Friday, March 20, 2009

Wills : Different kinds of wills

Different Kinds of Will

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.

Joint Will
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.

Duplicate Will
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.

Concurrent will
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.

Holograph will
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.

No comments:

Post a Comment

There was an error in this gadget