Procedure for disposition of property to a company by a will
11-Jan-2023 (In Wills / Trusts Law)
Can a person write a will for a company, either from his ancestral or self acquired property? For suppose, can a director of a company write a will wherein he disposes all of his property to the company he is working into.
Making a Will helps ensure one's property devolves as wished and the right heirs receive their fair shares. Under the Indian Succession Act 1925, a Will is a legal declaration of the intention of the testator, with respect to his property which he desires to be carried into effect after his death.
After the death of a person, his property devolves in two ways - according to his Will i.e. testamentary, or according to the respective laws of succession, when no Will is made. In case an individual dies intestate (no Will is made), the laws of succession come into play
After the death of a person, his property devolves in two ways - according to his Will i.e. testamentary, or according to the respective laws of succession, when no Will is made. In case an individual dies intestate (no Will is made), the laws of succession come into play
Yes, a director or any other person (even if not related to company anyway) can dispose of some of his properties or all of his properties to a Company. A company is not a natural person but an artificial legal personal capable of holding property and therefore there appears to be no legal impediment against a person/director wanting to dispose all of his property to the company.
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