BUSINESS
Can a WILL be ringfenced against any possible future litigation?
In order to make the WILL water tight, testators have been resorting to incorporate a clause aimed to disincentivise any beneficiary wanting to challenge the document. But this clause needs to be carefully drafted so as not to undermine jurisdiction of court of law.
BUSINESS
How debts can resurface after demise and become a headache for heirs
A businessman’s personal assets might be protected if s/he takes a business loan, but if there is evidence of cheating or if the amount is disputed or contested in court, the personal assets can be liquidated to pay off the debt. This takes precedence before legal heirs can claim their rightful share.
BUSINESS
How depository participants, banks harass legal heirs and beneficiaries looking to transmit assets
Despite obtaining a probate by the court on a will, banks and depository participants make legal heirs run from pillar to post with individualistic rules when it comes to opening demat and bank accounts. Often banks’ and depositories’ own rules are not mandated by either the NSDL or SEBI.
BUSINESS
‘Either or survivor’ clause in bank FDs a myth; surviving joint-holder has a Herculean task on hand
Many banks and even financial planners advise their customers investing in fixed deposits of banks to opt for the ‘either or survivor’ clause. The problem arises when one of the joint-holder(s) dies during the tenure of the deposit, and the surviving joint-holder(s) approach the bank to liquidate the FD.
BUSINESS
How some mutual fund houses abuse the 10-day cooling period in transmission of MF units
Despite clear guidelines, fund houses delay the redemption of MF investments post completion of the transmission process, presumably to enjoy the liquidity over an extended period of time.
BUSINESS
Transmission of money lying in mutual funds to legal heirs is not easy, despite AMFI’s best practices guidelines
Where there is a Will, it is easier for legal heirs to claim money lying with mutual funds that was left behind. But in the absence of a Will and Nominee, complications arise and paperwork mounts
BUSINESS
Gift deed or Will: What’s the best way to pass on your assets to a loved one?
For the bequest of their wealth (assets/ properties) to their chosen heirs, asset owners can opt for either a will or a gift deed.
BUSINESS
Why having a nominee is not relevant for a jointly held demat account
The need to have registered nominee(s) is relevant only when all owners (sole or joint) are deceased
BUSINESS
Are stakeholder committees well-equipped to address shareholder issues?
As committees play hard with the rule book, often, shareholders are forced to produce too many documents for regular transactions
BUSINESS
How registrar and share transfer agents slap the rulebook on hapless retail shareholders
Even probates granted by high courts are unnecessarily put to further scrutiny by RTAs, thus delaying transfer shares to legal beneficiaries
BUSINESS
Legal heirs responsible for paying deceased's tax dues
The legal heirs are liable only up to the extent of the assets that they inherit from the deceased
