WebinarbyNeerajChauhan,CFPSunday,8thmay2016

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Howtomakesureyourassetspasstoyourlovedonesexactlyasyouwant—

withthefewestpossiblehassles,taxes,anddelays

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UnclaimedMoney

•  EPF 26,496Cr•  PPF 22,000Cr•  InsuranceCo’s 5,849Cr•  BankAccounts 5,124Cr•  Corporate 3,454Cr•  Postoffice 1,916Cr•  Bonds 1,100Cr•  MF 453Cr

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Nomineeisatrustee,nottheowneroftheAssets.

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ExcepUons

• CompaniesAct

• DepositoriesAct

• SocieUesAct6NeerajChauhan,CFP09/05/16

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HinduSuccessionAct,1956TheRepealingandAmendingAct,2015

IndianSuccessionAct,1925

TheMuslimPersonalLaw(Shariat)ApplicaUonact,1937

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Class1Heir

• Widow• Son/Daughter• Mother• Son/Daughter/Widowofapredeceasedson

• Son/Daughter/Widowofapredeceasedsonofapredeceasedson

• Daughter/Sonofapredeceaseddaughter

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Class2

•  Father•  (1)Son'sdaughter'sson,(2)son'sdaughter'sdaughter,(3)brother,(4)sister

•  (1)Daughter'sson'sson,(2)daughter'sson'sdaughter,(3)daughter'daughter'sson,(4)daughter'sdaughter'sdaughter.

•  (1)Brother'sson,(2)sister'sson,(3)brother'sdaughter,(4)sister'sdaughter.

• Father'sfather;father'smother.• Father'swidow;brother'swidow.• Father'sbrother;father'ssister.• Mother'sfather;mother'smother• Mother'sbrother;mother'ssister.

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Agnates

• FatherSideRelaUveslikefather’sbrother’sson,son’sson,son’ssonfather,father’sfather,father’smother,father’sfather’sfather&mother,son’sdaughter,son’sson’sdaughter……….etcareagnates.

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Cognates

• Mother’ssiderelaUveslikesister’ssons&daughters;daughter’ssons&daughters;mother’smother&father;father’smother’sfather&mother;mother’sfather’sson&daughter………..etcareallcognates.

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NoHeirs

• EnUrepropertylapsestothegovernment

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FemaleHindus

• firstly,uponthesonsanddaughters(includingthechildrenofanypredeceasedsonordaughter)andthehusband;

• secondlyupontheheirsofthehusband;

• thirdly,uponthemotherandfather;• fourthly,upontheheirsofthefather;and;

• lastly,upontheheirsofthemother

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SuccessioncerUficate

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Childrenbornoflive-inrelaUonshipsarelegiUmate,

SupremeCourtsays

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AnypersonwhocommitsmurderisdisqualifiedfromreceivinganyformofinheritancefromvicUm

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IfarelaUveconvertsfromHinduism,heorsheissUlleligible

forinheritance.

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DaughterswhosefathersdiedintestatebeforeamendmentinHinduSuccessionActhaveno

righttoInheritance

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Onlyselfacquiredpropertycanbebequeathed

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MuslimmalecannotWillawaymorethan1/3rdoftheestate.

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FuncUonariesinaWill

•  Testator•  Executor•  Beneficiary•  Witness•  Guardian(IfbeneficiaryisMinor)

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EssenUalClauses

MenUonyourname,ageandaddressatthebeginningofthe

Will

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EssenUalClauses

Statethatyouareinsoundgoodhealthandmind

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EssenUalClauses

MenUonthatthecurrentWillisyourlastWillandhasbeenmadewithfree,calmmind&withoutany

pressure

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EssenUalClauses

AppointanexecutorofyourWillanddon’tforgettoseekhisorherpermissionbeforeappoinUng.

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EssenUalClauses

GivecompleteandcleardescripUonsforalltheassetsbeing

bequeathed

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EssenUalClauses

SignonallpagesoftheWill

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AddiUonalCare

IfyouhavemadeanyWillinthepast,menUonthatthelatestWill

supersedestheoldones

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AddiUonalCare

Ifyouaregivingsomethingtoapersonoutsidethenaturalorder,

menUonthereason.Itwillreducethechanceof

disputes

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AddiUonalCare

IftheWillisexcludingsomeheirsfrominheritancethenmenUonthereasonforsuchexclusiontoavoid

aspeculaUvechallenge

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AddiUonalCare

Don’talterthetextofyourWillbystrikingoutoroverwriUng,writeafreshWilloranaddendumfor

minorchanges.

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AddiUonalCare

YourthumbimpressionwillsupporttheauthenUcityofyour

Will

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AddiUonalCare

Thelanguageofyourwillshouldbesimple,clearandunambiguous

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AddiUonalCare

Awitnessfromadoctorwillhelptoprovegoodhealthandstable

mind

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AddiUonalCare

NameandcompleteaddressofwitnessshouldbemenUoned

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AddiUonalCare

TryanddovideographyofyourWill

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AddiUonalCare

AvoidmakingbeneficiaryasanexecutorofyourWill

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AddiUonalCare

Ideallyexecutorshouldbeyoungerthantestatorandfromlocalarea.TherecanbesomeremuneraUon

forExecutor

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AddiUonalCare

AlwaysAppointalternaUveExecutortoavoidleierof

administraUon

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AddiUonalCare

Empowerexecutortopaybillsanddebt

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AWillwriienwithhiddenobjecUvesisconsideredVoid

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AWillcanbewriieninanyscheduledlanguage

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Willcanbewriieninasimplenon-technicallanguage

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Willcanbeonaplainpaperorstamppaper

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Willmayormaynotberegistered

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AWillcanberevokedanyUmebythetestatorduringhislifeUme

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BequestscanbemadewithaiachedliabiliUes

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TestatorinWillcanalsomenUon%XcangotohiswifeandY%to

Son

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WillmaymenUonhowassetsprocuredinfuturebedistributed

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SpecificlegaciesandbequestscanbemadethroughWill

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Bequestscanbemadetounascertainedparty

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Keepyourwillinsafecustody

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Revocable

LivingTrustOr

FamilyTrust

IrrevocableSpecific/DiscreUonary

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Disclaimer

WeareCerUfiedFinancialPlannerandnotthelegaladvisorsonWill&EstatePlanning.ThewholepresentaUoniscreatedwithanobjecUvetosensiUzepeopleaboutimportanceofEstateplanning.PleaseconsultyourlegaladvisororlawyerbeforeacUngonanyadvicegivenhere.

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Thanks

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