YOU AND THE LAW- Article 10

Shri Krishna: Arjun, in the last nine meetings I told you so many things about why and how to prepare a Will.  Do you remember all those things?

Arjun: Bhagwan, I have now grown old.  I don’t recollect so many things.  It would be better if we recapitulate them.

Shri Krishna (smiling): I knew that. You should develop a habit of noting down important things so that nothing is missed out. It also helps you in sharing the points with others.

Arjun: I agree. When you told me “Geeta” I was holding my bow and arrows in hand.  I could not write anything but still, I remember it.  But these new laws are difficult to remember. Still, I will try to list down the things…

Will should be prepared to ensure that after your death your property goes to the persons as per your wish.  It should be in writing and there should be two witnesses.

Shri Krishna: No stamp paper is required.  It can be on a plain paper.  Registration is also not compulsory.

Arjun: It can be in any language, but it should be clear so that the executor can give effect to the Will without much difficulty and there should be a good executor appointed through the Will.

Shri Krishna: And, one thing should be kept in mind.  A nomination is only a temporary convenience.  What is written in the Will will be more important and will prevail over the nomination.

Arjun: There are two types of bequests – Specific and Residuary.  There should also be clear guidelines as to who will bear the liabilities and in what manner.

Shri Krishna: Will should be prepared in an objective manner.  You should visualise all the possibilities like premature death, serious illness, legal separation between the spouses, successors, son/daughter settling abroad…………

Arjun: And, also important are the disputes between the successors. A dis-satisfied successor may challenge the genuineness of the Will in a court of law. Similarly, your present house may go for redevelopment and then the character and value of your assets may change.

Shri Krishna: Will operates only on the death of the testator.  Till that time, he can always change the Will by Codicil or cancel the Will and prepare a fresh Will.  The properties may also change in nature and value. I also explained to you that in certain situations, it may be advisable to appoint an Executor and Trustee Company to give effect to the Will.  So also, in certain situations, a private trust may be prepared.

Arjun: Yes, Yes.  You told me this.  Now I think I should be able to prepare my Will.

Shri Krishna: But do consult an experienced professional and don’t forget to pay his fees!

Arjun Ha, Ha, Ha!!!  Yes, Lord.

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