Different Kinds of Wills
Dignity Dialogue|June 2021
Wills are an important part of the financial planning process. A will is a legal declaration that spells out a person’s wishes and intentions in matters of care of dependents or inheritance of property after his or her own death. Here is an article on the different types of wills.
Different Kinds of Wills

A person who dies without a will, intestate in legal terms, will have his or her property distributed as per the applicable succession law. To avoid this ‘default’ way of distribution, a will gives you full control over how your assets should be distributed. There is a common belief that a nomination on assets is sufficient in case of intestate death. But that is not true. A nominee is only a custodian of the asset and does not earn any ownership right over the deceased’s property. This does not mean that a nomination is useless. A nominee’s role is to represent the deceased owner of the properties and facilitate transfer of his assets to its rightful owners. Therefore, a nomination and a will are the two essential parts of estate transfer.

1. Privileged and Unprivileged Wills

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