSING MIND, and the will has been made without any COERCION, DURESS or UNDUE INFLUENCE, and the Will has been executed by the Testator out of his OWN SWEET WIILL and VOLITION. It also ensures that there was no fraud at the time of the making of the will.
Procedure for Registration of Will
- It is registered at the office of the Sub- Registrar (where properties are registered)
- The following may be excluded from going to the Office of the Registrar:
- Person with bodily infirmity
- Person in jail in Judicial process
- Pardanashin Muslim Woman
Can a Registered Will be Cancelled with an Unregistered Will?
A registered Will can be cancelled through an Unregistered Will.
In Rajeev Kumar vs. State of UP 1979 (5) ALR 151, Ramesh Dutt Salwan vs State 1988 RLR 387, Ramesh Dutt Salwan vs State 1988 RLR 387, and G.Jothi Chakravarthi vs S.Balaji (https://indiankanoon.org/doc/151744495/) it has been held that registration of the Will is optional and even subsequent unregistered Will can revoke the earlier registered Will.
Will & Executor
Under the Indian law, naming and appointing Executor of will though not mandatory, nut always advisable.
In case, you do not mention and appoint an executor of your will, your will is a USELESS piece of paper, and the same will not fall into the category of a will.
EXECUTOR OF WILL
- Defined in Section 2 (c) of the Indian Succession Act
- Has power and duty to carry out following directions in the will:
- Collect and realise estate of deceased
- Payment of debts of the deceased
- Distribute the legacies of the deceased
How To Choose An Executor?
The choice of an executor is only made by the testator. While appointing an Executor following characteristics of an Executor are advisable but not mandatory.
- The Executor shall be younger than the testator for the purpose of outliving the testator.
- The Executor should be a major (or the grant of probate can only happen after attainment of majority).
- The Executor shall preferably be resident of the same city as that of the testator.
- The Executor should be known to the beneficiaries.
- The Executor should be of good moral character & integrity.
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Functions Of Executor
- To ascertain the assets of the deceased person.
- To pay testamentary and funeral expenses.
- To collect the debts and assets of the deceased.
- To pay the debts of the deceased.
- To apply for a Probate, whenever necessary.
- To distribute the properties among the beneficiaries under the WILL, as per the WILL
Can I Appoint More Than One Executor?
Moreover, these executors can be given the power to appoint further executors.
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Why & When, Make a Will?
Do you know that a will is also a part of your PRUDENT FIANCIAL PLANNING? It may save beneficiaries of your will, a lot of money in the form of saving of Court Fees and Stamp Duty, and their life may become easy.
Will is an opportunity for the TESTATOR (maker of the will), to give his properties (moveable or immovable) to the right people for the right reasons.
Making a Will Preconditions
The person who is making a will, shall:
- Have Testamentary capacity;
- Be of sound disposing mind;
- Have the knowledge of contents of the will;
- Be free from undue influence/ fraud/ coercion;
- Make the will voluntarily and out of his own will and volition.
A will can be hand written or Typed, and the best thing is that a will can be made on a WHITE piece of PAPER. There is no need of payment of STAMP DUTY or making of a will on the Stamp Paper.
You should, and can make only ONE will for your all Immoveable and Moveable properties.
Wording of Will
It is not necessary that any technical words or terms of art be used in a Will, but only
that the wording be such that the intentions of the testator can be known therefrom.
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Who can make a will?
- The person should be of sound mind.
- The person should be a
- Person with disability (impaired hearing, vision or speech).
- An insane person in a lucid interval of sanity.
- Aliens (Foreigners) and
Who can be Witnesses in a Will?
The Will must be signed by the witnesses, ONLY AFTER the will has been executed by the TESTATOR in the presence of the 2 witnesses.
Both the Witnesses shall also be present simultaneously in the presence of each other and the TESTATOR of the will, at the time of witnessing the execution of the Will.
KINDS OF WILLS
Simple Will
This kind of will should be preferred.
Conditional/ Contingent Will
This is only enforceable in the event of the happening of the mentioned contingency
Joint Will
- Two or more persons may agree to make a joint will
- This does not imply joint ownership
Mutual Will
Two testators may confer reciprocal benefits through this instrument.
Concurrent Will
- This is generally used for disposition of properties in different countries
- They are to be treated as independent of each other
Privileged Will:
- A soldier in actual warfare may pronounce his will orally before two witnesses
Who can be appointed as an Executor of Will?
Anyone of the following can be appointed as executors:
- The person nominated by Author;
- Executor by conditional appointment (e.g. son, on the attainment of majority);
- Executor by implied appointment (one performing all essential duties in Will, e.g. residual beneficiary);
- Partnership Firm;
- Banks (solely/ jointly/ alternately).
Who Can Not Be Appointed As an Executor?
- Disabled person;
- Minor;
- Person of unsound mind.
Necessity of Executor
- The appointment of an executor is a necessity by law (Section 222, The Indian Succession Act)
- This is also because of the following reasons:
- The probate, ( if, the need arises), can only be granted to an executor appointed by the Will
- The Will can only be effectual if the probate is granted
- Without the executor, the Will becomes as ineffectual as the deceased being intestate.
- However, the appointment of the EXECUTOR maybe
- Expressed, or
- By Implication
- However, the appointment of the EXECUTOR maybe
Revocation of Will by Marriage: Yes or No
However, In case of PARSIS, the marriage will result in revocation of Will. (Section 69 of the Succession Act, 1925)
The Will made by a Muhammadan is also NOT REVOKED by marriage.
Further, if the marriage of a Hindu is solemnized under the Special Marriage Act, then such marriage under the Special Marriage Act, will result in revocation of Will made prior to marriage. (Kalyan Kumar Nag vs Dina Guha (1974) 76 BOMLR 815)
Probate of copy or draft of lost Will
When a Will has been lost or mislaid since the testator& death, or has been destroyed by wrong or accident and not by any act of the testator, and a copy or the draft of the Will has been preserved, probate may be granted of such copy or draft, limited until the original or a properly authenticated copy of it is produced.
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BASIC CONDITIONS FOR MAKING A WILL
- Will must be in writing
- Will must be signed (or Marked) by the TESTATOR
- Will can be signed by some other person
- In the presence of the Testator
- At the direction of the Testator
- The will should be attested by at least TWO witnesses ( Sec. 63 of the Indian Succession Act, 1925)
- The will should be attested by the Witnesses, in the presence of the Testator.
- Will can be signed by some other person
- Witness Should not be a beneficiary under the WILL ( Sec. 67 of the Indian Succession Act, 1925)
What is The Stamp Duty / Stamp Paper Used For Making Will?
A will can be made on a Piece of Plain Paper.
Will & Witnesses
Will I be the OWNER of my properties, during my lifetime?
The answer is YES. You remain the owner of your property (immovable or Moveable), during your lifetime. You can alter, change, cancel or destroy your will, at ANY TIME.
You can FREELY DISPOSE OFF your properties by way of sale, gift, and donation or in any other way, during your lifetime. You are and shall remain LORD of your properties.
Will is a part of your planning and only come into effect, only on DEATH.
Who Can Not Make a Will?
Revocation And Alteration Of Will
- Section 62 of the Indian Succession Act clearly states that a Will can be altered or revoked by its maker anytime when he is competent to dispose of his property by will
- The following are the modes of revocation/ alteration of Will( encompassed from Section 67-73 of the Indian Succession Act):
- By execution of a new Will, or
- By Codicil
- By revocation of the earlier Will, in writing
- By burning, tearing, destroying
- By registration of the new Will (this is only in case the old Will is registered)
- By destruction of the old Will
- In case of the marriage of the Testator, the Will automatically stands revoked. ( Sec. 69 of the Indian Succession Act, 1925)
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Deposit Of Wills
- A lawyer
- A banker
- A Registrar( the procedure is as follows):
- A testator may deposit the Will, himself or through an agent with the Registrar
- The Registrar, after due verification of the same, keeps it in a sealed cover
- A beneficiary / executor can ask for the copy of the Will only after the death of the testator
- The Registrar, after verification, is allowed to issue the copy to the legitimate applicant
- The original will remains in the custody of the Registrar unless ordered otherwise by a competent Court
Enforcement of Will
- Defined in Section 2(f) of the Indian Succession Act
- It means the copy of a Will
- It is a certified under the seal of a Court of Competent Jurisdiction
- It holds the grant of administration to the estate of the testator
- It validates all intermediate acts of the executor
Letter of Administration
When—
(a) the deceased has made a Will, but has not appointed an executor,
or
(b) the deceased has appointed an executor who is legally incapable or
refuses to act, or who has died before the testator or before he has proved
the Will,
or
(c) the executor dies after having proved the Will, but before he has
administered all the estate of the deceased, a universal or a residuary legatee
may be admitted to prove the Will, and letters of administration with the Will
annexed may be granted to him of the whole estate, or of so much thereof as
may be unadministered.
Necessary Nature Of Probate
- Explained in Section 213 of the Indian Succession Act
- Unless the probate is granted by a Court of competent jurisdiction, no right as executor or legatee shall be established
Can a Muslim Make a Will?
Bequests by a Muslim can only take effect to the extent of one-third of the net assets remaining after payment of his funeral ‘expenses and debts. Unless the excess is rendered valid by the consent, given after the death of the testator, of the inheritors whose rights are infringed thereby, or by the fact of there being no such inheritors.
(Damodar Kashinath Rasane v. Shahajsdibi AIR 1989 Bom 1) , Abdul Samad Gulam Rasool Died Lrs & v. Mohammad Yousuf Shaikh Dagdu 2019, and Rabbani Begum v. Zarina Bibi (2011 (5) CHN 171)
Probate, Letter of Administration and Succession Certificates
Probate According to section 2(f)[1] of the Indian Succession Act, 1925 Probate refers to a copy of the will that is certified by the seal of a court of competent jurisdiction. Through Probate, rights pertaining administration of an estate is granted to the applicant...
Is it mandatory to obtain Probate/Letter of Administration?
Section 213(1) makes it mandatory for every legatee or executer to obtain a Probate of the will or Letter of Administration with the will before they try to execute a will. Otherwise, an executor or legatee cannot establish any right in a court of law pertaining to the concerned will and any estate mentioned therein.
Letter of Administration
The critical difference between Probate and Letter of Administration is that Probate is granted to an executor nominated under the will. Whereas, if a will does not nominate an executor, the beneficiaries of the deceased will have to file an application for Letter of Administration.
Probate
According to section 2(f)[1] of the Indian Succession Act, 1925 Probate refers to a copy of the will that is certified by the seal of a court of competent jurisdiction. Through Probate, rights pe
Succession Certificate
Succession certificate is a sanctioning document that sanctions the right to inherit debt and securities to the legal heirs of the deceased who died intestate. This right to inherit is sanction
Types of Wills
Will is a legal document through which a person decides how his/her property would be distributed, allocated and spent after his death. A person who dies without creating a will is called dying intestate. Dying intestate forces the relatives of the deceased to spend...
Estate Planning, Wills & Living Trusts
A proper estate planning protects your family and your assets if you die or become incapacitated. Following things shall be kept in mind while planning your estate: deciding who will get your things when you die naming guardians for your children and their property...
Efficient Estate Planning Through Trusts
Efficient Estate Planning through Trusts A Will is not always hassle free and cannot be subjected to ample of constrains, but a Trust can be made to accommodate your specific requirements. There are two ways in which you can plan your Estate: firstly, by writing a...
Trust or Will – For Estate Planning
When asset holding, asset structure and family structure is simple and straight forward, a Will can be the most effective tool to plan your estate. But if there are several branches in your family tree, and assets are spread out across the country (or world), then it...
Living Wills – Law in India
Living Will - Law in India The Black's Law Dictionary defines an advance medical directive as, "a legal document explaining one's wishes about medical treatment if one becomes incompetent or unable to communicate". A living will, on the other hand, is a document...
Testamentary Guardian
a father, whatever his age may be, may by will appoint a guardian or guardians for his child during minority.
Void & Invalid Wills
Will obtained by fraud, coercion or importunity A will or any part of a will, the making of which has been caused by fraud or coercion, or by such importunity as takes away the free agency of the testator, is void. (Section 61 of the Act) Will or bequest void for...
Privileged & Unprivileged will
Privileged wills are those that can be made my members of the armed forces employed in an expedition or engaged in actual warfare and can be made in oral form as well. Unprivileged wills are the wills that can be created by every person other than those who can create...
Will Templates
Will Template 1
Template of the Will in Favor of all legal heirs (Click here to download)
WILL
I, …………(Insert the name of the Testator/maker of the will), S/o / D/o / W/o. …………(Insert the name of the father / husband of the Testator/maker of the will), aged about … years (Insert the age in approximate years), ………(Insert the religion), R/o. …………………………………….(Insert the permanent address/ residential address) do hereby execute my this first and last Will on this ……………..(Insert the date of the making of the will) of ….. (Insert the month of the making of the will) ………. (Insert the Year of the making of the will), knowingly and intentionally, while in good health, a sound disposing mind, voluntarily with my own volition, free will and without any undue influence, duress, pressure, fraud or coercion from any person whosoever.
- I have only following legal heirs:
- Name of the 1st legal heir;
- Relationship ( Husband/Wife/Son/Daughter/Mother/ Father/ Grand Son / Grand Daughter)
- Name of the 2nd legal heir;
- Relationship ( Husband/Wife/Son/Daughter/Mother/ Father/ Grand Son / Grand Daughter)
- Name of the 3rd legal heir;
- Relationship ( Husband/Wife/Son/Daughter/Mother/ Father/ Grand Son / Grand Daughter)
- And so on…………………………………….
- Name of the 1st legal heir;
- I, now hereby declare that I shall remain the owner of my all immovable and movable properties, which I herein possess, or acquire or possess hereinafter, during my life time, with a full and unhindered right to dispose of the same in any manner, whatsoever.
- After my life time, I bequeath my all movable and immovable properties, which I may own and possess at the time of my death, amongst my all legal heirs in equal share. My legal heirs shall be the absolute owner of their respective shares in my all immovable and movable properties, which I may own and possess at the time of my death.4.In case, God forbid, any of my legal heir(s) predeceases me, then the legal heir(s) of any such predeceased legal heir(s) shall the share of such legal heir(s) share.
- In case my legal heir(s) fail to physically divide my any or all immovable and movable properties , which I may own and possess at the time of my death, in the above said proportion, then they shall sell the properties and divide the proceeds in the aforesaid proportion, and none of my legal heirs shall have any objection with respect to the same.
- I hereby appoint ……………………(Insert the name of the Executor) resident of…………………..(Insert the address and contact details of the executor) as executor of my will.
- I have lived my life peacefully and I thank GOD for the same.
In witness whereof, I have made and signed this Will on the day and date first above mentioned.
X (Signature of the Testator)
(Insert the name of the Testator)
TESTATOR
WITNESSES:
We are the witnesses to the execution of this Will. The Testator has signed and executed this Will in the joint presence of both of us, and we have also simultaneously signed this will witnessing the execution of this Will in the presence of each other and the Testator.
- Signature of the witness No. 1
Name of the witness:
Father’s name of the witness:
Address of the witness:
Email and Mobile No. of the witness, if any:
- Signature of the witness No. 2
Name of the witness:
Father’s name of the witness:
Address of the witness:
Email and Mobile No. of the witness, if any:
Will Template 2
Template of the Will in Favor of only legal heir (Click here to download)
I, …………(Insert the name of the Testator/maker of the will), S/o / D/o / W/o. …………(Insert the name of the father / husband of the Testator/maker of the will), aged about … years (Insert the age in approximate years), ………(Insert the religion), R/o. …………………………………….(Insert the permanent address/ residential address) do hereby execute my this first and last Will on this ……………..(Insert the date of the making of the will) of ….. (Insert the month of the making of the will) ………. (Insert the Year of the making of the will), knowingly and intentionally, while in good health, a sound disposing mind, voluntarily with my own volition, free will and without any undue influence, duress, pressure, fraud or coercion from any person whosoever.
1. I have my ……………………( Insert relationship Husband/Wife/Son/Daughter/Mother/ Father/ Grand Son / Grand Daughter)………………………………(insert name of the legal heir) as my only legal heir.
2. I, hereby declare that I shall remain the owner of my all immovable and movable properties, which I herein possess, or acquire or possess hereinafter, during my life time, with a full and unhindered right to dispose of the same in any manner, whatsoever.
3. After my life time, I bequeath my all movable and immovable properties, which I may own and possess at the time of my death, solely and exclusively to my ……………………( Insert relationship Husband/Wife/Son/Daughter/Mother/ Father/ Grand Son / Grand Daughter)………………………………(insert name of the legal heir).
4. In case, God forbid, my legal heir predeceases me, then the legal heir(s) of my above predeceased legal heir shall share my all immovable and movable properties in equal share(s).
5. I hereby appoint ……………………(Insert the name of the Executor) resident of…………………..(Insert the address and contact details of the executor) as executor of my will.
In witness whereof, I have made and signed this Will on the day and date first above mentioned.
X (Signature of the Testator)
(Insert the name of the Testator)
TESTATOR
WITNESSES:
We are the witnesses to the execution of this Will. The Testator has signed and executed this Will in the joint presence of both of us, and we have also simultaneously signed this will witnessing the execution of this Will in the presence of each other and the Testator.
- Signature of the witness No. 1
Name of the witness:
Father’s name of the witness:
Address of the witness:
Email and Mobile No. of the witness, if any:
- Signature of the witness No. 2
Name of the witness:
Father’s name of the witness:
Address of the witness:
Email and Mobile No. of the witness, if any:
Will-3rd Template (Click to Download)
WILL
I, S/o resident of , aged about years, by religion, do hereby execute my this first and last Will on this…..Day of 20…, while in good health, a sound disposing mind, with my own volition, sweet Will and without any influence, duress, pressure or coercion from any person whosoever.
I have reached a stage in the life where I think it will be appropriate to make a Will, as life is uncertain and after demise of a person, there should not be any dispute regarding the inheritance of the properties, in any case.
- I have my wife Smt. , my son, and my daughter namely , as my only legal heirs. My both children are happily married and settled in their lives.
- I, now hereby declare that I shall remain the owner of all movable and immovable properties during my lifetime.
- After my lifetime i.e. on my demise, I bequeath my all movable and immovable properties, which I may own and possess at the time of my death, solely and exclusively to my wife Smt. . I devise and bequeath my all movable and immovable properties in favour of my wife, solely and exclusively to the exclusion of all others including my other legal heirs i.e. my son and daughter. My wife, Smt. shall be the absolute owner of my all movable and immovable properties, which I may own and possess at the time of my death, to the exclusion of all my other heirs.
- In case, God forbid, my wife predeceases me, then I bequeath my all immovable properties and any other right vested therein, including those rights which originate from tenancies, agreement to sell, lease, license and mortgage, etc., wherever such immovable properties may be, solely and exclusively to my son, , who is presently residing at , who shall solely and exclusively inherit all such immovable properties to the exclusion of all others including my other legal heir i.e. my daughter.
- Further, in the scenario of my wife predeceasing me, then I bequeath my movable properties which may include jewelry, bank accounts, fixed deposits, shares, debentures, charges and recoverables, in the following manner between my son and daughter , in the following manner and proportion(s):-
| Nature of Movable article/property | Proportion of share going to my son | Proportion of share going to my daughter |
- In case, unfortunately, my wife predeceases me, and unfortunately any or both, my son and/or my daughter predeceases me, then the legal heirs of my such predeceased son shall inherit my all immovable properties as mentioned in Para No.4 of this Will, as well as the share of the moveable properties as bequeathed, in Para No. 5, with respect to which my deceased son would have been entitled, if he would not have predeceased me. Similarly, in such an unfortunate scenario, the children of my such predeceased daughter shall inherit the movable properties, as bequeathed to my daughter, in Para No.5 of this Will, with respect to which my deceased daughter would have been entitled, if she would not have predeceased me. I pray to God that I should not see any such unfortunate eventuality in my life and my all children and grandchildren shall live a very long, healthy, happy, joyous, peaceful, prosperous and loving life. I have made the above provision just as a matter of abundant caution. May God bless my family.
- I hereby appoint Mr. resident of email: mobile no. , or any other person nominated by him as executor of my will.
- I am living a peaceful, happy and blessed life, and I thank GOD for the same.
In witness whereof, I have made and signed this Will on the day and date first above mentioned, in the presence of the witnesses, named herein below.
( )
TESTATOR
WITNESSES:
We are the witnesses to the execution of this Will by Mr. , the Testator, who has signed and executed this Will in the joint presence of both of us, and we have also simultaneously signed this will witnessing the execution of this Will in the presence of each other and the Testator, Mr.
.
- Signature
Name:
Father’s name
Address:
- Signature
Name:
Father’s name
Address:
