Indian Succession Act 1925. 2 witnesses required. Registration optional but recommended. Executor selection, probate, NRI cross-border wills, residuary clause.
WILL = legal document stating how your assets distributed after death. WHY IMPORTANT: (1) AVOID family disputes. (2) Specify beneficiaries clearly. (3) APPOINT executor to manage estate. (4) FASTER probate vs intestate (no will). (5) GUARDIAN nomination for minor children. (6) TAX-EFFICIENT inheritance planning. (7) WITHOUT WILL: Hindu Succession Act 1956 / Indian Succession Act 1925 governs — equal distribution to legal heirs (may not match your wishes). EVERY adult with significant assets should have a will.
VALID WILL REQUIREMENTS (Indian Succession Act 1925): (1) AGE 18+ (testator). (2) SOUND MIND. (3) WRITTEN (typed or handwritten). (4) SIGNED by testator. (5) TWO INDEPENDENT WITNESSES present at signing (not beneficiaries). (6) Witnesses sign in testator's presence. (7) DATE + place mentioned. REGISTRATION: OPTIONAL but RECOMMENDED for additional legal protection (Sub-Registrar Office). UNREGISTERED wills valid but harder to prove. Stamp duty NIL on will registration. Witnesses must testify in court if disputed.
WILL COMPONENTS: (1) IDENTIFY testator (name, address, age). (2) DECLARE this is your last will (revoke prior wills). (3) APPOINT executor — responsible for executing your wishes. (4) LIST ASSETS: bank accounts, real estate, investments, jewelry, business holdings, intellectual property. (5) SPECIFY BENEFICIARIES + share for each asset. (6) GUARDIAN for minor children. (7) DEBTS: instructions on debt payment. (8) RESIDUARY clause for unspecified assets. (9) DATE + signatures (testator + 2 witnesses). RECOMMENDED: engage lawyer for ₹10K-50K for proper draft.
PROBATE = court certification of will validity. EXECUTOR's role: (1) File for probate (necessary in metros + for major assets). (2) Inventory all assets + liabilities. (3) Pay outstanding debts + taxes. (4) Distribute assets per will. (5) File final estate accounting. PROBATE TIMELINE: 6 months to 2 years depending on complexity. WITHOUT WILL (intestate): legal heir certificate required, longer process. NRI WILLS: probate in country of asset location. STRATEGIC: choose trusted executor (family + lawyer combo common). Pay executor fee fair.
ESTATE PLANNING STRATEGY: (1) MAKE WILL early — review every 5-10 years or after major life events (marriage, kids, divorce, asset acquisition). (2) NOMINEES on bank accounts, MF, insurance: ensure aligned with will. (3) JOINT ACCOUNTS with right of survivorship: smooth transfer. (4) HUF: separate succession planning. (5) NRI WITH INDIAN ASSETS: separate Indian + foreign wills. (6) TRUST: alternative for complex wealth (private discretionary trust). (7) GIFT in lifetime: reduce estate but tax implications under Section 56(2)(x). (8) LIFE INSURANCE: tax-free benefit to nominee. (9) ENGAGE wealth advisor for ₹5cr+ estates. (10) WILL kept safe — copy with lawyer + executor + secure home location.