Property Will: Here’s all you need to know

• Follow

The increasing number of deaths associated with Covid-19 instances has created a critical real estate debate around property inheritance. You’ve probably seen family conflicts over property issues drag on for years in the courts. This is because inheritance laws in India are pretty complex, and a single action can ensure your real estate assets are distributed amicably.

Understanding property will

A property will is a legally binding document. The property owner executes this document to facilitate succession planning. This ensures that the property is distributed among lawful heirs according to the property owner’s wishes. Anyone over the age of 18 who is of sound mind can prepare a property will. They must have a firm grasp on how they desire to transfer their property at death.

Important points to keep in mind:

-The testator’s personal information, as well as a legal declaration, must be included

-The testator’s intention must be stated, as well as the partition of property

-Beneficiaries’ information must be included

-In the case of a minor, the testator has the authority to appoint a guardian of the property until the minor reaches maturity

How critical is a property will, and how does one go about drafting one?

In numerous instances, family disputes arise due to the absence of a legitimate allocation of property. After a person’s death, his property passes in one of two ways: according to his will or according to the applicable laws of succession in the absence of a will. If a person dies without leaving a will, the rule of succession is applied according to the deceased’s faith.

That said, most of us forego writing a will on the idea that it is only necessary for the wealthy or extremely wealthy. This can be the source of the problem. Any legal experts advise that you should prepare a will early in life. There is no appropriate or inappropriate age to write a will. A will does not have to follow a predetermined format. Further, you also don’t even need to hire an attorney to draft it. You can jot your will down on a piece of simple paper.

Post that, it is critical to register a property will with a sub-registrar to ensure its authenticity. It confers legal validity on a will. However, even if a will is not registered, it might be probated in the civil court. Whether registered or unregistered, a will must be presented to the civil court with jurisdiction and granted probate.

Once probate is granted, the beneficiary is responsible for transferring the property to their name.  A will can be revoked in two ways. To withdraw a registered will, you must visit the sub-office, registrar’s, and the testator may revoke an unregistered will.

Succession planning is critical to ensuring that your property is dispersed without family conflict and to providing you with an overview of your resources and their equitable allocation among all family members.