Dr SD Israni, advocate & partner, SD Israni Law Chambers, spoke on the need for preparing a comprehensive Will and explained how to complete all the requisite nomination & transmission formalities

"Many of us keep postponing the day of reckoning. But it's imperative that you have to leave behind a comprehensive Will. So better start thinking about it," said Dr SD Israni, advocate & partner at SD Israni Law Chambers. He was speaking at a seminar on Wills and nominations, organised by Moneylife Foundation on Saturday, 24th September.

Drawing from his long experience, Dr Israni talked about how to prepare a comprehensive Will, and how to complete all the requisite nomination & transmission formalities for both movable and immovable properties. He explained terms like probate, transmission and nomination, which play a crucial role in matters regarding shares and other assets.

The main elements of a Will are the name and identity of the author/testator, two witnesses and their addresses, the list of assets and their distribution. This must be signed by two witnesses and the testator in the presence of each other. He said, "A codicil is a part of the Will, which comes into play if some minor changes are to be made. If you have to make major changes, like naming a different heir, make a new Will."

The religion of an individual matters for succession under the Hindu Succession Act, Muslim personal law, Parsi personal law, Christian law and for others by default under the Indian Succession Act. When asked about assets which are not mentioned in the Will, he said, "Assets or shares, etc., which are mentioned in the Will automatically go to the successor as per law, or stay with the nominees or owners specified."

Dr Israni explained the difference between being a nominee and an heir in case of transmission of shares. Traditionally, it was understood that a nominee is like a trustee, who has to transfer the shares to the legitimate heirs or claimants. However, last year, a Bombay High Court ruling said that a nominee can possess the shares like an heir unless an order is issued in favour of the heir. "This kind of misbalances the legal interpretation," he said.

However, in such a case, if the shareholder has already willed his shared to an heir, the nominee's claims will be overridden. But for that, the claimant has to prove he is entitled to those, and has to have the Will probated.

When asked about immovable properties held jointly, he said, "The nominees all have shares in that property. So if they want to sell it, they have to come to a conclusion together and then go for stamp duty that is associated with normal property sales. In some other aspects, the cooperative society can have a say-but ultimately, if there is a dispute, the matter must be settled in court."

Dr Israni said, "Young or old, one must make a Will. If one leaves a clear, simple, attested Will which clearly specifies whom he wants to give what, then legal hassles can be avoided. All you need is a piece of paper and two witnesses."