[diyguy]

Hello, I searched and couldnt find a thread for this but if there is one, kindly merge. Considering the high mortality rates we are seeing with Covid now in India and the rapidity of life loss, I am wanting to create a will and register it in such a way that my family has the least difficulty, in case I fall prey to the virus.
Is there a simple way to ensure that my family is not struggling to get ownership of my assets - property, investments (funds, stocks, bank balances, locker), insurance claim, vehicle ownership etc? I think this will be helpful to most folks here. I do not have a will and dont know where to start. If there is a digital will possible and via Digilocker or equivalent, I think that would be best.

[V.Narayan]

Originally Posted by diyguy

Hello, I searched and couldnt find a thread for this but if there is one, kindly merge. Considering the high mortality rates we are seeing with Covid now in India and the rapidity of life loss, I am wanting to create a will and register it in such a way that my family has the least difficulty, in case I fall prey to the virus.
Is there a simple way to ensure that my family is not struggling to get ownership of my assets - property, investments (funds, stocks, bank balances, locker), insurance claim, vehicle ownership etc? I think this will be helpful to most folks here. I do not have a will and dont know where to start. If there is a digital will possible and via Digilocker or equivalent, I think that would be best.

Thank you for raising this most critical of topics which in our country often remains unaddressed.

If you wish to leave all to one individual {spouse, mother etc} then simply state that in two sentences , include a sentence that this is your first will and that you are of sound mind and body when writing it and register it. A will does not have to be complicated. Lawyers make it so.

If you wish to divide your assets between say two or three near and dear ones then list your key assets and in plain English set out the lists that go to A, B and C respectively. You can add that any other movable or immovable assets go to A. The get it registered bit is very very important. If later in life you add substantial more assets or the beneficiaries change {due to birth, death, marriage, divorce or affection} you can always make a fresh will or an addendum to the first. You can also write that assets 1,2,3 go to B and in case B pre-deceases me then 1 goes to A and 2 and 3 to C or D even. Name an executor -some one you trust and state that if that person predeceases you then who alternatively should be the executor. Give a original signed copy of your will to A, B, C, and D and the executor preferably in the same meeting in each others' presence.

My father made the first kind of will adding that I should be the executor. My uncle and F-i-L made the second kind of will {at my relentless prodding} again naming an executor. In all three cases I had little problem executing their wills and dividing their assets they way the will stated.

Another bit is to make sure you have a nominee clearly marked out for all your bank accounts, insurance policies, equity portfolio schemes, landed property etc.

PS: I am not a lawyer. Just an ordinary citizen with some little experience executing wills. Hope this helps. Drawing up a will is one of the best favours you can do for your near and dear ones.

Experts can add more and better advice.

[VKumar]

Originally Posted by V.Narayan

nominee clearly marked out for all your bank accounts

I have no experience or whatsoever of dealing with the cases of will etc, I have grown up in a family where even today one head, who has a moral high ground; controls everything, and it actually works too.

But when it comes to nominations, this is an absolute pain if not clearly marked. Anyone who has political connections, or who has deep roots in administrative machinery will tell you that getting the documents corrected or completed is the biggest pain. At times it lasts for over a year. A small mismatch in the spelling, or the missing surname is something that will add a lot to your agony, particularly if the asset owner has passed away. Anyone who helps people via phone or contacts will testify my word, this is such a long and painful process, that people normally decide to leave in between or even not start at all if the asset value is on a lower end, even if it's anything worth a lac!

Till the date the person is alive, he can write anything. Once he/she has passed away. If there is a mistake in nomination, then the process goes like this:

• Step 1: Prove that you are their son/daughter
• Step 2: Get all your siblings and make them prove that they are also the children of deceased
• Step 3: The siblings will give a clearance that they have no objection on getting the asset handed over to you
• Step 4: Start the process of getting the asset transferred to you

One strong suggestion:
Always keep a digital copy of a few items items with you, and at least one family member shall be able to access them:

• Copy of the forms you fill, and the acknowledgements you receive from the government office. Not every random form, the ones those matter only.
• Copy of the legal documents of any transaction, even if you have sold off the asset
• Whenever you give any application for a correction, addition, removal to a government office. Always take a signed acknowledgement
• Your older voter ID cards etc which you have attached with any documents in past
• Copies of FIRs if you have ever been in a civil or criminal case, cops give that to you. If a compromised is reached, then a duly signed copy of compromise - most most important

I have made this particular list because I have people who keep on doing this stuff only, and there I have seen the need of such documents being arisen. If you don't have any, then starts the spiral of the attestations and verification - which will take you back to the step 1 in the first half of this post.

No offense to law practitioners: Initially nobody will tell you that these docs need to be preserved like your life and at least a person or 2 shall be aware of them.

Always remember: Banks, government offices etc all have the risks like catching fire, flood, mishandling of docs etc. Never completely trust them. Even they will make you run from pillar to post for proving the authenticity of something whose document has been burnt right in their own almirahs - this happens. And if you want to tell me that you will go to court in such a case; that means you have no experience of going to the court either

[dailydriver]

A very pertinent issue.

Given the increased sense and possibility of uncertainty, it is imperative for us to do three things:

1. Write a clear and comprehensive will; register it. Let it be known to all the concerned that you have done so (without revealing the actual content).

2. Compile the details of all your accounts (financial, transactional and otherwise): List your passwords and entrust the responsibility of accessing/retrieving them to a trusted individual/s.

3. Talk to your spouse about how you would wish to treated in case of dire situations or after death. This is specially important for people staying physically/geographically away from their extended families whose support might not be available/possible at critical times.

[NetfreakBombay]

Originally Posted by V.Narayan

Another bit is to make sure you have a nominee clearly marked out for all your bank accounts, insurance policies, equity portfolio schemes, landed property etc.

Good tips, based on a similar experience I would add : in addition to nomination, also add spouse / kids /parents as joint owners in all financial accounts. This makes process much simpler (as compared to nomination).

This enables them to access funds even when one is alive but incapacitated. E.g.: 2 weeks in ICU, I had to help someone in this situation. Because of joint ownership, it was possible.

One can choose to add joint owner in few ways. For example :

1. Either : Any owner can operate account
2. Joint owner can operate account after primary owner's death

[PaddleShifter]

I planned to make a will back in 2018 (but never made it) and what I learnt was that a will can be registered or even unregistered one. Both carry similar weight but a registered one can not be challenged as per what I read.

The benefit of unregistered one is that the person making that will can easily modify or simply destry it in case some circumstances change in future. Templates are available on the web.

I had consulted this article for above info to be honest.

https://m.economictimes.com/wealth/p...w/63855623.cms

Try the google version of it. You will be able to read it full. This is a good article to begin with and get basic information.

[am1m]

Has anyone got any experience with making a 'living will'? Do they apply in India? Are they enforceable, as in if i do make one, will my wishes be carried out if the worst happens?

[TrackDay]

We had got a will made in our family a couple of years back. This is in Kerala and I don't know if this is how it is everywhere else in India. So basically the firm that does land / house registrations i.e. document writers (they are called Adharam Ezhuthu in my place) takes care of these things. They prepare the 'will' and write what all is to be included and to whom all it is to be willed to. This is also supported with documents like Aadhar card if I recall correctly. This is then taken to the District Registrar Office and signed in front of the head official (notary ?) there along with two witnesses. The document is hence registered and will be received within a week or two, if I recall correctly. Your lawyer might also be able to prepare a will, but it still needs to be registered if I am right.

Now in this will, 'everything' is stated to be passed onto the nominated members/person. The reason it is stated as such might be to claim any assets/accounts which are located abroad or which might come into inheritance to the passed person from distant family members. Besides this, all bank accounts too should be independently nominated. Always do ensure your get your will registered at a registrar office/notary. Why ? This will come useful if you are seeking accounts/assets of the passed member abroad.

I am not sure if this one holds in a court of law, but you can also do a video recording statement if you feel the worse is to come and cannot do a will registration.

I would also like to stress here to always give your loved ones a complete full list of your assets, bank accounts, insurance etc. Many a times especially in young families, when the earning member passes away the rest of the members have no clue what they have and where it is. So please do give that data to your loved ones.

Another point in this digital era is nominating your email account/Facebook social media accounts. Trust me this is important. I don't remember how this was done, but there is a way. More than social media, access to your email will help your loved ones too. I am attaching a link here to an article about this :
https://economictimes.indiatimes.com...w/58548246.cms

Another point to be noted is to take extreme care of the consequences of your will. For instance, suppose you nominate your children instead of your spouse, the property/assets might go directly into their hands. If relations are bad, the surviving spouse will be at the mercy of the children. To avoid this, always do a joint ownership of properties, assets, accounts and nominate your children/nominee such that they come into inheritance only after both the parents have passed away.

[ajmat]

I did this around 8 years ago. My mothers will had been drawn up in 1976. It would technically be unenforceable as assets changed. I also did not want any potential conflict with my sister.

I engaged a lawyer who gave me the format. I asked my mother what exactly she wanted to do with what and to whom. We took pictures of the jewellery and labelled what goes to whom.

I drafted it and shared with my sister. I also put contingencies in there about if I predecease my mother, if my wife predeceases , whole 9 yards. Of course, my sister seeing what I had done, made similar plans.

At the same time, I drafted my will. Stated clear guardianship requirements for my daughter (i.e. she should as a minor then have the right to choose!), have planned to the extent on if as a family, we die, where do the assets go.

The lawyer drafted these, printed on stamp paper and got these wills registered at the Registrar's

Things are watertight!

[AZT]

One more thing to add here is converting physical share certificates to Demat form while the person is alive. In a lot of cases these are found post the persons death and if there's no nominee, the process is tedious.

Another concern is misplaced share certificates, since these are so old it's easy to lose track of a few papers misplaced. I've learnt this the hard way and have had to mail multiple companies to validate the number of shares held in specific Folio numbers and found a high value of certificates missing. The process for these is again long and tedious.

[libranof1987]

Thanks, Mr. Narayan. Some thoughts/questions, up for expert advice.

Originally Posted by V.Narayan

If you wish to leave all to one individual {spouse, mother etc} then simply state that in two sentences , include a sentence that this is your first will and that you are of sound mind and body when writing it and register it.

The get it registered bit is very very important.

When my parents got their Will made, they were advised by the lawyer that

- Listing out all the assets owned is still a good (necessary?) practice even if there is only one heir
- Registering the Will is no longer necessary, it just needs signatures from two witnesses

Another bit is to make sure you have a nominee clearly marked out for all your bank accounts, insurance policies, equity portfolio schemes, landed property etc.

Fair point, yes. But it is extremely important for everyone to note that a nominee is not automatically a heir. If you're the nominee, it doesn't mean you'll get the money. You will merely be the caretaker to safeguard the money until the heir is identified. Nominee and heir can be the same but being a nominee doesn't mean you are the heir.

You may be the nominee and also the heir but in the absence of a Will, someone can claim to be the heir and it would be up to you to prove to be the heir.

The Will is the single source of truth.

[warrioraks]

Originally Posted by V.Narayan

Another bit is to make sure you have a nominee clearly marked out for all your bank accounts, insurance policies, equity portfolio schemes, landed property etc.

Thank you for simplifying it for newbies. I have no idea of preparing or executing wills. However reading the post, got reminded of an article I read few days back on nomination. It seems very soon - Owners would be able to nominate for cars and bikes as well on the RC.

Thought this might be useful for anyone wanting to draw up a will.

The Ministry of Road Transport and Highways has recently notified changes to the Central Motor Vehicles Rules, 1989. The vehicle owner can now nominate a person in the registration certificate. In the case of the death of the vehicle owner, the nominee can get the ownership transferred in his or her name.

https://www.livemint.com/money/perso...998736031.html

[AMG Power]

Originally Posted by libranof1987

- Registering the Will is no longer necessary, it just needs signatures from two witnesses

Registering a Will was never ‘necessary’. An unregistered will and a registered will have equal validity in the eyes of the law.

An unregistered will is sometimes handwritten for added proof that it is authentic.

However, the scope for misuse and foul play increases in unregistered wills as the will can be destroyed, hidden, forged. The witnesses can deny having signed, the will can be contested as forged etc.

Even registered wills are contested but it is far more difficult to prove or succeed in establishing that a registered will is not genuine.

So it is certainly better to have a registered will.

[V.Narayan]

Originally Posted by libranof1987

Thanks, Mr. Narayan. Some thoughts/questions, up for expert advice.

The answers below are to the best of my limited experience. If a reader has a complex situation best to consult a lawyer.

When my parents got their Will made, they were advised by the lawyer that
- Listing out all the assets owned is still a good (necessary?) practice even if there is only one heir

Good to have but not need to have.

- Registering the Will is no longer necessary, it just needs signatures from two witnesses

It was never necessary but it goes a very very long way in Indian law to protect you and your designated heirs from mischief makers. When you register your will you have to go and do it in person in front of a Govt officer and have your photo taken and affixed to the document. Plus witnesses etc in person.

Fair point, yes. But it is extremely important for everyone to note that a nominee is not automatically a heir. If you're the nominee, it doesn't mean you'll get the money. You will merely be the caretaker to safeguard the money until the heir is identified. Nominee and heir can be the same but being a nominee doesn't mean you are the heir. You may be the nominee and also the heir but in the absence of a Will, someone can claim to be the heir and it would be up to you to prove to be the heir.

Fair point. But if there is no dispute in India effectively the nominee becomes the heir. My father's elder brother had no kids and was a widower. He did not leave a will despite my requesting him to. But at my insistence he did nominate each asset to various near and dear ones and left a letter to all relatives that I should be the executor of his estate and take the decisions needed. Talk of being put in a spot and earn the nasty stares of all! This was over a decade ago. What I did was to have each bank, company, mutual fund, provident fund etc to transfer the asset to the nominee. And each did it without too much of a problem. There was a little bit of paper work but nothing that my secretary couldn't arrange herself. His landed property I felt should go to his only surviving sibling also a widow and for that I got hold of a very competent lawyer in that city who got the transfer done after all key relatives gave the NOC.

The Will is the single source of truth.

+1

[NetfreakBombay]

Adding my experience based on court proceedings for a family I was assisting (I am not a lawyer).

Originally Posted by libranof1987

The Will is the single source of truth.

It is not always the case (depends on religion of the person). In case of Hindu families, person has some limitations w.r.t. ancestral property. It has to be divided.

It is common to challenge a will and drag the matter for decades. It can be on the grounds such as duress , mental capacity etc.

Originally Posted by V.Narayan

Fair point. But if there is no dispute in India effectively the nominee becomes the heir.

I would highlight that this can easily become a criminal matter. It can be treated as "अमानत में खयानत"*.

Nominee is supposed to keep monies as "अमानत" and pass it on to legal heir.

An example :

https://www.orowealth.com/insights/b...and-a-nominee/

*Not sure about equivalent English legal term.