10 Facts everyone must know  about Will: The legal document for effective Estate Planning

A will is a legal document that ensures effective estate planning and wealth distribution.

It specifies the wishes and intentions of a person regarding the distribution of their assets and wealth after their lifetime.

The person who writes a will is called a Testator.

Writing a will is crucial to ensure that the estate is devolved as per the Testator's wishes.

In the absence of a will, the succession of assets will occur according to applicable succession laws.

Hindus, Buddhists, Jains, and Sikhs follow the Hindu Succession Act, 1956 for succession.

Assets of a deceased male without a will devolve upon immediate heirs, such as widow, mother, son, and daughter.

If there are no immediate heirs, assets devolve upon Class-II heirs, agnates, and cognates in a specific order of priority.

A valid will in India should be drafted clearly and in simple language to avoid ambiguity.

The will must be signed in the presence of two independent witnesses and the Testator should be of sound mind and capable of making decisions.


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