This is a link-enhanced version of an article that first appeared in LiveMint
Article Overview:
This article highlights the importance of drafting a will to ensure assets are distributed according to one’s wishes and to avoid complications arising from religion and gender-based succession laws and it also covered insights from Trilegal’s Tanmay Patnaik.
Our Partner, Tanmay Patnaik, Private Client Practice, Trilegal shared his perspective. Here’s what he had to say on:
Hindu inheritance differences:
“If you are a married Hindu female and would like to provide for your parents after your demise, then the only way you can achieve this is by writing a Will.
Gender differences aside, in the absence of a valid Will, the deceased’s legal heirs may be required to obtain letters of administration (LoA) in respect of the deceased’s estate. A succession certificate is an alternative document one may obtain from the court. But this may be granted only in respect of debts (owed to the deceased) and securities (includes mutual funds, stocks etc.) and not any other assets. If the estate includes any assets other than debts and securities, LoA would be the appropriate document.”
How to draft a Will:
“When writing your original Will, you can specify how any assets acquired in future must be dealt with. Eventually, rather than modify the existing Will, you can make a fresh Will after any big asset purchases or a major life event such as marriage or the sudden demise of one of your heirs.”
Should you register a Will?:
“If you register your Will but subsequently make another private Will, then it is the latter which will be considered valid. Indian law recognizes the last executed Will. While registration ensures the document remains in official custody, Patnaik cautioned that it can be cumbersome if you wish to amend your Will frequently.”
Download PDFUnder the rules of the Bar Council of India, Trilegal is prohibited from soliciting work or advertising in any form or manner. By accessing this website, www.trilegal.com, you acknowledge that:
We prioritize your privacy. Before proceeding, we encourage you to read our privacy policy, which outlines the below, and terms of use to understand how we handle your data:
For more information, please read our terms of use and our privacy policy.