Question 1

Why is a Will important in India?

Accepted Answer

Will is important for every individual in India to ensure that wealth created is passed down to the intended beneficiaries. Not preparing a Will could lead to succession laws distributing your wealth, which may not go as you intend.

Question 2

Is a Will necessary for everyone?

Accepted Answer

Yes, a Will is necessary for everyone who wishes to protect and pass down their wealth to their loved ones to secure the family’s future even after you are gone.

Question 3

What happens if a person dies without a Will in India?

Accepted Answer

If a person dies intestate (Without a Will), his/her estate is distributed as per the respective succession laws.

Question 4

Is it necessary to register a Will in India?

Accepted Answer

It is not mandatory to register a Will in India. But registering can help you safeguard and improve the credibility of the Will.

Question 5

At what age should I write a Will?

Accepted Answer

There is no fixed age to write a Will. A person can write at any age when he/she feels that they have wealth to protect and pass it down according to their wishes when they are gone.

Question 6

What happens to property if there is no Will?

Accepted Answer

In the absence of a Will, succession laws are applied regarding the distribution of property. In such cases, real estate properties may not go to the beneficiaries as intended by the testator.

Question 7

Should married couples make separate Wills?

Accepted Answer

It is advisable to make separate Wills, such as Mirror Wills or Mutual Wills, based on their circumstances.

Question 8

What is the difference between a Joint Will and a Mirror Will?

Accepted Answer

Joint Will: One Will made by two or more people, usually spouses, covering their shared or individual assets.
Mirror Will: Two separate Wills made by a couple with similar or matching wishes about how their assets should be distributed.

Question 9

What is a private family trust in India?

Accepted Answer

A Private Family Trust refers to a legal arrangement put into place with the aim of managing assets for specific family members or other identified beneficiaries.

Question 10

Who can create a Private Family Trust in India?

Accepted Answer

A person who owns or has the legal ability to transfer the relevant assets can generally establish a private trust, subject to applicable legal requirements.

Question 11

What assets can be placed in a Private Family Trust?

Accepted Answer

Depending upon the legal and tax considerations, a family trust can be designed to include assets like real estate, financial investments, monetary assets, or any other form of family wealth.

Question 12

What is the difference between a Private Family Trust and a Will?

Accepted Answer

A Will generally outlines how a person's assets should be dealt with after their death. A Private Family Trust, on the other hand, creates a structure for holding and managing assets for beneficiaries according to the trust's terms.

Question 13

When should a Private Family Trust be reviewed?

Accepted Answer

There is a need for review of trust if there are changes in family circumstances, the beneficiaries, the assets involved, trustees, business interests, and succession intentions.

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Wills & Testaments