Wills and nominations

A will is a legal declaration of how assets distribute on death. Components: testator's personal info, beneficiaries, executor, residuary clause. Witnessing: minimum 2 witnesses (not beneficiaries). Registration: optional but recommended (provides additional evidence). Nomination on bank/demat/mutual fund accounts: trustee for asset, NOT owner — legal heir overrides nominee unless joint holding.

Will drafting essentials: (1) Testator's identity and capacity statement, (2) Specific bequests (asset → beneficiary), (3) Residuary clause (catch-all), (4) Executor appointment, (5) Witness signatures. Multiple wills are valid (latest dated supersedes); always destroy older drafts. Registration: not legally required; pay nominal stamp duty + register at sub-registrar. Probate: court certification of will validity; required for some asset types (e.g., immovable property in Mumbai/Chennai/Kolkata under Indian Succession Act). Nominee vs heir: nominee receives the asset operationally and holds in trust for legal heirs unless joint holding. Common litigation: heirs dispute nominee's assertion of beneficial ownership — wills resolve this.

A practitioner-grade insight: the "letter of wishes" alongside the registered will. While the will dictates legal distribution, a non-binding letter explains the rationale to heirs — reducing dispute risk. Also: review wills every 5 years or at major life events (marriage, child, divorce, asset acquisition/sale, death of beneficiary). For HNW, a private trust holding assets can simplify succession by avoiding probate entirely — but adds setup cost and ongoing administration. Most middle-class Indians don't need a trust; a comprehensive will + nominees + joint holdings suffice.