I’m in my 50s and looking to draft my Will. I expect to inherit some assets from my parents, which may include their flat and financial holdings, after their passing. Can I include these future assets in my Will now, or will I need to make a new Will after I inherit them?
—Name withheld on request
Your Will governs the assets you own at the time of your passing, regardless of whether you own them when the Will is drafted. Therefore, you can create a Will now which broadly covers any assets you may acquire in the future, including those inherited from your parents.
In your Will, you can specify that if you inherit assets like property or financial holdings from your parents—should they pass away before you—and these assets are part of your estate at the time of your death, they will be distributed as outlined in the Will. If your parents outlive you, you obviously won’t inherit these assets, and they won’t be part of your estate or covered by the Will.
Alternatively, you may execute your Will right now without referring to these assets but execute a codicil (that is, a document which explains, alters or adds to the provisions of the Will) in relation to these assets after inheriting the assets bequeathed to you under your parents’ Wills. If the modifications to your Will at such time are substantial, you may even consider executing a fresh Will and revoking your previous Will.
This approach applies not just to assets inherited in the future, but also to any assets you may acquire through purchase, gifts, or other means.
Shaishavi Kadakia is a partner, and Pratyush Khanna is principal associate designate at Cyril Amarchand Mangaldas, Mumbai.
