Having a will made can be beneficial for our loved ones. It allows a person to decide what to do with their assets and properties after their demise and also whom to allot them and in what manner to allot.
Will is a legal way of being sure of one’s wealth to be received by their loved ones after the demise. One of the main reasons for making a will is to avoid conflict among the heirs or their near and dear ones.
In the absence of Will, distribution of wealth will take place according to the applicable succession laws.
Succession of Hindus, Buddhists, Jains and Sikhs is governed by Hindu Succession Act,1956. In a case where the Male member of the family dies without will the inheritance goes to his immediate heirs. Class – 1 heirs can be his son, daughter, sister and wife.
An Example of distribution of Wealth among the Class -1 heirs is provided in the image below
This is just a sample draft of will, there is no prescribed format for drafting a will. Please consult a lawyer or financial advisor before preparing and registering a Will.
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