The Indian Contract Act 1872, segment 2(e), defines an agreement as “each promise and each set of promises, forming the attention for every different is an agreement.” A promise is basically a proposal or a proposal, made through someone or an entity, closer to another. The assent of the different, outcomes within side the reputation of the offer; thereby developing an agreement.Continue reading
There are a variety of annual compliances that a startup must keep in their mind to follow through. Different acts prescribe different compliances to be followed. However, it can be quite difficult for such companies to keep track of these compliances and since at times these startups are run by one person, it can get quite overwhelming as well.Continue reading
Protecting one’s Brand becomes extremely critical for companies in today’s digital world. Small and medium-sized businesses often tend to ignore this aspect which leads to a plethora of complications. It is essential to understand that an effective brand protection strategy isn’t needed only for large companies with well-established brands, but also to just about every business. Especially during the times of the Covid-19 pandemic where businesses are carried out online more often than not, it becomes all the more crucial to employ brand protection strategies.Continue reading
Online hate speech in India is a hugely relevant topic in cyber laws right now. Thanks to the unclear definitions on what exactly hate speech is, and due to the boom in the availability of internet access and cyberspace, there has been a surge in online hate speech cases. The scenario as of now is such that it has become a part and parcel of social media and the internet. The situation is thus precarious as of now and there needs to be immediate attention on the laws surrounding online hate speech.Continue reading
When a business that one runs is limited by size and scope, there are limited opportunities for growth to get to the next level. Therefore, it is essential that companies always look to grow in size, and one of the ways to do so is by working together with a fellow company. This can be done by means of a merger, or by acquiring the other company, or through a joint venture.Continue reading
By Mihika Awate
The concept of will is one such legal concept which is known by the public at large. A Will is a document by which a person lays down how their property is to be disposed of after their death and the person making the will is known as a ‘Testator’. The important part here is ‘after their death’, since if the intention is to dispose of the property during their lifetime, then it would not be a will. The property to be disposed of can be both movable and immovable property of the testator.
Every person who is of sound mind and is a major can make a will. The person making the will has to be aware of the consequences of making the will and what he does by making one, and so a person who is intoxicated or suffering from illness or any other cause due to which they do not know what they’re doing, a will made in such a state will not be valid. The will also must be made voluntarily and not under coercion or fraud, et cetera.
There are two types of wills :
- Unprivileged will – Except for certain circumstances which allow for privileged wills, most wills are Unprivileged wills i.e. they are in written format, must be signed by the testator & need to be attested.
- Privileged will – SECTION 65 and 66 talk about the circumstances under which privileged wills can be made and in such cases, a will can be made orally and does not require to be attested.
This article will deal only with the storing of an unprivileged will.
- In a safe at your home
Nowadays there is a wide variety of home safes available in the market for people to purchase. People prefer to store valuables such as property papers, jewelry, cash et cetera at home where they can keep an eye out for the same and purchase a safe for the same reason. With the introduction of the new rules by the RBI notification issued on 18th August 2021 which greatly reduces the bank’s liability and the compensation amount to be paid in case of any damage to the bank locker contents, one can presume that home safes will be more predominant than ever before. One can also make use of a home safe to store one’s will. However, make sure that at least one person other than yourself, a person you trust, is aware of the password/pin of the safe.
- In a bank locker
Bank lockers are often resorted to by people to store their valuables in, and a will being one can be stored in the bank locker as well. Rent has to be paid for the locker according to the bank rules & regulations. A bank locker can be hired either individually or jointly. When it is hired jointly if one owner dies, then the other owner can still access the locker and hence accessing the will of the dead owner will not be a problem. When it is hired individually, accessing the will of the owner after their death will be extremely difficult and a tedious process. For this reason, it is always recommended that one has a nominee listed for their bank locker who will gain access to the bank locker post their death.
- With your lawyer
You may also store your will with your lawyer. People often take the help of a lawyer to draft their will since lawyers are aware of the laws related to a will, although it is not necessary to take the aid of a lawyer to draft one’s will. In such cases, one may store their will with the lawyer themselves. Often lawyers have a safe in their offices to store important documents and they may be able to store their client’s will inside the same as well.
- Make multiple copies of your will
Make sure that apart from your main will, you have made at least 2 copies of your will and have stored them in safe places as well.
A will is an important document and it is of paramount importance that it is stored properly. A lost will is equivalent to having no will. You may store it at places other than the ones mentioned above, such as at your parents’ home, but make sure you store it in a safe place where someone will not be able to tamper with it but at the same time, it is accessible post your death.
Private equity (PE) is a form of financing in which money, or capital, is invested in a business. Typically, PE investments are made in mature companies in traditional industries in exchange for shares or equity. The PE is an important subset of a larger and more complex part of the financial landscape known as private markets.Continue reading
Arbitration is a form of Alternative Dispute Resolution. ADR methods enjoy significant advantages such as lower costs, greater flexibility of process, etc.Continue reading
Venture Capital plays a vital role in the development and growth of innovative entrepreneurship in India. Venture Capital Funds and Foreign Venture Capital Investors are also covered by the Securities Contracts (Regulation) Act, 1956, SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 1997, SEBI (Disclosure of Investor Protection) Guidelines, 2000.Continue reading
After struggling and studying for many years prior to starting your career, everyone wishes that they get a well-paying job that provides for financial stability in one’s life. Unfortunately, that is not always the case. Employers may not pay you on time, and especially since the COVID-19 pandemic, these occurrences have increased. What do you do in such times?Continue reading