Can share in HUF be bequeathed?
Yes, share in Hindu Undivided Property can be bequeathed. However it may vary from case to case basis.
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Can Business ownership in firm / company can be bequeathed in Will?
Yes, ownership as a proprietor in a proprietorship firm OR share owned in a company can be bequeathed by a Will. For share in partnership firm as a Partner is allowed to be bequeathed subject to conditions, if any, in the Partnership Deed.
Can an ancestral property or property received as a legal heir in the past be bequeathed by a Will?
Ancestral properties in which title / ownership is legally transferred are allowed to be bequeathed by a Will.
Can leasehold rights be included in a Will?
Yes, leasehold rights can be bequeathed in a Will.
Can rented properties / tenancy rights be included in a Will?
No, tenancy rights are not a property or asset hence it can not be bequeathed in a Will
Can properties / assets where Nomination are filed also be included?
Yes, legally a nomination is just a facility to claim property by a nominee in the event of death of owner and nominee will only act as Trustee for temporary period till legal heir is established as per the Will or as per the Succession Act, thereafter nominee has to handover those properties to their legal heirs. Nominee can be a legal heir. However, there is an exception to this hence one has to clarify all nominations in Will, if possible.
Can joint properties be included in a Will?
Yes, person owning any joint property is allowed to mention his wishes in the Will for his share in the Joint Property. It is necessary to mention about all joint property titles to avoid unnecessary disputes.
Which properties / assets can be mentioned in the will?
It is advisable to mention all single / joint properties, wealth, assets, receivables as well as all liabilities / loans in the Will, including movable, immovable and intangible properties and assets. Movable properties will include Cash, Jewellery, FD’S, Bank Accounts, Insurance Policies, Vehicles & all your furniture, fixtures etc. Immovable properties will include all your Land, Building, Flat, Shop, Office, Plot, Garage etc.
Is it mandatory to ‘Notarise’ or ‘Register” a Will? What are benefits?
No, Notarisation or Registration of Will is Not Mandatory. However, one can register the Will, anytime after execution for which no fee is charged at Sub-Registrar’s office except some scanning charges. If Will is registered, it means the person who has made his Will in presence of two witnesses will have visit Registration Office physically and register their Will in the presence of Sub-Registrar (Govt. Official), hence the chances of questioning the authenticity of the Will amongst the family / relatives is avoided.
What is an Executor? Is it necessary to appoint an Executor to a Will?
Executor is a person who is appointed by the person making a Will to be authorized to take action on all the wishes as per the Will. An Executor can be any person who is a beneficiary in the Will or any trusted person like family friend, lawyer or CA who can assist the family to act as per your wishes in the Will. It is not mandatory to appoint an Executor, however it is recommended.
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