A will is a legal declaration made by a person regarding the disposition of his or her property after death. It is done by one person in relation to his property, stating how his property should be distributed among others after his death. A Will becomes effective only after the death of the person who makes it. It can be revoked or changed at any time by the person who creates it. In India, anyone over the age of 21 can make a will.
TYPES OF WILL :
Privileged Will: In simple words, privileging will be made to provide privileges to certain people like airmen, mariners, navy personnel, soldiers while they are on employment. This will be used to dispose of the property when they are on duty. If it is made orally, then it is valid for one month, but if it is made in writing, then it is valid throughout.
Inequitable Will : As per Section 63 of the Indian Succession Act 1925, an unprivileged will is created by a person other than those who do not fall under the category of privileged will. This type of will can be revoked by a new will or by making a declaration by the testator with the purpose of revocation the same.
Following the testator's death, an executor of the will or an heir of the deceased may apply for probate in the District Court or the High Court, depending on jurisdiction. The executor or legal heirs are asked to file objections with the court. If no objections are raised, the court grants probate. If there were any objections, their citations were served in the same manner. After that, it will be operational.
There is no particular value provided. Payment of stamp duty varies from state to state, but generally, stamp duty is calculated by taking into consideration the following factors:
● Property status: whether the property is old or new
● The location of the property
● Usage of the property
● Relationship with the Testator
● Type of property.
● The property's monetary worth
A will becomes effective only after the testator's death. It cannot function while the testator is alive. If it is activated while the testator is still alive, it becomes inactive. The testator's death is a major requirement for a will.