What is Will?
The legal document declaring a person’s distribution of his assets after his death in the form of a unilateral document is called a Will. This Will is effective from the time when a person dies. This Will is an informed decision by the person who registered it on who and how your wealth, property and assets would be distributed after his death.
This Will is a legal document which has no prescribed form of it. This is because the Will can either be a handwritten document or a typed one on any document and not just on the stamp paper. There can be changes made, i.e. altered or revoked until the person is alive.
Types of Will
There are particularly two types of will, according to the India Succession Act. These are either Privileged and Non-privileged wills.
Privileged Wills- Those Wills which are made by soldiers who are either employed or are in an expedition or a war-like situation or an airman or mariner, these types of Wills do not have much of legalities. These Privileged Wills can either be done orally or in writing.
Unprivileged Wills- These are all other kinds of Wills whose execution takes a lot of time and which include a lot of formalities. They at many times need a signature verification of the person in charge along with a witness.
Characteristics of Will
A Will has many essential characteristics which must be taken into consideration. These are mentioned below:
The testator’s intention must be to take effect only after his death
A Will is a legal declaration of an intention
The declaration needs to have the manner of disposal of the property
The Will which has been created can either be altered or revoked within the lifetime of the testator