I’ve drafted a will after figuring out the beneficiaries of my belongings. Ought to the beneficiary, executor and witnesses of the shall be three completely different units of individuals?
—Title withheld on request
Wills in India are made underneath the Indian Succession Act, 1925, which applies to all religions, besides Islam. As per your question, we assume that you just belong to one of many religions which can be ruled by the relevant legislation and your properties are self-earned or self- created or inherited.
An executor is the authorized consultant appointed within the will for all functions of a deceased particular person (testator) to hold out the directions contained within the will. The executor is chargeable for the administration of the property of the deceased particular person and has the responsibility to gather the belongings, repay the money owed and distribute the property as per the desire. The executor has to comply with the directions talked about within the will and should act in the very best curiosity of the beneficiaries of the desire. The executor could be any particular person, together with a member of the family or a good friend, and it’s not essential to be a lawyer or knowledgeable executor. A testator can appoint a number of executors.
A legatee/beneficiary is an individual who inherits the property underneath a will. A legatee is an individual who receives the property from the deceased particular person, as specified within the will. You will need to notice {that a} legatee could be a person or a corporation, equivalent to a charity or a belief.
A witness is outlined as an individual who indicators a will within the presence of the testator (the particular person making the desire) and within the presence of one another, with the intention of testifying the signature of the testator to the desire. The witnesses play an essential function within the execution of a will, as their signatures attest to the authenticity of the desire and can be utilized as proof of its validity in case of any disputes.
A beneficiary within the will may also be appointed as an executor of the desire. Nevertheless, it is suggested to nominate an impartial one who has no private curiosity within the will to behave as an executor. This may help make sure that the desires of the testator are carried out easily and effectively. Additionally, the witnesses shouldn’t be the beneficiary within the will.
If you’re not sure about who to nominate because the executor and witnesses of your will, chances are you’ll think about looking for the recommendation of knowledgeable.
Neha Pathak is head of belief & property planning at Motilal Oswal Personal Wealth.