Definition
Will (Testament)
A will is a legal document in which a person states how their assets should be distributed after death and who should carry out those wishes.
A valid will lets you decide who inherits your property, investments and other assets, name guardians for minor children, and appoint an executor to administer the estate — overriding the default intestate succession rules that would otherwise apply. In India a will need not be registered or made on stamp paper to be valid, though registration adds evidentiary strength, and it should be signed in the presence of witnesses.
Making a clear, properly witnessed will is one of the most important and overlooked estate-planning steps; dying without one (intestate) leaves distribution to statutory rules that may not match your intentions and can cause family disputes. A will can be updated any time, and the latest valid version prevails.
Related terms
- Intestate SuccessionIntestate succession is the distribution of a deceased person's assets according to statutory law when they die without leaving a valid will.
- ProbateProbate is the legal process by which a court certifies that a will is valid and grants the executor authority to administer the estate accordingly.
- ExecutorAn executor is the person named in a will to carry out the deceased's wishes — gathering the assets, paying debts and taxes, and distributing the estate to the beneficiaries.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.