Mysuru: “Will should be made by a person who has attained majority and is of sound mind and that it comes into effect after the death of the author of the Will,” said Certified Financial Planner and Legal Advisor Sripad Sangli.

He was delivering a lecture on ‘Financial Planning and Importance of Wills,’ organised by CSIR Pensioners Welfare Association, at the IFTTC Auditorium, CFTRI, here recently and explained in a very clear and lucid manner, that a Will, being a declaration, is the simplest form of transferring one’s earnings and assets to the loved ones.

There was no need of a stamp paper, he added, while highlighting the distinctive roles of the author of the Will (Testator), beneficiaries, witnesses and that of an Executor who has vast powers and is assigned the task of passing on the estate of the deceased to the beneficiaries.

He enlightened in detail about Probate and Letter of Administration, while emphasising the portions of the assets that pass on to the beneficiaries, which is distinct based on whether the maker is a Hindu, Parsi, Christian or Muslim.

Sangli clarified the doubts raised by the audience including matters relating to assets to be passed on through a Will. 

Importance of Will 

Sripad Sangli underscored the importance of the Maintenance and Welfare of Parents and Senior Citizens Act [MWPS Act], while guiding the audience through the procedure for reclaiming the assets that have been handed over by the elderly to their loved ones, including children, and suffer post-transfer of such assets.  

If parents and senior citizens are neglected by children or beneficiaries of the assets, the same could be held void and this act applies to citizens of India who reside outside India and also those who reside in rented premises, he said.

Association President Dr. N. Krishnamurthy welcomed, Secretary Dr. Renu Agrawal introduced the Speaker and Treasurer Sunita Eipson proposed a vote of thanks, according to a press release.