Know in detail why it is necessary to prepare ‘will’ and nominee details on time to avoid disputes and confusion of court office after the death of father or elder in the family.
Property Rights India: In any family after the death of an elder or father, heartache and quarrels between siblings or other members over the distribution of wealth have become a common thing these days. Often such family disputes drag on in the courts for years, leading to waste of money, as well as permanent rifts in relationships. But, if proper legal documents and will are prepared in time, such major future difficulties can be easily avoided.
Main cause of disputes and importance of wills
In most cases greed is not the only factor responsible for family quarrels. Oftentimes, no one knows exactly what the final wishes of the original owner of the property were after his death. It is this ambiguity of the documents that forms the root of the dispute.
The best way to avoid this situation is to make a legal will during one’s lifetime. This document should contain specific and detailed information about which heir will get all his assets. A will with clear details eliminates all future legal disputes.
A big misconception about nominees
Financial matters like bank accounts, fixed deposits or insurance policies have the facility of appointing a ‘nominee’ i.e. an heir. There is a misconception among people that the nominee becomes the ultimate owner of the property. Legally this is absolutely wrong.
Role of Nominee: A nominee is only the custodian or trustee of the property, not the owner.
Responsibility: After the death of the original owner, it is the responsibility of the nominee to collect the money from the bank or institution and deliver it to the original legal heirs.
Hence, nominee details should be updated immediately whenever there is a major life change such as marriage, birth of child or death of a member.
Disadvantages of keeping asset details secret
Another major drawback in Indian families is that the elders of the house hide the details of their properties, bank balance, stock market or mutual fund investments from the family. After the sudden death of the owner, the heirs do not know where and how much money is invested. As a result, claiming those earnings becomes very complicated.
Important tasks like getting done on time
- Keep a list of all your movable and immovable properties and debts in a safe place.
- Keep updating your documents periodically as per the changing government regulations.
- When a major life change occurs, review the will again and make necessary amendments.
If the property details are transparent and the will is legally sound, love and peace will prevail in the family even after the father or elder is gone.
