Can I draft a will that advantages my household as per my phrases?

I’m 54-years-old and reside with my spouse and son . I personal the home we reside in in addition to the adjoining home through which my mom resides. Additionally, I’ve investments in PPF (public provident fund) account, and varied different belongings. I’m planning to write down a will with my spouse as the only beneficiary. In case she predeceases me, I would like the belongings to go to my son. I would like my mom to retain the flat until her demise, whereupon my son ought to get custody of that home. How do I accomplish all this with a will?

—Name withheld on request

As per your question, we assume that you’re is a Hindu. Further, we perceive that there is no such thing as a proper or curiosity of every other particular person in your properties and that the identical have been held solely by you. We additional perceive that these are self-earned and self- created.

In a state of affairs like this, the primary choice is making a will.

You can draft a will for all of your belongings. The will ought to have particulars of the beneficiaries and particulars of all belongings and investments. The will ought to then specify the distribution of belongings as per your needs.

With reference to the flat the place your mom is residing, it’s best to specify the property and insert a “life curiosity” clause to create a dwelling curiosity to your mom. The life curiosity clause ought to specify clearly that you really want your mom to benefit from the property for her lifetime. The property on which such a life curiosity is created can’t be bought, mortgaged or alienated by any methodology by every other particular person for the lifetime of your mom, thus will permit your mom to benefit from the property with none issues.

The will ought to be dated and signed by you and attested by no less than two witnesses (ideally youthful to you), appoint the executor within the will and have the identical registered (that is elective).

In case of your demise, the executor has to hunt probate in your will and distribute the belongings as per your needs.

The second choice is to create a non-public household belief.

However, you’ll both should switch the property within the belief which is able to appeal to stamp obligation levied on the market price or make a provision in your will that the property will get bequeathed to the non-public belief upon your demise.

Here, the belief can have the phrases the place your mom can have the fitting to benefit from the property throughout her lifetime and solely then will that be given to your spouse or son.

A personal belief is an efficient car to make sure a correct succession plan and doesn’t require probate to switch/ profit from the property.

Do bear in mind to replace your will periodically to mirror adjustments in your belongings, beneficiaries, or different circumstances.

Neha Pathak is head of belief and property planning, Motilal Oswal Private Wealth.

Catch all of the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint.
Download The Mint News App to get Daily Market Updates.

More
Less

Updated: 22 Aug 2023, 10:26 PM IST

Topics