Read on Twitter
Thread. Why you should have a will, and why you should care even though you'll be dead when it matters. https://twitter.com/vikasj27/status/1274042110866407424
If you die without a will, and have a lot of money, things become complicated after you die. Because your next of kin will have to prove they really are your next of kin, and the process of that, without a will, is painful and arbitrary.
They could get what is called a "Succession Certificate", which is saying that you died intestate (this sounds medical, but it just means without a will) and therefore a court will say who are the heirs. In most places, this will work. http://www.legalservicesindia.com/article/1182/Succession-Certificate.html
Cost is 70k+legal.
Cost is 70k+legal.
As you can see, sometimes rules are different if you're Hindu, Christian, Parsi, Jew etc. THere's a Hindu Succession Act, and then an Indian Succession Act and it's all so boring that I should tell you they cure insomnia.
But if you die with a will, then your next of kin might have to Probate the will. Which is not needed in Delhi. (There are if-then conditions to hell and back for everything)
Probate will have a court fee and a stamp duty. Stamp duty may be capped to 50-75K, courts may have %.
Probate will have a court fee and a stamp duty. Stamp duty may be capped to 50-75K, courts may have %.
Which is a super pain, because your next of kin have to put cash upfront to get the money or property you've left them.
You can see a sample will here: http://hirannyafinplan.com/how-to-write-a-will-in-india/
Just say this is your last will, put dates, say you're of sound mind and write who gets what. Then get two witnesses who aren't beneficiaries and likely to outlive you.
Just say this is your last will, put dates, say you're of sound mind and write who gets what. Then get two witnesses who aren't beneficiaries and likely to outlive you.
Also, create joint accounts for your assets or name nominees. This may still not work if your next of kin will fight for you assets (a nominee doesn't get the right to anything, they have to transfer to legal heirs).
If people are going to fight for your assets, get a lawyer.
If people are going to fight for your assets, get a lawyer.
And unfortunately digitally signed wills are probably not legal yet. So you have to store a physical copy somewhere. Try to not use thermal paper, for example. And generally, assume you'll die rich because otherwise no one will pay the 70K+ they'll need.
A very good thing is to spend most of your money before you die. If you can't, then write a will.
Note: You can't will away inherited property. It isn't your right to determine who gets it after you. You can, instead, sell it and then give away the money I think.
