JOINT WILL IN INDIA || PART--II

 

JOINT WILL IN INDIA

PART--II

SARASIJ MAJUMDER

 

Best  Joint Will is  a single document that both spouses sign to ensure that their assets are distributed in accordance with the prevailing  Indian laws. It can be a good option for couples who have the same wishes for their succession plan. It avoids inheritance related disputes and  problems. Particularly, if you are holding Bank accounts, Properties, Car… etc Jointly.

A Joint Will is a legal document that is created and signed by two or more people, normally a married couple. It outlines the distribution of their assets and property  (TOTAL ESTATE) in the event of their deaths. This type of Will is often used when a couple wants to ensure that their assets will be distributed in a specific way, rather than leaving it up to the laws of inheritance.

However, it's important to note that Joint Wills may not recognized in many  states of India  and it is generally recommended to have separate Wills. This is because a Joint Will is considered to be a single document, which means that if one of the parties changes their mind or passes away, the entire document is binding on the living Spouse, and is  irrevocable.

PROCEDURE TO MAKE A JOINT WILL.

The procedure for creating a Joint Will varies depending on the laws of the state in which the Will is being created. However, generally, the following steps are involved:

Consult with an attorney: Both parties should consult with a lawyer who specializes in estate planning to ensure that the Joint Will is legally binding and that it complies with state laws.

Identify the assets and beneficiaries: Both parties should discuss and agree on the distribution of their assets and identify the beneficiaries who will receive those assets in the event of their deaths.

Draft the Will: The attorney will draft the Will, incorporating the agreed-upon distribution of assets and beneficiaries. Both parties should review the Will and make any necessary changes.

Sign the Will: Both parties must sign the Will in front of a notary public or other authorized witness.

Store the Will: It's important to keep the Joint Will in a safe place and make sure that it can be easily located in the event of the death of either party.

HOW MANY INDIVIDUALS CAN MAKE A JOINT WILL?

A Joint Will is typically created and signed by two people, usually a married couple. However, it's possible for more than two individuals to make a Joint Will together, but it's less common. 

The process and legal requirements for creating a Joint Will involving more than two people are similar to those for creating a Will between a married couple.

It's important to note that the more individuals involved in making a Joint Will, the more complex it becomes. Additionally, as the number of people involved in making a Joint Will increases, the more likely it is that there Will be disagreements and disputes about the distribution of assets and beneficiaries, which can lead to confusion and legal challenges.

REGISTER A JOINT WILL IN INDIA

There are certain steps that can be taken to ensure that a Joint Will is legally binding and can be easily located in the event of the death of either party. These steps include:

It is also highly recommended to get the Will attested by a notary public to make it more legally valid. It is also advisable to keep at least two copies of the Will and give one copy to the lawyer and one copy to a close family member or a trusted friend.

It's important to note that in India, a Joint Will can be revoked or altered by either party at any time, so it's important to review it periodically and make any necessary changes.

If you are sure that this is FINAL, Register the Will Deed.

PROS AND CONS OF JOINT WILLS

Pros of Joint Wills:

They can simplify the probate process for a married couple by allowing both individuals to leave their assets to each other.

They can provide for the orderly distribution of assets in the after  the death of both individuals, separately, or simultaneously.

Cons of Joint Wills:

They are typically only used by married couples and may not be suitable for other types of relationships.

They are  difficult to change or revoke once they have been executed.

They may not be able to address the unique or specific wishes of each individual, such as leaving certain assets to specific beneficiaries, which other may not accept.

Cost of Joint Will in India

The cost of creating a Joint Will in India can vary depending on a number of factors, such as the location, the complexity of the Will, and the lawyer or legal service provider you use, and REGISTRATION COST.

POINTS TO CONSIDER:

Benefits

Joint Wills can help ensure that both spouses' wishes are respected and carried out. They can also be practical for managing the guardianship of minor children and distributing shared assets. 

Drawbacks

Joint Wills can be inflexible and may restrict you from many actions. For example, the survivor might not be able to react to changed life circumstances, such as remarrying. 

Revocability

A Joint Will is a legally binding contract, so it cannot be revoked as easily as a conventional Will.  Revoking options defeats the purpose of Joint Will. However—such clauses, and conditions may be incorporated.

JOINT WILLS VS MUTUAL WILLS:

It's important to clarify the distinction between a Joint Will and a Mutual Will, as they are often confused with one another. While a Joint Will is a single document that combines the testamentary wishes of multiple parties, a Mutual Will consists of separate Wills created by the individuals, wherein they leave their assets to each other.

In a Mutual Will, each party has the freedom to modify or change their own Will without imposing restrictions on the other party. This flexibility allows for individual adjustments and updates based on personal circumstances and preferences.

On the other hand, creating a Joint Will can introduce complexities and potential confusion. The shared nature of the document can make it challenging to interpret the individual intentions of each party, leading to disputes and disagreements among beneficiaries.

THE BOTTOM LINE

While creating one Joint Will may, on the face of it, seem like a convenient option, it is important to weigh the pros and cons listed above,  and consider the long-term implications and legal impact for all parties involved. Creating an individual Will offers more benefits in the long run. It provides flexibility, control, and privacy. An individual Will can be customised to suit your specific needs and can be modified, or revoked, as necessary. It ensures that your assets are distributed according to your wishes, without being bound by the terms of a Joint Will. In short, opting for an individual Will avoids the legal complexities that may arise with Joint Wills.

NOTE:-- I think, in all Provinces  of India, Joint Will is a Legal Document, if it is ‘REGISTERED’.  Also refer:- https://sarasij1majumder.blogspot.com/2024/10/w-i-l-l-draft-blank.html

  

1.0 Additional Sources:--

1.1 Indian Succession Act-1925.

1.2https://www.getyellow.in/resources/joint-will-or-individual-will-which-is-the-right-option-for-you

1.3 https://www.willjini.com/services/joint-will

1.4 https://www.mondaq.com/india/wills-intestacy-estate-planning/599488/supreme-court-rules-on-right-of-alienation-in-a-joint-and-mutual-will

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