Hi. I have not lived in India for many years now and have never dealt with Indian lawyers or accountants. I was hoping that you guys could give me some estate planning advice for my parents who live in India.

My parents are in their seventies and basically refusing to make a will. They think it is 'a big hassle'. According to them, an approach whereby they verbally tell me and my siblings how they want their property divided and put the appropriate 'nominee' on each bank/brokerage account is good enough.
I am familiar with Canadian and American laws and this approach would be ridiculous here. A will here is pretty simple to make.

My question is - are they right for Indian circumstances? Is making a will that complicated? If I draft something up, get their agreement, and get 2 of our Indian neighbors to witness it, isn't that enough? I want to take care of this on my next trip home.

Pre-emptive explanation: Please don't side-track this thread. I don't really care what they do with their money but I am terrified at property disputes destroying my relationships. This has happened to many people I know first hand. All I want is a list of documentation that would make any transitions as painless as possible. I am also looking to protect the interests of my Mom if my Dad passes away before her. She is not financially savvy and will sign anything if anyone asks her nicely.

Thanks for your help,
Avani

Not making a will is inviting trouble to relationships after parents death. Making a will is not that difficult. Your parents need to get a stamp paper and write on it in a "will format" what they have and what they want to give to each of their children/grand children after their death. Get it signed in front of 2 witnesses and distribute that copies of that to all concerned.

Thats all

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We will find a way or we will make one

Thanks Smiley. That is what I thought also but was unsure how things go in India normally.

Where would I get this 'stamp paper' in the correct format? Is this something that is downloadable? Do lawyers/accountants need to be involved?

Avani,

I think you and your parents are making a big deal out of this. Making a will is very simple. You just need a lawyer who will charge a nominal fee for a will. He/she will take care of the stamp paper. You can get it in banks.

Words have no value in India in these issues. You need to put everything on paper. Moms who were not exposed to financial issues are at a loss, most of the time. Dad called all the shots. I think u get the picture. I have seen too much of it.

Get a lawyer and explain to him/her. They know much better than us. They can prepare a will that protects your mom too. In the end everyone gets a copy. Dont forget that daughters also get a share of the assets by law.

KM

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Originally posted by Avani23

Thanks Smiley. That is what I thought also but was unsure how things go in India normally.

Where would I get this 'stamp paper' in the correct format? Is this something that is downloadable? Do lawyers/accountants need to be involved?

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Your parents need to make a will with 2 witnesses. This will needs to be registered. Also, take No objection certificates fromyour siblings....for immovable property, even after a registered will, if any of the siblings take objection, then it will take atleast 20 yrs to get that property, not taking into consideration the cost and hassle. The will must also specify the executor of the will. Check with a lawyer. Please do your paperwork thoroughly while your parents are alive.

Even with the will, if the heir is not an Indian Citizen, should that person be an OCI or PIO to inherit? Would being an OCI or PIO make the process any easier for the heir? Thanks.

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Dimple2001