Last Will and Testament - Template, Sample Form Online Pro · IN-law

LAST WILL AND TESTAMENT

This Last Will and Testament (hereinafter referred to as this "Will") is made and executed at ________, on this ________, by ________, Religion: ________, Gender: ________, son/daughter/spouse of ________, aged ________ years, holding Aadhaar No. ________ and PAN ________, resident of ________ (hereinafter referred to as the "Testator").

This Will is made in accordance with the provisions of the Indian Succession Act, 1925, as applicable to the Testator.

§ 1. DECLARATIONS

1.1. I declare that I am a major and of sound mind and memory, and that I am executing this Will of my own free will, voluntarily, without any coercion, fraud, undue influence or misrepresentation from any person whatsoever.

1.2. I hereby revoke, cancel and annul all former Wills, codicils and testamentary dispositions made by me at any time heretofore, including my earlier Will dated ________ registered before the Office of the Sub-Registrar at ________ bearing registration particulars ________, and I declare this to be my Last Will and Testament.

1.3. I declare that I have the following surviving legal heirs:

1.3.1. My spouse: ________.

1.3.2. My father: ________.

1.3.3. My mother: ________.

1.3.4. My children: ________.

1.4. I declare that all the properties bequeathed under this Will are my self-acquired and absolute properties over which I have full right, title and disposing power, and that the same are not subject to any partition, charge or encumbrance save as expressly mentioned herein.

§ 2. EXECUTOR

2.1. Definition

2.1.1. The expression "my Executor" used throughout this Will includes the singular and the plural and the masculine and feminine gender as appropriate wherever the fact or context so requires, and is synonymous with and includes the terms "personal representative", "executrix" and "administrator".

2.2. Appointment of Executor

2.2.1. I appoint ________, my ________, resident of ________, to be the sole Executor of this Will. If ________ should predecease me or be unable or unwilling to act as my Executor, then I appoint ________, my ________, resident of ________, to be the Executor of this Will in the place and stead of ________.

2.2.2. No person acting as Executor under this Will shall be required to furnish any bond, surety or security for the performance of his or her duties, notwithstanding any law to the contrary.

2.3. Powers of my Executor

2.3.1. To carry out the terms of this Will, I confer upon my Executor the following duties and powers in respect of my estate:

2.3.1.1. To pay my legally enforceable debts, funeral expenses, and all costs and expenses in connection with the administration of my estate as soon as conveniently practicable after my death. If any immovable property devised under this Will remains subject to a mortgage at the time of my death, the devisee taking that property shall take it subject to such mortgage and shall not be entitled to have the mortgage discharged out of the residue of my estate;

2.3.1.2. To take all lawful steps to obtain probate or letters of administration of this Will under the Indian Succession Act, 1925, as expeditiously as possible, if and where required by law or deemed necessary by the Executor;

2.3.1.3. To retain, exchange, insure, repair, improve, sell or otherwise dispose of any and all movable property belonging to my estate as my Executor deems advisable, without liability for loss or depreciation;

2.3.1.4. To invest, manage, lease, mortgage, sell or otherwise deal with any and all immovable property belonging to my estate as my Executor deems advisable, without liability for loss or depreciation;

2.3.1.5. To purchase, maintain, convert and liquidate investments or securities, to vote stock and to exercise any option concerning any investments or securities, without liability for loss;

2.3.1.6. To open, operate or close bank accounts and lockers in the name of my estate;

2.3.1.7. To maintain, continue, dissolve, change or sell any business forming part of my estate, where deemed necessary or beneficial to my estate;

2.3.1.8. To institute, defend, compromise, settle or abandon any legal proceedings by or against my estate;

2.3.1.9. To engage and remunerate any advocate, chartered accountant or other professional as may be necessary for the administration of my estate.

2.3.2. The above authority and powers granted to my Executor are in addition to any powers conferred by applicable law or by any other provision of this Will, and may be exercised as often as required and without application to or approval by any court.

2.4. Compensation of Executor

2.4.1. My Executor shall be entitled to reasonable compensation for acting as Executor under this Will, in addition to any gift or benefit given to him or her under this Will or any codicil hereto.

2.4.2. The compensation for acting as Executor under this Will shall be as follows:

________

2.4.3. Where at any time my Executor is a practising advocate, chartered accountant or other professional, he or she shall be entitled to charge and be paid the usual professional fees and charges for business transacted, time expended and acts done in connection with the administration of my estate, including acts which a non-professional could have performed personally.

§ 3. DISPOSITION OF ESTATE

3.1. I hereby bequeath, after my demise, all my assets and properties, both movable and immovable, to my spouse, ________, for their own use absolutely.

3.2. If my spouse predeceases me or fails to survive me by thirty (30) days, all my assets and properties shall devolve upon my children living at the time of my death, in equal shares, subject to the provisions hereinafter set out.

Lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ut enim ad minim veniam quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat duis aute irure dolor in reprehenderit voluptate velit esse cillum dolore eu fugiat nulla pariatur lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ut enim ad minim veniam quis nostrud exercitation ullamco laboris.

3.4. Where any child or grandchild of mine is a minor at the time he or she becomes entitled to receive his or her share of my estate, and where a guardian, custodian or trustee is not already named under this Will, that share shall be held by the Executor in trust for each such minor beneficiary in accordance with § 4 below.

3.5. As regards my bank accounts, fixed deposits, the contents of my bank lockers and my public provident fund account, the same shall be bequeathed to the members of my family already nominated in such accounts, and such nominees shall hold the same in accordance with their respective entitlements under this Will.

3.6. I specifically bequeath the following property/properties to the respective beneficiaries named hereunder: ________.

3.7. Special Instructions

3.7.1. I give the following additional instructions:

________

§ 4. TESTAMENTARY TRUST

4.1. Testamentary Trust for Minor Beneficiaries

Lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ut enim ad minim veniam quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat duis aute irure dolor in reprehenderit voluptate velit esse cillum dolore eu fugiat nulla pariatur lorem ipsum dolor sit amet consectetur adipiscing elit sed do eiusmod tempor incididunt ut labore et dolore magna aliqua ut enim ad minim veniam quis nostrud exercitation ullamco laboris.

4.2. Trust Administration

4.2.1. The Trustee shall manage the Testamentary Trust as follows:

4.2.1.1. The assets and property shall be managed for the benefit of the minor until the minor attains the age set by me for final distribution;

4.2.1.2. Upon the minor attaining the age set by me for final distribution, all property and assets remaining in the trust shall be transferred to that minor beneficiary as expeditiously as possible;

4.2.1.3. Until the minor beneficiary attains the age set by me for final distribution, the Trustee shall keep the trust assets invested and shall pay the whole or such part of the net income, and such amounts out of the capital as the Trustee may deem advisable, for the support, health, maintenance, education or benefit of that minor beneficiary.

4.2.2. The Trustee may, in the Trustee's discretion, invest and reinvest trust funds in any kind of movable or immovable property and any kind of investment, provided that the Trustee acts with the care, skill, prudence and diligence that a prudent person acting in a similar capacity and familiar with such matters would use, consistent with the duties of a trustee under the Indian Trusts Act, 1882.

4.2.3. No bond or other security of any kind shall be required of any Trustee appointed under this Will.

4.3. Termination of Trust

4.3.1. Any Testamentary Trust created under this Will shall terminate upon the earliest of the following events:

4.3.1.1. The date upon which the minor beneficiary attains the age set by me for final distribution of the trust assets;

4.3.1.2. The death of the minor beneficiary prior to attaining the age set by me for final distribution, in which event the remaining trust assets shall be distributed in accordance with the provisions of this Will; or

4.3.1.3. The date upon which the entire trust fund has been fully distributed or otherwise exhausted in accordance with the terms of this Will.

4.4. General Trust Provision

4.4.1. The expression "my Trustee" used throughout this Will includes the singular and the plural and the masculine and feminine gender as appropriate wherever the fact or context so requires.

4.5. Powers of Trustee

4.5.1. To carry out the terms of this Will, I confer upon my Trustee the following powers, to be exercised in his or her discretion in the management of any trust created hereunder:

4.5.1.1. The power to make such expenditures as are necessary to carry out the purpose of the trust;

4.5.1.2. Subject to my express direction to the contrary, the power to sell, call in and convert into money any trust property, including immovable property, as the Trustee deems advisable;

4.5.1.3. Subject to my express direction to the contrary, the power to mortgage trust property where the Trustee considers it advisable;

4.5.1.4. Subject to my express direction to the contrary, the power to borrow money where the Trustee considers it advisable;

4.5.1.5. Subject to my express direction to the contrary, the power to lend money to the trust beneficiary if the Trustee considers it to be in the beneficiary's best interest;

4.5.1.6. To make expenditures for repairing, improving and rebuilding any property;

4.5.1.7. To exercise all rights and options of an owner of any securities held in trust;

4.5.1.8. To lease trust property, including immovable property, without being limited as to term;

4.5.1.9. To make such investments as he or she considers advisable, without being limited to investments authorised by law for trustees;

4.5.1.10. To receive additional property from any source and in any form of ownership;

4.5.1.11. Instead of acting personally, to employ and pay any person, including a body corporate, to transact any business or to do any act in relation to any trust created under this Will, without being liable for any loss thereby incurred;

4.5.1.12. Without the consent of any person interested in any trust established hereunder, to compromise, settle or waive any claim due to or by the trust as the Trustee considers to be in the best interest of the trust beneficiary, and to enter into any agreement in respect thereof binding upon such beneficiary;

4.5.1.13. To make or not to make any election, determination, designation or allocation required or permitted under any applicable taxation statute, in such manner as the Trustee in his or her absolute discretion deems advisable, and each such election shall be final and binding upon all persons concerned;

4.5.1.14. To pay himself or herself reasonable compensation out of the trust assets; and

4.5.1.15. To employ and rely upon the advice of any advocate, accountant, investment adviser or other agent to assist in the administration of the trust, and to compensate them from the trust assets.

4.5.2. The above authority and powers granted to my Trustee are in addition to any powers conferred by statute or by any other provision of this Will, and may be exercised as often as required and without application to or approval by any court.

4.6. Other Provisions

4.6.1. Subject to the terms of this Will, the Trustee shall not be liable for any loss to my estate or to any beneficiary resulting from the exercise in good faith of any discretion vested in him or her under this Will;

4.6.2. Any trust created under this Will shall be administered as independently of court supervision as is permitted under the laws of India; and

4.6.3. If any trust condition is held invalid, it shall not affect the other provisions which can be given effect without the invalid provision.

§ 5. GENERAL PROVISIONS

5.1. Lapse of Bequests

5.1.1. If any beneficiary named in this Will predeceases me, or fails to survive me by thirty (30) days, then any bequest, devise or legacy made to that beneficiary shall lapse and form part of the residue of my estate, unless otherwise expressly provided in this Will.

5.2. Insufficient Estate

5.2.1. If the value of my estate is insufficient to satisfy all the bequests described in this Will, I authorise my Executor to abate each bequest by a proportionate amount.

5.3. No Contest Provision

5.3.1. If any beneficiary under this Will contests in any court any of the provisions of this Will, then such person shall not be entitled to any devise, legacy, bequest or benefit under this Will or any codicil hereto, and such interest or share in my estate shall be disposed of as if that contesting beneficiary had not survived me, to the extent permissible under the laws of India.

5.4. Severability

5.4.1. If any provision of this Will is held to be unenforceable, the remaining provisions shall continue in full force and effect.

5.5. Residuary Clause

5.5.1. All the rest, residue and remainder of my estate, of whatsoever nature and wheresoever situate, not otherwise effectively disposed of by this Will, I bequeath to ________ absolutely.

5.6. Governing Law

5.6.1. This Will shall be governed by and construed in accordance with the laws of India, and the courts at ________ shall have jurisdiction in respect of any matter arising hereunder.

§ 6. DISPOSITION OF REMAINS

6.1. It is my wish that my mortal remains be dealt with by way of ________.

6.2. I further wish the following in regard to my remains:

________

I have executed this Will in full possession of my mental faculties and without any undue pressure, coercion or influence of any kind whatsoever from any quarter.

IN WITNESS WHEREOF, I, the Testator, have signed and subscribed my name to this my Last Will and Testament on this ________ at ________, ________, declaring and publishing this instrument as my Last Will, in the presence of the undersigned witnesses, who have witnessed and subscribed this Will at my request and in my presence and in the presence of each other.


________________________________
(Testator's Name: ________)

________________________________
(Testator's Signature)

SIGNED AND DECLARED by the above-named Testator, ________, on this ________ as and for the Testator's Last Will and Testament, at ________, ________, in the presence of us, both being present at the same time, who at the Testator's request and in the presence of the Testator and of each other, all being present at the same time, have hereunto subscribed our names as attesting witnesses in accordance with Section 63 of the Indian Succession Act, 1925.

WITNESS 1:


________________________________
Name: ________
Address: ________
City: ________
Occupation: ________

WITNESS 2:


________________________________
Name: ________
Address: ________
City: ________
Occupation: ________