(This is a plug for an essential service. The wealth you accumulate for passing on to your heirs is at risk of running in to process risks, document deficiencies and lots more. Make sure that there is NO SLIP BETWEEN THE CUP AND THE LIP. Writing a WILL is only part ONE.
Property. Wealth. Assets. Loans. Receivables. Insurance policies. Demat accounts. Physical share certificates. Partnership interest. Gold. Jewelry. Bank Accounts. Single accounts. Joint Accounts. Foreign bank accounts. Foreign shares. Mutual funds. Fixed Deposits. Bonds. PPF account. Office provident fund. Gratuities Annuities. Life insurance. Nominations. Power of Attorney.
The mind gets numb enumerating what all we accumulate in our life time. If we were to exit the world tonight, we would leave behind a lot of chaos for our family members. And many times, we would also leave behind bitterness that will spoil relationship, spill blood and enrich lawyers and consultants.
When my father passed away, he did not even have a bank account to his name. When my father in law passed away, he had three company fixed deposits to his name, jointly with his wife. There was no accumulation. The rituals were done and life went on for the others as before.
Unfortunately, these kind of people are a rarity.
Most of us will end up life accumulating a lot of things.
MOST OF US WILL BUY SOMETHING and then move on to the next thing. We will be happy so long as we can enjoy unfettered ownership of our assets during our life time. Our worries stop with that and often, stop gap solutions are put in place. So what if there is not “Chitta” for the land? I am not going to sell it. And so on. We will keep rationalizing.
Once we stop breathing, we do not care what happens to our properties. Or do we? Do you want to give it to someone? Or let the legal heirs fight it out? Sometimes, properties can hang in limbo for more than two generations, because the documentation was not proper. And the documentation, title etc HAS TO BE SORTED OUT BEFORE YOU BREATHE YOUR LAST.
Writing a WILL is a good beginning. But then, you are not guaranteed a seamless transmission of your assets to your chosen beneficiaries, if the paperwork is not in order.
I would like to introduce to you, Rajat Dutta. We were colleagues at CRISIL, many years ago. He runs a company “Inheritance Needs Services Private Limited (“INSPL”). INSPL is guided by an eminent Board of Advisors – Mrs. Kishori Udeshi (Former Dy. Governor – RBI), Mr. Berjis Desai (Private Lawyer), Mr. Sanjay Kumar Bhattacharya (Former MD – SBI), Mr. P H Ravikumar (Founder CEO – NCDEX), Mr. Bobby Parikh (Former Head E &Y India) and Mr. Kenneth Andrade (Founder Oldbridge Capital) and able Mentors – Mr. Radhakrishnan Nair (Former Member Board SEBI & IRDA) , Mr. Tamal Bandyopadhyay ( Author and Financial Columnist) and Mr. Ashok Barat (Former MD of Forbes & Co. Ltd.).
IN SHORT, INSPL helps you with the dirty but most important leg of making sure that your ASSETS ARE SEAMLESSLY TRANSFERRED TO YOUR LEGAL HEIRS. You have to engage them professionally. They will essentially make sure that all documentation, title deeds, tax papers etc are in order. They do not sell you any product. They can help you one time, or you can engage them till the transmission is completed. I think this is an extremely useful service that needs more mention and more push. Even when we are alive, we have to fight red tapes to get transfers done, taxes paid etc.
To use their language, they will assess the RISK in transferability of assets to your beneficiaries. They can guide you at each step, including pointing you to the right service provider for the right task. In case you have not written your will yet, it is probably the best time to connect with them, as they can guide you with the process, find you a lawyer, make sure that the creases in documents are removed etc. To borrow a phrase from LIC, they will be with you “Zindagi ke Saath and Zindagi ke Baad”. (With you in your lifetime and also after your lifetime).
I have no personal stakes or interest in this business. However, this service is something that is absolutely a must in these days of fast paced life (lock down exempted) and the rat race where people keep accumulating things. And in this race, they forget that they are mortal.
You can check out their website at https://inheritanceneeds.com/ .