Friday, March 20, 2009
Conditional & Contingent Will
Such will become enforceable only after the occurrence of a particular event.
Example : Mr Nilesh made a will mentioning that his son Piyush would be entitled to the flat in Mumbai after his death (death of a testator) only if he becomes lawyer. If Piyush became a Chartered Accountant and not a lawyer, he will not be entitled to the flat after his fathers death.
Wills made by two or more persons are known as Joint wills. They operate as if each person has executed a will with regard to his own property . Such wills operate on the death of each testator and the legatees are entitled to the properties of the testator who dies as if these are two or more wills constituting a single document.
Joint wills are revocable at any time by either of the testators during their joint lives. or after the
death of one, by the survivor. The survivor is treated as the Trustee in the joint property if there is a contract that prevents the will from being revoked.
Mutual or Reciprocal Will
When two or more persons make a will whereby they bequeath their properties to each other. It is known as reciprocal/Mutual Will. such wills may be revoked by any of the testators during their joint lives, but it is necessary for that person to give prior notice to the other testators so as enable them to make changes in their wills. E.g. Rajesh and his wife Rajeshwari make a reciprocal will bequeathing their properties to each other.
A testator may sometimes may execute a will in duplicate, One kept by him and the other to be deposited in safe custody with a bank or an executor or Trustee. The testator for the sake of safety, makes a duplicate will. However, in order to be valid, each copy must be duly signed and attested. If the testator destroys the part in his custody, It is revocation of both the wills.
A Testator generally makes one will. But sometime for the sake of convenience, A testator may give away some properties in his native country by one will and the properties in another country by another will. Such wills may be treated as independent and Probate may be granted to one will, unless there is any indication to the contrary. but if the wills are relating to the properties in both the places, then both wills must be included in the probate.
A Holograph is a will entirely in the handwriting of the testator. It is considered to be a very good
form of will, because it is in the handwriting of the testator and its authenticity is enhanced for the same reason.
Privileged or Oral Will
This is a valid in law only if it is made or executed by a soldier employed in an expedition or engaged in actual warfare or by an airman so employed or engaged or by a sailor at sea if he has completed the age of 18 years to dispose of his property by a will. such wills may be in writing or by word of mouth.
Who can make a will
According to section 59 of the Indian succession Act, The following can make a will
1) Any person of sound mind
2) Any person who has reached the age of majority
The following person cannot make a will
1) Lunatic and insane persons
2) Minors i.e below 18 years of age. In case a guardian is appointed to a minor, Such minors reaches age of maturity only at the age of 21 years.
3) A person imprisoned in jail.
Tuesday, March 17, 2009
1) Reliance - 20% (Rs. 2 per unit)
2) Reliance Vision fund - 20% (Rs. 2 per unit)
The record date is 20.03.09.
Monday, March 16, 2009
HDFC Mutual Fund declares dividends in its three equity schemes
1) HDFC Capital Builder Fund ; Dividend = 20% (Rs 2 per unit on a face value of Rs 10)
2) HDFC Top 200 Fund ; Dividend = 30% (Rs 3 per unit on a face value of Rs 10)
3) HDFC Tax Saver ; Dividend = 50% (Rs 5 per unit on a face value of Rs 10)
The record date has been fixed as March 5, 2009.
4) HDFC Equity - - - -----Record date : March 19th - Rs 3/- pu ( 30.00%)
5) HDFC Prudence Fund - - Record date : March 19th - Rs 2.50/- p.u. ( 25.00%).
Click here for more MF Dividends :- Recent MF Dividends
Friday, March 6, 2009
I, _ _ _ _ _ _ _ , son/wife of _ _ _ _ _ _ _ ,resident of _ _ _ _ _ _ _ ,age _ _ years, am making this will on the _ _ day of _ _ _ _ _ _ _ out of my free volition and without any coercion or undue influence whatsoever and state that this is my last will and that I hereby revoke all Wills and codicil made by me at any time heretoforce, I bequeath my property , interests and other rights as follows:
1. I bequeath on my death to _ _ _ _ _ _ _ ,my title interests and all other rights which i have as owner of the residential / Commercial Property at _ _ _ _ _ _ _ , I hereby sate that he shall be
entitled to use and enjoy the said property at his own will after my death.
2. I bequeath on my death the following ornaments and jewellery belonging to me to _ _ _ _ _ _ _ :-(Give the list of the ornaments)
3. I bequeath on my death, cash balances lying with me at the time of the death to _ _ _ _ _ _ _ .
4. I bequeath on my death,bank balance lying in my name at Savings/Current Bank Account No._ _ _ _ Bank of _ _ _ _ _ _ _ ,_ _ _ _ _ _ _ Branch, _ _ _ _ _ _ _ at the time of my death to _ _ _ _ _ _ _ .
5. I bequeath the amounts receivable by me the time of my death from various parties on various accounts to _ _ _ _ _ _ _ .
6. I bequeath the amonts and other valuables owned by me and lying in locker number _ _ _ _ in my name at Bank _ _ _ _ , Branch at the time of my death to _ _ _ _ _ _ _ .
7. I direct that a sum of rupees _ _ _ _ Only (Rs. _ _ _ _ /-) be set apart from my assets at the time of my death and be donated to a charitable trust or persons whose aim and objective is to provide food, medical assistance, education assistance, etc to the needy persons.
8. I direct that before distributing my assets in accordance with this will , all my debts , liabilities and monetary obligations including all testamentary expenses, costs, charges,expenses in respect to probate and other legal charges at the time of my death be met out of my assets.
9. I bequeath all the other residuary property , assets and other rights whether or not existing at the time of my death to _ _ _ _ _ _ _ .
I further state that my father Mr, _ _ _ _ _ _ _ is appointed as the executor of the this will.
I declare that I am the owner of the properties mentioned in this will and an entitled to make this will. I am of sound mind and health at the time of making this will.
In witness whereof , I have hereunto set and subscribed my hand and signature on this _ _ day of _ _ _ _ _ _ _ .
Signed by Mr. _ _ _ _ _ _ _ on his last will and testament, all being present at the same time. Thereafter at his request and in his presence, We subscribed our respective names and signatures as attesting witnesses all being also present at the same time.
Signature of the Witnesses
1. I have witnessed and read the aforesaid will.
2. I have witnessed and read the aforesaid will.
3. I have examined Mr. _ _ _ _ _ _ _ on the date of this will and wish to sate that he appears to be in of sound mind and sound mental health at the time of making the above will.
Sign of doctor
Sunday, March 1, 2009
1) Birla SL Comm Equity-GAP-RP(G)
2) DSP-BR Natural resources RP (G)
3) HSBC Emerging Market Fund (G)
4) Escorts Power and Energy (G)
5) Mirae Global Commo-Stock(G)
Sensex gave a return of -1.2% during the month of February 2009. The above funds performed better then broader market.