nagasubramanian (nil) 23 September 2014

Will

Dear Sirs, I want to write a will. Apart from self acquired immovable properties, I have ancestral properties which are in the usage of one of my relatives who is refusing to handover them to me. It is unlikely that the matter will be resolved, even by a court during my lifetime (I am 70+). My legal heirs, my wife and my only son are not likely to retrieve them. I want to bequeath them as per my wish. Whether this is possible? Second question is how to mention in the will about my liquid assets like bank accounts, fixed deposits, shares etc.. as they are likely to undergo changes during my lifetime after the execution of the will, say in the account number, amount, bank<s name, company,s name etc. Please advise.

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3 Replies

Kumar Doab (FIN) 23 September 2014

If you initiate a court case and if it is not decided in your life time then your CLassI legal heir can step in after your life time.

Your lawyer can advise you various remedies…………………including complaint to SP of your area……………………… to eject the relative in illegal possession of your share in ancestral property.

Your lawyer dealing in such/revenue/civil matters can help you to write a WILL and register it.

It shall be appropriate to register the WILL as it fetches more reliance in court of law, if the need be.

You can include Bank a/c, share, FD, Post Office instruments, Life Insurance, Health Insurance, PF, PPF etc everything in WILL.

It shall be wise to prepare documents pertaining to ‘Legal Heir ship’ ‘Succession’ now.

It shall be appropriate to nominate your CLassI legal Heir (whomever you want in all of these instruments) and mention it in the WILL too………………………………so that there is no need to unnecessarily obtain succession certificate for Bank/PO instruments………………

IN Bank you can nominate only one person.

IN Life Insurance you can nominate any number of persons.

In case of shares if it is joint holding the joint holder shall become sole owner on the death of first holder. The nominee shall get a right after death of all holders only.

Nomination can not and does not override succession…………………

Advocate Ravinder (Advocate/Attorney) 23 September 2014

Though it is in usage of one of your relatives and he is refusing to handover the same, you can file a eviction petition along with claiming damages for being in unlawful possession all these years.

Coming to next query, you can execute registered will deed or unregistered will deed bequeathing all your properties both movable and immovable including liquid assets schedule wise. If there are any changes in the account no, amount, bank name, company name etc, you have to again execute a codicil (additional will deed). Registered will deed is preferred than unregistered will deed. You can only bequeath self acquired property and cannot bequeath ancestral property.

T. Kalaiselvan, Advocate (Advocate) 30 September 2014

a Will can be executed in common for both movable and immovable properties in favor of beneficiary (s), the Will executed can be revoked/altered/cancelled/rewritten at any stage in future based on the changed circumstances. You can bequeath even the ancestral property but restricted to your undivided share alone.