What is The Importance of Will for Dividing the Property?

What is The Importance of Will for Dividing the Property?

Most of the Indian property holders hesitate in making of wills for the division of the property as they cannot able to trust the fact of will. Though the property owners need to make a will for easy passing the property according to their choice. 

Importance of will

It is not mandatory but still, some people strongly believe that wealthy, old and diseased people need to make a will. But basically, the person who becomes financially active should make a will. Anyone can make a will who owns a property to pass the property on right hands before his death. There is no harm in making a will if dear ones or the close ones of the property owner get his property through a legal content.

A property can be disturbed by the present heirs of the property owners based on succession laws. If the owner has some particular wishes at the time of transferring the property, making a will is the best method to fulfilling the desires of the property owner. Making a will not only avoid the disputes regarding mitigation, but it also helps the upcoming owners to save a lump sum amount of money. A property always needs a stamp duty to buy will does not require any stamp duty. It is a cup of advice that before making decisions about any property transfer, one should take legal advice. 

Some points to remember-

1. According to the Indian Stamp Act, 1899, no payment of stamp duty is required in the will.

2. Unregistered legal documents and a written petition on white paper also considered as a will. There is no requirement for legal documents.

3. A will should be signed and dated with clear writings and sentences.

4. It should be attested by two witnesses.

5. All details about the property and divisions should be mentioned specifically.

6. Maintenance of utilities and usage of common areas should be mentioned in a will.

7. Changes in policies of government lead to construction and to control this situation a will should clarify the issue.

Property seekers should look for 3 BHK Apartments in East Kolkata as any family can easily settle down in the triple bedroom flats and all the registration details will be provided to the buyers for maintaining transparency.

See also : What Indian Realty Sector Availed in 2020 Budget?

By LNN (Liyaans News Network)