Most people know that they should have a will, but many don’t know what a will is and how it works.A “will” sometimes called the “laststatement,” is a document that states your last wishes. Most people use a will toinstruct regarding the use of their property after their death. However, a will can also be used to:
- Name an executor.
- Name guardians for children and their property.
- Decide how debts and taxes will be paid.
- Decide how property or all assets will be divided and distributed
Legal Requirements of a Will
There are very few legal requirements for wills.
- Create a document that names beneficiaries to the properties left behind after the death of the maker of the will i.e. the testator.
- Sign the document.
- Have the document signed by two witnesses.
The property of a Hindu male dying intestate i.e. without will is distributed among his heirs in accordance with section 8 and 9 of The Hindu Succession Act, 1956. The property of a Hindu dying intestate devolves upon his heirs of Class I, as per the Hindu succession act 1956, who take the property to the exclusion of all other heirs.