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Will
Source: Livemint.com

The following article was first published in the Mint newspaper on 8th November, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I had prepared a will in 2019 and got it registered. Now, I need to make some changes to it and include some additional items. Can I get the original will deed modified and get it registered again?

—Name withheld on request

Continue Reading How do I make changes to a will that was registered 3 years ago?

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Should I write a will or form a trust to distribute my assets
Source: Livemint.com

The following article was first published in the Mint newspaper on 1st November, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I am 76 years old and hence want to write a will. I have two houses worth 2 crore. We are living in one of the houses and the other is rented for 75,000 per month. We also booked a shop having a resale value of 1 crore. I have 1.6 crore in mutual funds and 65 lakh in shares. 

I have a wife and a daughter. I want all my assets to be given to my wife and thereafter to a trust that should decide on monthly distribution  of income from the assets to my daughter and grandson. Thereby, I want to ensure that the assets generate wealth without being misused by anyone. Please guide me on how I should go about setting up a trust.

—Name withheld on request

Continue Reading Should I write a will or form a trust to distribute my assets?

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How is property divided if any of the heirs die after a will is made
Source: Livemint.com

The following article was first published in the Mint newspaper on 18th October, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My grandfather left a will in the name of my father in 1996 for one-third share in his property. My father died in 1997 leaving me, my sister and mother behind. My grandfather died in 2008 leaving behind his three children and a wife (my grandmother). As per my knowledge, the will isn’t registered with the sub-registrar. In 2022, the land was divided into five equal shares, with the will not coming into consideration. 

I want to understand whether the will is valid considering that my father died before my grandfather? Can the will leave its content to me, my sister and my mother since we are heirs of my father ? If yes, will my father’s share be considered in the two-third of the land that doesn’t show up in the will?

—Name withheld on request

Continue Reading How is property divided if any of the heirs die after a will is made?

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Do FDs accrue interest after owner’s death
Source: Livemint.com

The following article was first published in the Mint newspaper on 4th October, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My parents died and I am their nominee in the various fixed deposits (FDs) they left behind. The FDs will mature on different dates in the next two years. Can I withdraw an FD at the time of maturity? What would be rate of interest payable on these deposits from the date of death of parents till the maturity date. Also, is it compulsory for the nominee to withdraw all FDs after the death of the holder?

—Name withheld on request

Continue Reading Do FDs accrue interest after owner’s death?

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How to deal with claims on a property when there is no will.

The following article was first published in the Mint newspaper on 10th August, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My great-grandfather had two sons and three daughters. He had purchased a property in 1980 but died without leaving a will. Recently, both his sons and a daughter died. The other two daughters are claiming a share of that property from my father and uncles. The property has been maintained by my grandfather, my father and uncles for the past 35 years. The two had been given a fixed amount of cash along with some jewellery by my grandfather but that is not recorded anywhere. What can we do in such a situation?

—Name withheld on request Continue Reading How to deal with claims on a property when there is no will

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Can you contest for any changes in a will made by your father
Source: Livemint.com

The following article was first published in the Mint newspaper on 3rd August, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My father has in his will made long back stated that his property should be transferred in the name of my elder brother in the unfortunate event of his death. I am married now but as his only daughter, can I contest for changes to be made in the Will and thereby get a share in his property?

—Name withheld on request 

Continue Reading Can you contest for any changes in a will made by your father?

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joint power of attorney
Source: Livemint.com

The following article was first published in the Mint newspaper on 29th June, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I am the sole owner of a plot of land. Can I write a joint power of attorney to my two sons so as to enable them to sell or register that by mutual agreement and later share the amount?

— Name withheld on request

Continue Reading How do I give a joint power of attorney to my sons to sell land?

How legal heirs can find out investments of their deceased kin
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 20th April, 2022 and the online edition of the same can be found here.

I lost a friend a few days ago. I know that he had invested in stocks and mutual funds (MFs) but his family is unaware of this. What is the procedure by which his family can know about all the investments he had made prior to his death?

— Kartik Sharma

Continue Reading How legal heirs can find out investments of their deceased kin

Succession Toolkit

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article, which was published by the Outlook Money on 1st April, 2022 and the online edition of the same can be found here.

Intestate succession planning laws in India are unfavourable for women. So, women must use the tools available and become the decision-makers in how their assets are transferred. The Covid pandemic has shown that life is fragile, and tragedy can strike any time. In the course of conversations with clients, we find that most women do not undertake succession planning, and even fewer understand the need for an estate plan. This is mainly due to lack of awareness, and because they usually tend to look to their husbands and/or other family members to deal with their assets. This needs to change, especially at a time when women are becoming wealth creators in their own right and are increasingly running large family businesses. Many women today are also inheriting valuable portions of the family business.

One can execute a Will just by signing it and having it attested by two witnesses. There is no requirement for having the Will mandatorily registered in India

Continue Reading Your Succession Toolkit

Intestate
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 24th March, 2022 and the online edition of the same can be found here.

How will the property of a man who has died intestate and is survived by an elder brother having sons and a daughter, besides the sons of a predeceased elder sister,  be divided? Do the sons of the late sister have equal rights as those of the elder brother?

—Name withheld on request 

Continue Reading Who is the legal heir of a man dying intestate?