Family Economics And Consumer Education 3 (2+1)

Lesson 14 : Will


A will simplifies a distribution of wealth and allows a person making the will to specify how he wants to distribute his wealth.

A will is a legal document that specifies:

  • Who is to receive the property?
  • When property is to be received?
  • What proportions of the estate each person is to receive?
  • Who shall settle the estate?
  • What particular conditions govern the distribution?

Any person of legal age and sound mind has the privilege of making a will and leaving property to one or more individuals.
There are two types of formal wills drawn up by attorneys for husbands and wives.
A joint will is making as a single document or a mutual will made as two separate documents containing identical instructions.

Will is a document relating a part VI of the Indian Succession Act 1925.This is not applicable to Muslims, since they are governed by Muslim law. The Muslims ‘will’ may be made orally or in writing and formalities of signature attesting witnesses etc are not required as per Muslim law. The ‘will’ under Indian succession Act relate to Hindus, Buddists, Sikhs and Jains as per schedule III to the Act.

‘Will’ means the legal documentation of the intention of a testator with respect to his property which he desires to be carried into effect after his death.(Indian Section Act 1925). Will is derived from the latin word ‘Voluntas’ meaning the law use to express the intention of a testator. Wills may be short and simple or long or complex. But in all cases certain essential requirements must be met. The will must be signed by witnesses to be valid. For his or her own peace of mind, a testator should have a lawyer to prepare the last will and treatment. Do it yourself will and wills written on standard forms are generally inadvisable largely because so many of them lead to legal problems later.
‘Will’ is defined as in section II (…of the Act) Means legal declaration of the intention of the testator with respect to his property which he desires to be carried into effect after his death.
The fundamental idea of ‘will’ is that the testator should there by dispose off his property or such points of it as his personal law permits him to bequeath by will in such manner as seems best to him.

Last modified: Tuesday, 3 April 2012, 10:57 AM