26 Sep 2026
Where there is a Will
27 Sep 2026
27 Sep 2026
This article appeared in the print edition of Business Today.
Article Overview:
The article examines the importance of estate and succession planning and the legal considerations involved in preparing and executing a will. It covers issues such as appointment of executors and beneficiaries, residuary clauses, registration of wills, nominations, insurance proceeds and the circumstances in which a will may be contested.
Our Partner, Tanmay Patnaik, shared his perspective. Here’s what he had to say:
“It is advisable to include alternative executors and alternative beneficiaries in case the primary persons named are unable to act or predecease the testator.”
“A sound will should also contain a residuary clause dealing with assets that may not have been specifically listed or that may be acquired in the future, so that no part of the estate is left to devolve by intestacy.”
“Registration is optional but can be beneficial as it provides documentary evidence of the will’s existence, confirms that the testator or testatrix personally appeared before the registering authority and acknowledged the document, and ensures its safe custody with the registrar.”
“A nominee is essentially a trustee who is authorised to collect funds from the bank / financial institution after the account holder’s death, but the underlying ownership remains with the legatee named in a valid will, or in the absence of a valid will, the legal heirs as per the applicable law of intestate succession.”
“Under the Insurance Act, 1938, where a life insurance policyholder nominates specified close family members, such as a parent, spouse or a child, the nominee may, subject to the applicable provisions and exceptions, be regarded as beneficially entitled to the insurance proceeds.”
“Lack of testamentary capacity, coercion, undue influence, fraud, suspicious circumstances, or improper execution are grounds for contesting a will.”
Download PDF
Under the rules of the Bar Council of India, Trilegal is prohibited from soliciting work or advertising in any form or manner. By accessing this website, www.trilegal.com, you acknowledge that:
We prioritize your privacy. Before proceeding, we encourage you to read our privacy policy, which outlines the below, and terms of use to understand how we handle your data:
For more information, please read our terms of use and our privacy policy.
