Myths & Facts Related To Last Will

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Individuals frequently gets confused about creating a Will. Confusion frequently results from misconceptions brought on by ignorance or by similarities between the laws and procedures. These are some widespread misconceptions and real information about will preparation.

Myth: Wills are only important for people that have a lot of money.

Fact: Wills are important regardless of your wealth. It also helps to protect your children, your pets, and your legacy— while saving your loved ones stress and uncertainty.

Myth: A Last Will can be made by people above the age of 40.

Fact: Any person above the age of 18 years is eligible to make a Last Will as long as he or she is of sound mind and is free from stress and any form of illnesses.

Myth: The certified copy of a Last Will is only available to the Testator and the Executor.

Fact: A certified copy of a registered will is available to the testator only during his lifetime. After his death, anybody can obtain a copy from the SRO office after producing proof  of death of the testator.

Myth: The witnesses mentioned in the last Will and for registration of the last Will have to be the same.

Fact: Different persons can be witnesses to the Last Will and during its subsequent registration.

Myth: Mentioning a nominee is enough. I do not need to write a Last Will.

Fact: The last Will prevails over a nomination. Mentioning a Nominee only assures a smooth transfer of the assets to the nominee. However, other legal heirs can stake a claim on that property. So it is always good to write a Last Will.

Myth: Stamp Paper is required to execute the last Will.

Fact: You do not require a Stamp Paper to prepare a Last Will. Stamp Duty is not payable on Last Will. You can prepare the last Will on any kind of paper. However, if you want to register a Will, it is necessary to use a stamp paper.

Posted On: 2024-04-15