Will or a Testamentary deed is one of the constituents of the documentations like Sale/Purchase Deed or Development Agreement & Development Power Of Attorney or Transfer of Development Rights or Agreement for Sale, or Search Report and Certificate of Title or Public Notice or Power of Attorney or Leave and Licence.
The document of Will is made by a person who is called a TESTATOR. The Will is a expression of a intent, will and wish of the Testator to organise and arrange certain of his/her moveable and immoveable properties after the death of a Testator. Thus a person may will that his/her property- moveable and immoveable, shall vest either in a person named and identified by the testator or shall be used for a particular purpose and object/s specified by the testator or shall be owned by an charitable endowment or trust after the death of the testator. If such property is to vest as aforesaid then upon the death of the testator, person or endowment being the legatee under the Will acquire the ownership and title in the properties.
At some places the administrator or the legatee under the Will is required to obtain Probate or letter of administration from the Court having competent jurisdiction.
By a Will a private or public trust can be created which trust comes into operation upon the death of the Testator who bequeaths his/her property for the benefit of others. Thus, under the arrangement of Will the rights of beneficiary i.e. the person for whose benefit the property is so bequeathed and the powers and obligations of the trustee who is to hold such property for the beneficiary become effective upon the death of the Testator whereas under the Deed of Trust/Settlement the same become effective once such Deed is executed.
The making of Will is governed by the personal laws of the Testator. As for instance, under Islamic law of succession and inheritance, the testator cannot bequeath more than third of his or her property.