Information and Execution of ‘Will’
Draft WILL document. It is a comprehensive document developed by SBI. It may be useful to all those who wish not to create confusion among the children/legal heirs. Retirees/senior citizens who are contemplating executing a WILL may make use of it.
Our society has changed. The joint family system has almost ceased to exist. And often, children and parents live separately after the parents retire.
Due to such changes in society, people often wonder what will happen to their assets after they have passed on. No one wants to leave a mess behind. But with them gone, how will the assets be distributed by their heirs amongst themselves? Could it lead to misunderstanding or friction? The problem becomes more nagging because our assets are also scattered and we ourselves are not sure what we could be leaving behind!
India does not yet have a will culture. In the old joint-family system, there was no need for it. But now, many people want to prepare and leave behind a will. But they don’t know how to prepare one. We at State Bank of India therefore thought that we should help our pensioners/ Customers by coming out with a booklet which can guide them and also double up as a will.
The booklet that you hold in your hand is our effort to be of service to you. Although we have prepared it in consultation with our Law Department, we would urge you to show it to some advocate whom you trust and satisfy yourself.
With warm regards,
(Dinesh Kumar Khara)
Chief General Manager
DISCLAIMER: The above publication is circulated on the condition and undertaking that information, comments and views it contains are merely for guidance and reference and must not be taken as having the authority of or being in binding in any way on the State Bank of India, who do not owe any responsibility whatsoever.
I______________________________ son of / daughter of_______________________________ residing at______________________________________ make this to be my last Will and
1. I hereby revoke all wills, codicils and other testamentary documents, made by me and particularly my will dated________________ and codicil dated___________.
2. I am possessed of and absolutely entitled to movable and immovable properties which are described in the schedules I to V attached herein. Any mistake in the description or any omission therefrom will not affect the dispositions hereby made and this will deed will apply to all my properties of whatsoever nature and wherever situated and whether standing in my name alone and jointly with anybody else, if any name is first mentioned.
3. After my death, my Wife/ Husband Mrs./Mr. _________________________ is entitled to the amounts lying in my Bank specifically mentioned in Schedule I attached to this will. This bequeath shall have priority over all other bequests and dispositions.
4. I bequeath my immovable property(ies) situated at ________________ and __________ centres specifically mentioned as item No._________________ in Schedule II attached to this will to my________________ shri/smt. ______________ and item No.____________ to my______________ Shri/Smt./Ms._______________________ and Shri/Smt./Ms._________________ absolutely.
5. I bequeath the Gold / Silver ornaments and jewellery mentioned in Schedule III to my _________ Shri /Smt./Ms._______________________ absolutely.
6. a) I bequeath the Shares/ and Securities, MUTUAL FUND & PPF specifically described under Schedule IV to my___________ Shri/ Smt./Ms._______________________________ and Shri/ Smt./Ms.___________________________________________.
I hold insurance policies for self/ family for life cover as also property which is spelt out in Schedule V to my Will.
I bequeath all my properties which are not mentioned in this WILL in favour of Shri/ Smt./Ms. _________________________________ and Shri/Smt./Ms._____________________________
8. I bequeath my miscellaneous assets in Schedule VI as per details given therein.
I have made this WILL while I am in sound health and of good understanding.
In witness thereof I have put my signature hereunder in the presence of witnesses on this.
_________________ day of___________ 20__
Signed by the within named
IN THE PRESENCE OF TWO WITNESSES
1. NAME_____________________ R/O_______________ _____________________
2. NAME_______________________ R/O___________________ _____________________
******** ****** ******************* ** ******* ** ********* ***** ******* *************** ******** * ***** **********
Note:* this is only a specimen, please modify as per your requirement. For example, if the testator intends to bequeath all his movable or immovable properties or both types of properties to his wife, the will is to be modified accordingly,
all pages of the will including schedules should be signed signatures of two witnesses is must,
- this is applicable for self acquired properties,
- the will can be registered or unregistered. The advantage of registered will is that it can be proved easily in case of dispute.
- the will deed can be made out on plain paper. approx. cost of registration of document is presently Rs.250.00 or so.
- The original copy of executed Will can be kept in Safe deposit Locker or entrusted to legal heirs with following notation:
The Original of the WILL is hereby entrusted to my Wife! Husband /Son/ Daughter Smt./Shri________________
Codicil means an instrument made in relation to a Will and explains, alters or adds to the dispositions and is deemed to form part of Will.
ENCLOSURES/SCHEDULE TO WILL DEED DT._______________________
SCHEDULE-I (DEPOSITS) Mention here brief details e.g. account no., name of Branch/Bank, type of account and names of the A/c holders.
SCHEDULE-II (IMMOVABLE PROPERTY) Mention here details of the property, area/ location, size and registration details etc.
SIGNATURE OF TESTATOR
SCHEDULE-V (INSURANCE POLICIES ETC.)
Mention here details of policies, beneficiary, sum assured, due date and name of insurances co. etc.
SCHEDULE-VI (MISCELLANEOUS ASSETS ETC.)
Mention here details of all other movable assets including vehicles, electronics goods, furniture etc, not specifically covered in the Will deed above.
SIGNATURE OF TESTATOR
IN THE PRESENCE OF TWO WITNESSES
1. Name ________________R/O__________________Signature__________
2. Name ________________R/O__________________ Signature __________