Jayesh Desai, senior associate, Singhi & Co, engaged a large and enthusiastic audience on the issue of wills, nomination and transmission at the Moneylife Foundation on 9 October 2010

Dying without executing a ‘will’ can lead to a bitter and public dispute between the legal heirs, as was the case with the Ambani brothers. On the other hand, leaving a will behind may not guarantee against litigation, as was witnessed in the tussle over the inheritance of Priyamvada Birla that was contested by her confidant RS Lodha and the Birlas. Last month, the Bombay High Court rejected two different wills submitted by feuding siblings, both signed by their mother.

These cases notwithstanding, it is important that one executes a will—irrespective of whether you are young or old. A will is an expression of one’s wish or desire. It is a legal document in which one gives instructions about what should be done with the money and property after one’s death.

The issue of wills, nominations and transmission was discussed at a seminar conducted by Moneylife Foundation on 9 October 2010. Jayesh Desai, senior associate, Singhi & Co, engaged an enthusiastic audience. The vastness of the issue and the complications that do arise were brought out in the numerous questions by the participants.

Mr Desai elaborated on what is a will, its importance and terminology; he explained the requirements of a will and types of wills, the need for a probate, the cost of a probate, how to make changes in the will; and described crucial details involving documentation of nominations.

The main elements of a will are the name and identity of the author/testator, two witnesses and their addresses, the list of assets and their distribution. This must be signed by two witnesses and the testator in the presence of each other.
The different types of wills are: Privileged and Unprivileged wills, Conditional or Contingent wills, Joint wills, Mirror wills/Mutual wills, Duplicate wills, Concurrent wills, Sham wills and Holograph wills.

It may be surprising to know that ‘nominations’ can mean different things, based on the type of assets whether it is real estate, shares, bank account, insurance policy, and so on. There are differences also in the matter of probate, based on the location of the author of the will and the location of the property.

The religion of an individual matters for succession differently under the Hindu Succession Act, Muslim personal law, Parsi personal law,  Christian law and for others by default under the Indian Succession Act. Each has different tables for arriving at legal heirs in the absence of a will. The law also treats ancestral property differently, based on whether it is acquired by will or without a will.

There is a lot of confusion about wills. The facts on some of these issues are as follows: No stamp duty is payable on a will; no special paper is required to execute a will; registration of a will is not compulsory; in Mumbai, a will needs to be probated; a will should clearly demarcate the share of each of the beneficiaries.

Most of the questions that were raised by the participants related to their individual situations. Mr Desai addressed each question patiently, clearly explaining all important aspects.
Moneylife Foundation has planned more seminars on the subject of wills and nominations in response to the huge number of registrations that are still coming in for this programme.

Everybody would want to ensure proper legacy for their loved ones. The way to do this is through a comprehensive will and by completing nominations and transmission formalities for one’s movable and immovable properties. Getting a will right is crucial if disputes between heirs over legacy are to be avoided. A will could clear the way. — Moneylife Digital Team