wills & nominations
Basics
- A will is a legal document which regulates other people’s rights on one’s property after his/her death.
- Writing a will reduces the chances of litigation.
- Rightful owners can enjoy their share of inheritance without unwanted worries.
- Reduces disputes within the family over movable and immovable property.
- Advisable to write or prepare a will under legal supervision to avoid legal battles in future.
- Having a will reduces the expenses, time and efforts, the legal heirs would have to spend to get the assets transferred.
- Ensures desirable distribution of assets.
- In the absence of a will, assets will be distributed as per the provisions of the Succession Act as per your religjon.
Things to do when you inherit a property:
- Firstly, you need to have substantial proof to claim your rights and inheritance
- In presence of a Will, executors need to administer the property as per Will
- Legal heirs can challenge the will if it property is not self acquired or was inherited by the deceased
- In absence of a Will, most convenient situation would be for the legal heirs to mutually decide and distribute the shares among themselves. This could be put in writing as a family settlement which can then be registered
- Once the beneficiaries and their shares are decided, the property has to be transferred in their names
- Apply for property transfer at sub registrars office
- Next the documents need to be registered in your name
- Apply next for a mutation of property title. This is done to record the transfer of a title of an immovable property from one person to another in land revenue records
- This is required for payment of property tax or to transfer or apply for utility connection in the name of the new owner
- Documents required and fees for mutation of property differ from state to state
Documents Required
- Property ownership document, Will or Will with probate or succession certificate
- In absence of Will, prepare an affidavit and no objection certificate from other legal heirs or their successors
- If any consideration has been paid in kind or cash to any legal heir to acquire their share, that needs to be mentioned in the transfer papers
Disclaimer: The purpose of this portal & the resources is to encourage you to plan for investments based on goals and is solely meant for education purposes. There is no guarantee that goals will be achieved. You are advised to consult your investment / financial advisor, prior to taking any investment decisions. While, every care has been taken in preparing the materials to ensure accuracy at the time of publication and creation, however, FINSAFE India Private Ltd assumes no responsibility for any errors, which despite all precautions may be found herein. Finsafe India Private Limited shall not be liable under, or in connection with:
- loss of income;
- loss of business profits or contracts;
- business interruption;
- loss of the use of money or anticipated savings
- loss of information
- loss of opportunity, goodwill or reputation;
- loss of, damage to or corruption of data; or any indirect or consequential loss or damage of any kind howsoever arising and whether caused
© Finsafe 2024