Write a will, ensure smooth transition of assets: Experts

While juggling savings, assets, taxation, life insurance policies and liabilities perfectly well, one hardly spares a thought to how deeply —sometimes wretchedly—financial matters can impact their next of kin when death comes into play. As such, experts unanimously agree that writing a will, the right way, is the most important step of all. It makes the process stress-free for beneficiaries and ensures the wishes of the deceased come to fruition.

A will can be written by yourself on any paper and it does not have to be registered, said advocate Vivekanandan T. But, hiring a licensed document writer or lawyer to write down the will and having it registered at a sub-registrar’s office is better as it would make it impossible for anyone to dispute the document in court, the 41-year-old explained.

Step one is listing all the assets (refer to box 1) that one wants to pass on and writing the name of the person corresponding to each asset with their full name and Aadhaar/PAN number. “Adding a statement — ‘any omitted asset must go to so and so person’— towards the end is necessary to ensure everything is covered,” said advocate Vivekanandan. 

Getting it attested by two people as mandated by Section 63 of the India Succession Act is the second step. Two witnesses must also sign the document before self-attesting it. Those attesting the documents could be called to court to testify in case of dispute, so besides being trusted persons, ensure they are younger so they’re alive and kicking even when you’re no more, recommended the advocate.

The will can be registered and stored after that. An additional measure that people take would be to change the nominees of the Demat account to whom you desire the shares to go to, said Ramalingam K, director and chief financial planner at Holistic Investments. He said, “People might have listed different nominees in bank accounts or property documents when they created them, but the will overrules such nominations. The demat account however, only counts the nominee, so that should be taken care of while creating a will.” Here advocate Vivekanandan added, “It can be revoked or renewed as many times as the person desires, and only the last version will hold true.”

While the will solves half the problem, the remaining lies in ensuring the paperwork is sorted as per requirements, said financial planner Ramalingam. “Being vigilant about getting the documentation sorted will save a lot of money and hard work,” he said.

As social media becomes an important part of one’s life, the procedure to handle it after they die becomes a puzzle for many. While the deceased member’s account on Twitter, Instagram and Facebook can be deleted when a person sends a request for the same with details like date of the death, only Facebook allows an account to be memorialised. A Facebook user listed as a family member or friend can send a request to Facebook, after which the personal profile will turn into a memorial one. The word ‘remembering’ will be added a prefix to the account name and the messages, pictures posted in memory of the person will be displayed on the memorial page. It will not turn up in friend’s suggestions and no one can log in to it. Tara* (name changed), who has been managing the memorial page of her late boyfriend for eight years now, said, “Every year, on his death anniversary, Facebook reminds us of the sweet, smiling young boy that he was, and everyone posts loving messages of him on the page. It helps us think of the good memories we shared together rather than the death, so everyone including his family member, feels positive about the page.”

Certification 

Obtaining the death and legal heir certificates and make at least 20 attested copies of them to submit for various requirements.

Name change

Removing the name of the deceased from joint accounts is advisable. Ensure copies of death certificate are submitted to change ownership title in documentation of properties, vehicles, investments and other assets.

Liabilities

Upon receiving an asset, the liabilities (EMIs, loans) affiliated to it become one’s responsibility. Dispose of another asset to the name and using that money to pay off the loan is an option for those who don’t want take up the loan.

Insurance claims

The fastest process, the money detailed in the scheme will be given upon contacting the insurers and submitting the death certificate.

Domestic responsibilities

Often, the deceased would have had a list of duties like paying the phone, paper, milk bills — assigning such responsibilities to others could prevent chaos at home.