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Make you intentions clear regarding the devolvement of the property.
You can choose to whom you are interested with the property.
Reduce inheritance tax.
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Will is the legal declaration of the intention of the person with respect to his /her property, which the person desired to be, carried into effect after his/her death. It allows you to communicate how your assets are to be distributed amongst your relatives after your death.
Interstate is dying without leaving a will or an invalid will. In such a case, property passes by laws of succession rather than the direction of the deceased.
Yes, both Will and Gift deed are different. In Will beneficiary can only receive the property when testator will die. Though, in gift deed donee or beneficiary can receive the property in the donor’s lifetime.
No, but it is highly suggestible that every adult person should make his will in a detailed and transparent manner so that the beneficiaries can inherit the assets and properties both movable and immovable without going in for legal disputes or litigation.
The person who makes a will called testator.
The person who inherits personal property, in will, called legatee.
Any person who is sound mind and has at least 18 years of age can make his will.
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