[charanreddy]

Originally Posted by PaddleShifter

Gifting vs inheriting:


Person A gets a home through inheritance from parents. His son “X” in few years or say sometime in future emters into a matrimonial relation with a girl who files a false DV/498A on X. Since the house in which A and X are living is an inherited one, there will be issues for these two as compared to a self acquired one. As per what I am seeing, even self acquired ones are being eyed upon recently by the “system”.

At the risk of digressing from the topic, It doesn't matter if property is self acquired or inherited by X, they are always potential targets as far as out of court settlements are concerned. However wife is not entitled to property automatically, just to a commensurate standard of living. Children born however have a right to property.


Getting back to topic. In my parts (Raayalseema area of AP ) parents, esp. folks from villages are really unwilling to create a will or plan for continuity ( considered bad luck ? ). So much that I know a close friend who despite being 39 Yrs old does not know about the extent of his agricultural land as his father insists upon keeping him in the dark (For the fear of loosing control I suppose ) Other than technicalities i think mindset needs a change as well.

[am1m]

Originally Posted by charanreddy

... parents, esp. folks from villages are really unwilling to create a will or plan for continuity ... So much that I know a close friend who despite being 39 Yrs old does not know about the extent of his agricultural land as his father insists upon keeping him in the dark

Unfortunately very widespread, this reluctance to just sit down with the family and have a frank discussion about money, assets and what needs to be done when one and eventually both parents pass away. Even in cities, even among educated professionals this reluctance is there.

The parents are reluctant because of superstition or whatever, the kids will be reluctant because they may not want to be seen as getting greedy for their inheritance. So things just go along that way and the only people who benefit are the government registration offices who will milk everyone when it comes to untangling the asset ownership trail!

You won't believe it but a relative had even forgotten the way to a plot of land (an acre!) that they had purchased in a neighboring state 20 years ago! (And it's not like this is some landholding family that owns hundreds of acres all over the country, just a city dwelling, salaried, upper middle class family.) When their son returned from working in another city, he finally persuaded his parent to go see the plot. They couldn't find the way to it because the landscape had changed! Finally, they called up someone they remembered who had helped them with registration, got directions. Found that a small portion had been encroached by the neighbors (of course). Took another couple of years to get that sorted out and finally they fenced the area and transferred it to their son.

Parents should initiate that conversation and sit down with their children when they are old enough, explain everything and leave clear instructions. All of us are going to die someday, not thinking about it or not talking about it is not going to delay or change the inevitable. Might as well spare the rest of the family the extra hassle after the fact.

[libranof1987]

Originally Posted by am1m

Parents should initiate that conversation and sit down with their children when they are old enough, explain everything and leave clear instructions. All of us are going to die someday, not thinking about it or not talking about it is not going to delay or change the inevitable.

It is just an aspect of our culture: talking about death etc. is strictly no-go. As pragmatic as we (or rather, our parents' generation and beyond) have been about managing money, none of that pragmatism flows into managing inheritance.

For a really long time now, several members of my family have pledged to donate their organs, and even their body to science post death. When I've broached this topic with friends/extended family, there's a look of horror and there's a desperate effort to forget what was said.

[vj_torqueaddict]

Many insightful answers here. Like GTO mentioned, take the Gift deed route if possible, much less hassle. I have personally been through one so I can vouch for the Gift deed approach. Eliminates the ancestral rights related complications as well.

If you have to make a will, please make sure that the nominee details are the same too. For example, let's say you have FD of say 50 lakhs in SBI and you want to give it person X. Please do nominate this person X for that FD and then write the same in your will that person X should have it. OR you can also write in your will asking the nominee to distribute it to person Y and person Z( but please do not do this, its a big headache if these 3 people do not get along).

If its equity shares, a nominee also has the ownership, but please do check this with your lawyer, as things might have changed.

[a4_attitude]

I see lot of people are coming with better propositions to right will in a right way, if someone has prepared as per all different points discussed above, can you share the template? or just summed up all the points in one post to help others

[R2D2]

A very apt thread. My uncle who passed away last year due to Covid did not leave a will and his family has had to go through a lot of inconvenience with sorting out legal matters where assets were not willed to survivors or not nominated. Please take this seriously for your family's sake.

Please consider your digital legacy too, others have mentioned FB and other social media sites. Along with those your net banking passwords, debit and credit card #s and their PINs. Google helps your formulate your policy for your Gmail account. You can, errr, Google that one for additional information.

In what is fast becoming a paperless world, password managers take the guess work out of your remembering usernames and passwords at different sites including banks, insurance companies, cloud drives, PC login info etc. You also get options to store secure notes among a raft of information. But most require a premium subscription to activate all features including access for your wife/spouse after your passing. That said, even without a premium subscription, you input all your confidential data and once it is done, take a print out which you can store in a safe deposit locker. Do update the print if you change information. Most importantly do not hide things from your spouse especially debts (take some life insurance policy to cover the value) because you really don't want them to face the consequences later.

[sumeethaldankar]

Is it required to submit the entire will to the housing society for flat transfer post deceased of an owner? Typically, a will contains various details about the deceased, including property ownership and bank account information. Is it permissible to redact or conceal unrelated details when providing a copy of the will for the purpose of transferring flat ownership, while preserving the integrity of the original document? Is the society needed to be even presented with the will in the first place?

Thanks.

[Fx14]

Originally Posted by sumeethaldankar

Is it required to submit the entire will to the housing society for flat transfer post deceased of an owner?

Is the society needed to be even presented with the will in the first place?

Was a nomination recorded by the flat owner with the Society?

[NetfreakBombay]

Originally Posted by sumeethaldankar

Is it required to submit the entire will to the housing society for flat transfer post deceased of an owner?

If nomination was not done (for a flat in Mumbai), and death also happened in Mumbai, will is not sufficient. Will has to be probated by court.

Court will issue a specific order to society that will not have other details. I assisted a friend's family with paperwork for transfer of property and bank /PF etc. From what I recollect, court fees for probate is 75000 and it takes an year if no one contests. (only one judge was handling all of probates in Mumbai at that time)

https://www.livemint.com/money/perso...214987843.html

*This is with assumption that all parties are Hindu.