Practical Matters – Investors
Paperwork relating to succession planning is cumbersome. But if you want to avoid trouble in future then it pays to know the nitty-gritty regarding drafting, attestation and registration of documents.
A small error like a typographical error or wrong spelling of name or a delay in registering a document can lead to a long legal conflict.
Even improper or incomplete attestation may lead to a major court battle as the court refuses to accept the validity of documents due to the mistakes stated above.
Advantages of Registering the documents:
- Enables to find out any existing liability or ongoing litigation
- Ensures transparency and secure deals
- Helps prevent forgeries
- Proof that document was actually drawn
Attesting a will:
When a will is signed by two independent witnesses, it is said to be attested. It is not necessary for the witnesses to sign in each other's presence but they must see you sign your will or at least acknowledge that you were mentally fit to execute the will. Also, the witnesses or their spouse should not be the beneficiaries of the will. If you do so, the will is valid. The witness cannot inherit the property. Though a relative who is not inheriting your wealth can attest the will, it is better to appoint an independent, third person as a witness, like a chartered accountant and a doctor