It is often considered that making a Will is a simple task. However, it is frequently mistaken for being simple. When most people undertake the task of writing a will, they assume that it is simply a straightforward process. They often consider Wills as just another instrument to effectively divide assets and other valuable possessions between beneficiaries when one is deceased.
The Need of a Legal Aid in Making a Will
As there exists no such pre-requisite to a Will being made and drafted by a legal professional, there are many individual persons who have drafted and made their own Wills. However, if the individual is willing to hire a legal practitioner/professional to do it, he/she can do so anyway. However, when an individual employs an attorney to draft a Will, he/she is solely responsible for deciding the critical decisions on their own. It is also important to understand the reason why we need legal help to make a Will in India.
One of the key reasons to seek legal help in making a Will is the complexities of families. For instance, a testator who has many possessions, a lot of heirs/beneficiaries and a lot of dependents. In such a case, the best possible unbiased advice can be solicited from a legal practitioner. This advice can be used to find a way that is in accordance with the laws prescribed under The Indian Succession Act, 1925. It is also to be considered that the decision of what happens to one’s possessions after his/her demise is often with the individuals themselves. However, a lawyer can help navigate the process in a much better way. He can also ensure that the Will is properly worded to avoid any ambiguity and ultimately any future disputes regarding the same.
How Much Does It Cost To Make A Will?
In the first place, there is no tax obligation on the individual persons to pay income tax when filling a will. However, there is a fee involved in registering a Will. Drafting a Will through a lawyer covers the majority of the monetary costs of making a Will. Drafting a Will generally costs around Rs. 10,000/- to Rs. 15,000/- by an experienced legal practitioner, a young legal practitioner can draft the same with costs anywhere between Rs. 4,000 to Rs. 6000. However, In case of the estate value being high and the Testator being an important personality, the drafting fees of a lawyer might be as high as Rs. 5,00,000/-. As mentioned earlier, making a Will does not always require professional help but only in certain circumstances.
Another significant aspect that attracts monetary costs is the registration fee. The question then arises, does the individual want the Will registered with the Registrar? Since registration of the Will is optional, there is no statutory requirement for registration. However, it is highly recommended that a Will be registered in order to avoid any legal action in the future. There is no Stamp Duty on the registration but, since there are registration charges levied on the Testator which are payable to the office of the Registrar. The registration fee is very nominal depending upon which state one is getting his/her Will registered.
Is Registration Of Will Required?
Whether a Will must be registered is not necessary by law, however, a registered Will has a greater weight relating to judicial honesty. During the enrollment process, a Will can be recorded with two eye witnesses. Testator or composer’s mental state is authenticated by witnesses when preparing the Will.
Conclusively, making a Will always help. It is always recommended to write a conditional Will format to facilitate a seamless transfer of possessions to the intended receivers. It is affordable and can be amended as many times as one wants, you should consult with an experienced lawyer in your jurisdiction to ensure that the process is handled correctly.