A Will is a formal declaration made by the person who creates it. It refers to, subject to some restrictions, a person's intention about their properties, interests, and source of income. It outlines how their assets will be handled upon their passing. Your heirs' ability to transfer your assets without you is facilitated by a will. Everything owned will be divided according to the law in the absence of a will. It would be a lengthy and hefty procedure. Furthermore, it might not produce unfavorable outcomes.
In accordance with Section 2(h) of the Indian Succession Act, 1925, a person's will is their formal declaration of their intentions regarding their property that they want to be carried out after their passing.
Many people, mostly old-aged people don’t know how to prepare a will or don’t know how to transfer their property or expensive assets to their heirs according to the will, so in that case, you can take the help of the Best Family Lawyers In Kolkata or from other cities to get guidance on such issues.
The benefits of registering your will
Registration attests to the validity of the Will. Once a will is recorded, its legitimacy cannot be questioned. The benefits of registering a will are as follows:
Having a certified copy on file with the registrar ensures the safety and security of a will in the event that the original document is destroyed.
It guarantees the confidentiality of the Will anytime the Testator so desires by depositing it with the Registrar in a sealed cover and having the Registrar place it in a fireproof box.
It guarantees succession in accordance with the testator's preferences since the original will or copies of the will cannot be destroyed by a party with an interest in doing so.
It ensures transparency because only the testator or his authorized representative may properly register a will or deposit one, and only he or the representative may acquire a certified copy of the will during the testator's lifetime or remove the will that has already been deposited.
It advises the testator to prepare a Will while still alive and to create a succession plan.
As a certified copy in digital form is saved with the Registrar when a will is registered, it protects against the destruction of the will due to accidental or intentional causes.
Impact on family business
The proper due diligence on your Will and business documentation is not conducted during your lifetime, and the delicate problem of succession to the family business—managing expectations and making decisions that are suitable for the business—can become much more complicated.
If you fail to carefully review the clauses of your partnership/company documents to make sure they adhere to the directives in your Will, issues may occur. In that case, you may need the help of the Best Corporate Lawyers In Kolkata or from other cities, it is also crucial to be sure you understand which assets belong to you personally and which belong to your company or business because making the distinction incorrectly can lead to issues. Property, private clients, and litigation attorneys will all be familiar with how ownership disputes contrast with the benefits of occupation in situations where there is a company can become lost in the mists of time.
For an instance, in your will, you transfer your daughter certain properties that you hope she will be able to acquire planning permission for, develop, and profitably resell. The structures are discovered to be an asset of a family partnership in which you are a partner after your death, and you are unable to direct their fate through your Will.
The partnership was established many years ago, and because the original agreement does not contain revaluation clauses, your business partners (your nephews) have the right to purchase your partnership share from your estate at the time of purchase, not at the current value, including your interest in the buildings. The value you intended to pass on to your daughter will be lost to her.
Any business stake your own, whether it be a partnership interest or stock ownership in a corporation, will either pass into your residuary estate if you don't make any specific provisions in your will, or it will pass according to the intestacy laws if you don't. It won't necessarily go to the surviving owners.
The Lead India team is aware that succession planning can be challenging. Our devoted staff of Best Business Lawyers In Kolkata and family lawyers, and specialists is knowledgeable and skilled in will registration and family business fields. With regard to the creation and registration of your Will, we are pleased to help. We will also assist you in adhering to all applicable rules and regulations.
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