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Unit 12: Estate Planning

at anytime by either of the testators during their joint lives, or aster the death of one, by Notes
the survivor. A Will executed by two or more testators as a single document duly executed
by each testator disposing of his separate properties or his joint properties is not a single
Will. It operates on the death of each and is in effect for or more Wills. On the death of each
testator, the legatee would become entitled to the properties of the testator who dies.
4. Mutual Wills: A Will is mutual when two testators confer upon each other reciprocal
benefits by either of them constituting the other his legatee. But when the legatees are
distinct from the testators, there can be no position for Mutual Wills.
5. Duplicate Wills: A testator, for the sake of safety, may make a Will in duplicate, one to be
kept by him and the other to be deposited in the safe custody with a bank or executor or
trustee. If the testator mutilates or destroys the one which is in his custody it is revocation
of both.
6. Concurrent Wills: Generally, a man should leave only one Will at the time of his death.
However, for the sake of convenience a testator may dispose of some properties in one
country by one Will and the other properties in another country by a separate will.
7. Sham Wills: If a document is deliberately executed with all due formalities purporting to
be a Will, it will still be nullity if it can be shown that the testator did not intend it to have
nay testamentary operation, but was to have only some collaterally object one thing must
be born e in mind that the intention to make the Will is essential to the validity of a Will.
8. Holograph Wills: Such Wills are written entirely in the handwriting of the testator.

Self Assessment

Name the Following:
6. Wills that are written entirely in the handwriting of the testator.
7. A testamentary instrument whereby two or more persons agree to make a conjoint Will.

8. Wills executed according to the provisions of section 63 of the Indian Succession Act.
9. Wills that are revocable at anytime by either of the testators during their joint lives, or
aster the death of one, by the survivor.

10. Wills executed according to the provisions of section 66 of the Indian Succession Act.

12.8 Summary

Estate planning is a process of accumulating and disposing of an estate to maximise the
goals of the estate owner. Its core objective is also to distribute wealth in a pre-determined
manner to a certain beneficiary or beneficiaries to whomever the owner wishes.
In India, estate planning is generally perceived to be for the rich or wealthy, who have
enough cash, property or valuables to leave behind for their loved ones. The middle class
can barely make ends meet, they would tell you, leave alone the lower income groups.
The fact, however, is that estate planning is essential for all, regardless of one’s economic
standing.

As like any other financial service, a financial planner similarly performs the following
six steps in estate planning.
There are various tools that a financial planner can adopt for getting an estate plan in
place. Some tools are effective during the lifetime of an individual while some after his/
her death.

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