I am reproducing the relevant portion from the minutes sent by Ms Kamakshi, Presudent of SCF.
Dr P Vyasamoorthy
As per the talk by Justice Rangarajan :
Three (3) essential steps to be taken to ensure that property reaches your children/designated beneficiaries.
1) Make a LIST of ALL assets (both movable and immovable)
2) Share this information with members of the family during your lifetime.
3) Give details of how it should be distributed,its estimated value and put it in a sealed cover..
In the absence of the above law takes its course
- In the case of Self acquired property it goes to the category called "Class 1 Heirs".
- If the Male passes away as per hindu law, the spouse and children and mother share the property equally.
- If the female passes away …the husband and children and not the parents would be the beneficiaries
- The proportion is 1/3rd to the wife and balance 2/3rd to the children.
- In the case of Joint family property ,equal share goes to daughters also.
- Writing of the WILL helps in distribution of the wealth of the deceaased but it can always be challenged by the person who does not get equal share in the property of the deceased.
- Registration of the WILL, has no extra value for it can always be contested. The only advantage it would have over UNREGISTERED Will would be that this would be in the public domain that a Will has been written by the deceased but the contents would have to be awaited. The Will will be opened after the death of the person who has written the Will. In the case of will being registered, the contents are not read out to any body not even to the Registrar It is put in a sealed cover
- The Will can be written on a white (plain) paper and need not be on a Stamp Paper but needs to be witnessed. by 2 People who are NOT beneficiaries to the WILL.
- Any number of wills can be written. Only the last written, however, will be valid..The previously written WILLs will not be valid.
- The WILL can also include future property/contingent property and future (yet to be born) beneficiary.
- Justice Rangarajan further clarified that it is redundant to use words like "last will revoked" "In sane mind " etc in the text of the WILL. .
- In the case of immovable property, selling situation… the Genuinity of the will has to be established.
- An option available is to make a "Settlement Deed" during one's lifetime to avoid any disputes by the claimants later on, after his / her's death. "Death Bed Gift" and handing it over is also an option, though it may not be practical.
- Mutation of the property can be done if the original property owner passes away.
- In the case of Bank Accounts, Shares, Bonds etc., NOMINATION only helps the Nominee who is only an agent to collect the money. It does not entitle him to enjoy the monies thus received. The distribution of liquid assets would rest with the details as mentioned in the WILL.
- The Power of attorney (POA) ends on the demise of the person who has executed it.
- Having a joint Account facilitates smooth operations.
- The legal heirs have to prove their position by producing a succession certificate
- The MRO can also issue this .
- The question hour brought out several personal situational doubts and satisfactory,answers were given.
- Overall it was an extremely educative and well accepted session and MEMBERS wanted more such sessions .
The Justice definitely did Justice to the Topic and made everybody very happy.