Beyond Nomination: The Legal Imperative of Executing a Will
In the realm of personal financial planning, nomination is a widely recognized mechanism governed under various statutory frameworks including the Life Insurance Act, the Employees’ Provident Funds and Miscellaneous Provisions Act, the Payment of Gratuity Act, the Co-operative Societies Act, and the Banking Regulation Act. Individuals often assume that by merely executing nominations for their…
Read article Registered vs. Unregistered Wills: Evaluating the Legal Advantages
Under Section 18 of the Registration Act, 1908, the registration of a Will is not mandatory. The Hon’ble Supreme Court, in Ishwardeo Narain Singh v. Kamta Devi, AIR 1954 SC 280, authoritatively held that the non-registration of a Will does not, by itself, cast any doubt upon its genuineness. The Court observed that the majority…
Read article Specimen Draft of a Last Will and Testament under Indian Law
Legal Note:There is no prescribed statutory format for a Will under Indian law. A Will may be executed in any language and may be either handwritten or typed. Legal or technical language is not mandatory, provided that the document clearly conveys the unambiguous testamentary intent of the testator. A lawyer’s assistance, though advisable in complex…
Read article How to write a Wills under the Indian Succession Act, 1925?
The term “Will” is defined under Section 2(h) of the Indian Succession Act, 1925, as a legal declaration made in writing by a person, referred to as the Testator, whereby the testator specifies the manner in which his or her assets and properties are to be distributed upon their demise. A Will has overriding effect…
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Understanding the Various Types of Life and General Insurance
This article offers you the details of different types of life insurance policies, as well as general (non-life) policies like Property Insurance, Liability Insurance, Motor Insurance, Health Insurance, Travel Insurance Marine Insurance, cargo, etc. Insurance contracts can be broadly classified into two categories based on the nature of the insured risk viz. life insurance and…
DFS advises banks to invoke personal guarantees and initiate IBC proceedings against the guarantors whenever possible
According to the sources with direct knowledge of the matter, the Department of Financial Services (DFS) has written a letter to Chairmen and heads of the banks on August 26, asking them to consider setting up of an IT system to collate such data, The IBC code amendment 2019 allows creditor to permits file insolvency…
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