Find out how much it costs to make a will in India.
The days when only the wealthy could afford to write wills are long gone. Because of increased financial literacy, people are writing their wills in greater numbers. Additionally, with the availability of online services, drafting a will has become more convenient. On the other hand, registration is still done on paper.
Let’s look at how to make a will in India and how much it costs.
● What is Last Will and a Testament
A last will and testament is a legal document that expresses or communicates a decedent’s final wishes for the administration and distribution of his estate following his death (the testator). As defined by Section 2(h) of the Indian Succession Act, 1925, a “will” is a legal declaration of a testator’s purpose with respect to his property that he wishes to be carried out after his death.
● What is the cost of drafting a will?
When registering a will, you do not have to pay stamp duty, but you must pay a registration fee. Even to prepare a will, experienced lawyers often charge between Rs. 10,000 and Rs. 15,000 in India.
While you must pay for the drafting and legal fees, the registering of a will is exempt from stamp duty. However, depending on your state, you may be asked to pay a minor registration charge. Determine the registration fee based on the place where the will must be filed.
● What is the process of registering a will?
1. A will is usually completed in the presence of two witnesses at the person’s home or office, and the registration of a will can be done at any time after the will has been signed.
2. Wills must be registered at the office of the Sub-Registrar of Assurances (Tehsildar) under the jurisdiction of the person making the Will. There are no government fees for registering a will, except for the cost of scanning and photocopying, which is quite low.
3. The decedent, along with two witnesses, must appear in person at the sub-office. Registrar’s
4. A will can be registered in as little as 30–45 minutes, although preparation can take up to three days due to documentation, witnesses, and an appointment with the sub-office. Registrar’s
No matter how much money you have, or how much debt you have, writing a will is a wise idea. To ensure a smooth transfer of your assets to the appropriate receivers, you should write one. It’s low-cost, and you can change or revise it as many times as you like. Every new version can be registered, as well as the needed registration fee.
If you want to learn more about will. Do read this article – PROBATE WILL – IS PROBATE NECESSARY FOR A REGISTERED WILL?
FROM HEMANT K MIDHA