About
Why are wills required
- A will is a legal document which regulates other people’s rights on one’s property after his/her death.
- Writing a will reduces the chances of litigation.
- Rightful owners can enjoy their share of inheritance without unwanted worries.
- Reduces disputes within the family over movable and immovable property.
- Advisable to write or prepare a will under legal supervision to avoid legal battles in future.
- Having a will reduces the expenses, time and efforts, the legal heirs would have to spend to get the assets transferred.
- Ensures desirable distribution of assets.
- In the absence of a will, assets will be distributed as per the provisions of the Succession Act as per your religjon.
Transfer of property
Things to do when you inherit a property:
- Firstly, you need to have substantial proof to claim your rights and inheritance
- In presence of a Will, executors need to administer the property as per Will
- Legal heirs can challenge the will if it property is not self acquired or was inherited by the deceased
- In absence of a Will, most convenient situation would be for the legal heirs to mutually decide and distribute the shares among themselves. This could be put in writing as a family settlement which can then be registered
- Once the beneficiaries and their shares are decided, the property has to be transferred in their names
- Apply for property transfer at sub registrars office
- Next the documents need to be registered in your name
- Apply next for a mutation of property title. This is done to record the transfer of a title of an immovable property from one person to another in land revenue records
- This is required for payment of property tax or to transfer or apply for utility connection in the name of the new owner
- Documents required and fees for mutation of property differ from state to state
Documents Required
- Property ownership document, Will or Will with probate or succession certificate
- In absence of Will, prepare an affidavit and no objection certificate from other legal heirs or their successors
- If any consideration has been paid in kind or cash to any legal heir to acquire their share, that needs to be mentioned in the transfer papers
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