Is there a way to draft a watertight will?
One should nominate executors who are younger than the testator, since they are more likely to survive the testatokr and also consider naming back-up executors.
I am planning to draft a will and need some tips to make it watertight?
—Name withheld on request
It’s always advisable to name a residuary legatee, i.e., someone who receives those assets which have not been specified under the will, including property that the testator has forgotten/is unaware of or which is acquired after making the will or final testament.
One should nominate executors who are younger than the testator, since they are more likely to survive the testator and also consider naming back-up executors, who can act if the first-named executor is absent or unwilling.
Testators with minor children can name guardians in the will. In an unfortunate situation where both parents have died, naming a guardian can avoid a lot of confusion and contentious litigation over who the guardian should be.
Videographing the will-signing process eliminates doubts about the genuineness of the testator’s signature and having a doctors certificate certifying metal capacity can be of an advantage in case of a contest.
A will is for everyone and should be made by every individual. However, extra care and professional assistance is warranted if one has a sizeable asset base or an unusual or contentious family situation.
The will should be clearly written and validly executed.
Are different wills needed if some assets are situated outside India?
—Name withheld on request
If one has assets overseas, for example a bank account or real estate or shares and securities, those should ideally be covered under a separate will made under the laws of that jurisdiction. In that case, post-demise, the foreign and Indian wills can be administered or probated simultaneously, and independent of each other.
In the absence of such a foreign will, the foreign bank may require a probate to be granted by Indian courts before they release the funds and this could take quite long, or alternatively require that the Indian will be probated in that jurisdiction which could prove tricky since the Indian will may not meet their requirements of legal validity.
Bijal Ajinkya is partner and Ipshita Bhuwania is senior associate at Khaitan & Co.
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First Published:26 Sep 2023, 08:33 PM IST
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