Will Agreement

Will Agreement

A will contract is a term used in the law of will narrate a contract to trade a current performance for a future bequest. Some jurisdictions will not recognize an oral contract for such a purpose, requiring instead that the contract be executed in writing and signed by both parties.Thelegalbank is provided a complete will agreement process and protection solution.
What is will
Written document (testament) by which a person (the testator) directs how his or her assets (estate) are to be allocated upon demise. Among other provisions, a will may appoint executors to administer the estate, name guardian for a child, and/or make arrangements for settlement of duties. Commonly, the law requires that the testator must have testamentary capacity when making the will and that it be observed by two or more acceptable witnesses. It is not always necessary, however, that the will bear the signature of the testator. Someone else may sign it on in support of and in the presence of, the testator and a need number of witnesses. For more additional legal work see our site www.thelegalbank.com.

Requirements for Making a Will

  1. Legal Age(18 years)
  2. Mental Competence
  3. Distribution of Property
  4. Leaving Property to Spouses
  5. Providing for Minor Children
  6. Leaving Property to Adult Children
  7. Leaving Property to Grandchildren
  8. Written Requirements
  9. Holographic Wills
  10. Oral and Form Wills
  11. Video Wills
  12. Signing Requirements
  13. Witnesses

Types of will

How do you make a will

  1. Declaration in the beginning
  2. In the first paragraph, you have to publicize that you are creating this will in your full senses and free from any kind of compulsion. You have to introduce your name, address, age, etc at the time of writing the will so that it confirms that you really are, in your sensation.
  3. Details of Property and Documents
  4. The next step is to provide a list of items and their current values, like house, land, bank fixed deposits , postal investments , mutual funds, share certificates owned by you. You must also desire, where all these documents are stored by you. In all expectations, these are in your bank's safe deposit box.
    Even the will should be stored in there! Make sure, you take the feature from the bank manager, about the strategy and rules of releasing your will from the safe deposit after your dying. Make sure you interface it to the executor of the Will or your family members.
    II am sure, they’ll be pretty focused on this.
  5. Details of ownership
  6. At the end of the will, you should mention who should own your recommendation items and in what segment, after you have gone. If you are giving your assets to a minor, make sure you appoint a custodian of your assets till the individual you have selected, reaches adult age. This custodian obviously, has to be a trustworthy person.
  7. Signing the Will
  8. In the end, once you complete writing your will, you must sign the will very carefully in presence of at least two independent witnesses, who have to sign after your signature, verify that you have signed the will in their existence. The date and place also must be indicated clearly at the existence of the will.
    Make sure you and the witnesses sign all the sheets of the will. One important point while choosing a witness is that they should be your friends, neighbors, or your colleagues and not the direct beneficiaries in the Will. They only certify, that you yourself have signed the will in their presence and are not a party in creating the will in India.
    The wrapper has to be secure after completing all the formalities and the seal must bear your signature and the date of sealing. The spectator need not sign on the seal of the envelope.

What Should Be Included In The Will

A Will should have the following necessary details:

  • Testator Details
  • Name, age, address details of the person creating the Will.
  • Beneficiary Details
  • In the case of multiple beneficiaries, the feature of each beneficiary like name, age, address, the relationship of the beneficiary with the Testator.
  • Property Details
  • The feature of the properties which the testator wants to give to his beneficiaries under his Will like the description, the registration number, the date of registration and whether it is his self obtain property, etc. If it is a movable property, then the details and descriptions of each should be clearly and individually mentioned.
  • Specific Assets
  • Any particular assets like a silver Ganesha idol or a golden utensil, etc should be specifically described.
  • Guardian for Minors
  • If the Testator wishes to give his possessions to any beneficiary who is a minor, then definitely he should designate a guardian who will take care of the minor’s property till the minor attains majority.
  • The executor of the Will
  • The Testator should nominate an Executor to his Will. An Executor is a person who shall execute the Will after the Testator’s death.
  • Signature and Date
  • The Will should be clearly dated and signed by the Testator at the place in the certificate just below the last sentence in the certificate.
Exclusions – The Testator cannot give any property that is joint family property or inherited property that is common to many other members too. Such a Will becomes invalid.

How To Make The Will Legally Valid

These are the points you have to do while creating the Will:

  1. Drafting
  2. Make your Will on a plain paper or Stamp paper. Will should be either handwritten or imprint. Will should not be ambiguous and should not have insufficient statements or dispute statements.
  3. Signature
  4. The Testator should sign the Will just below the last sentence in order to avoid any addition in between. Any text placed below the signature shall not be taken as part of the Will, hence make sure you sign only after comprising all details.
  5. Witness
  6. Two witnesses should sign at the end of the records stating that they have witnessed the Testator sign the Will. A Will signed in the absence of witnesses becomes legally invalid.
  7. Keeping it Safe
  8. After signatures, the Will becomes legally valid. Make sure to keep it in a safe locker, or charge with the Lawyer or an Executor who is authentic.

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