Leaving asset to a person or a beneficiary by a Will.

All the assets of the person who has died are collectively called estate.

You can leave assets which you acquired from your income or assets that you inherited without restrictions. You can also give your share of ownership in a asset where there are other owners, except in the case of joint tenancy (in which case the asset is retained by the survivors). You can also leave any undivided interest in or divided interest from a Coparcenary asset. If a asset is encumbered, as in a asset purchased against a loan where you have pledged it as security, then in general, the encumbrance also passes to the legatee. There are specific laws for a Muslim.

In general you can't leave assets where you are a co-owner under a joint tenancy, except where you are the last surviving owner. You can't leave assets that you have inherited conditionally (of course it depends upon the conditions). There are specific laws for a Muslim.

For your convenience, here is a checklist of assets that you could have :
Immovable Asset

• Freehold Land
• Leasehold Land
• Owned Immovable Asset
• Leased Immovable Asset
• Tenancy rights
• Membership rights in Immovable Asset (Co-operative Housing Society)
• Transferable interest in Immovable Asset

Movable Asset

• Cash
• Bank Balances
• Provident Fund Balances
• Insurance Policies
• Equity securities held as investor
• Debt securities held as investor
• Derivatives held as investor
• Ownership interest in personal enterprise
• Debt in personal enterprise
• Equity or related securities in private enterprise
• Debt or related securities in private enterprise
• Share of Coparcenary asset
• Share of Partnership Firm
• Intellectual Asset Rights (IPRs)
• Personal Effects
• Furniture
• Vehicle
• Ornaments
• Art Collection
• Paintings
• Antiques
• Sculptures

In the same proportion as the others. If there are two parties, then half; if there are three parties then a third, and so on.

The asset left to someone under a Will.

Residual Asset are those assets that remain after the legacies and bequests are made or completed or those in relation to which no bequest has been made or where the bequest cannot be given effect to for whatever reason. A Will can also deal with Residual Asset.

A Residual Legatee is a person who is entitled to the Residual Asset under a Will.

To deliver, give or convey a thing, asset or ownership to another person. A transfer may happen through a sale, exchange, relinquishment of a right or compulsory acquisition. Its meaning is wider than that of a sale and can include transfer by means of a lease or mortgage also.

The act of passing something upon the death of the owner to the beneficiary/legatee. A transmission is different from and maybe better than a "transfer" (although the end result of change of ownership, may be the same), because in case of transmission certain duties and taxes are not payable, which are otherwise payable on a transfer.

Co-ownership is when more than one person has ownership of a asset (generally immovable asset).

A co-ownership could be a "joint tenancy", where if one co-owner dies, the other co-owners retain the asset. In this case, the last living owner will get the asset. A co-owner under a joint tenancy cannot give away his/her share under a Will, unless he/she is the last surviving owner.

A co-ownership could be "tenancy-in-common", where if one co-owner dies, his/her share would pass to his/her legal heirs. A co-owner under a tenancy-in-common can give away his/her share under a Will.

In order to determine if a co-ownership is a "joint tenancy", the asset (generally immovable) should be under a single ownership document clearly having the intention to create joint tenancy, vesting at the same time, where the other owners have the same right of possession of the whole asset). If any of these conditions is missing, the co-ownership is "tenancy-in-common".

A tenancy-by-entirety is a joint tenancy between husband and wife.

If you leave any asset to more than one person, Indian Will Maker assumes this to be on a "tenancy-in-common" basis. Indian Will Maker does not give you the option to create a joint tenancy.

Coparcenary is a joint Hindu family having a common ancestor with lineal descendants within four degrees counting from and inclusive of such ancestor.

A member of a Coparcenary is a Coparcenar. A coparcenar acquires interest in a coparcenary asset either by his/her birth or upon the death of the last owner (without an heir). A Coparcenar's share in the coparcenary asset is variable and is reduced and added by birth and death in the joint family respectively.

A Coparcenary asset is an ancestral or joint asset of the joint Hindu family in which a coparcenar acquires interest either by his/her birth or upon the death of the last owner (without an heir).

Yes, a Coparcenar can dispose of his/her share of undivided interest in a coparcenary asset under a Will.