“WILL” is defined as “the legal declaration of the intention of the testator with respect to his property which he desires to be carried into effect after his death.” [Sec.2(h) of the Indian Succession Act, 1925]
In other words, a Will or a Testament means a document made by person whereby he disposes of his property, but such disposal comes into effect only after the death of the testator. This is a personal, confidential and sacred document.
In the simplest terms, a properly prepared Will is a legal document that ensures you’re protecting your assets, surviving spouse and heirs after you pass. By explicitly outlining what you want to have happen in the future, your final wishes will not be ignored if others try to step in.
Trust and Estate Planning essentially means to decide how your estate will devolve upon your loved ones post your demise. In the absence of estate planning, if one dies intestate (in absence of will), assets are then distributed amongst the family members (legal heirs) as per succession laws of the religion that the person belongs to. It is important to know that nomination and joint ownership are both superseded by succession laws. Most family Disputes have arisen owning to nomination or joint ownership being in the name of different individuals as compared with legal heirs.