Why make your will

THE TRUE TRAGIC STORY

                        Bhawal Case is a renowned case in Indian History. It is an extraordinary true tragic story. I want to draw your attention by introducing Ramendra Narayan Roy, popularly known as Bhawal Sannyasi in India.

Ramendra Narayan Roy was the second prince of Bhawal Estate, a large zaminder in Bengal, in modern-day Bangladesh. He was one of the brothers who had inherited part of the huge estate from their father.
This, second Kumar of Bhawal, had passion to spend most of his time in hunting. He also liked spending time with women. At this point of time, he was married to younger and beautiful Bibhabati Devi.

In the year of 1905, he had contracted syphilis. In 1909 he went to Darjeeling , accompanied by his wife Bhibhabati Devi and her brother Satyendranath Banerjee to seek treatment but was reported to dead on 7^th May at the age of 25.
The reported cause of death was biliary colic (stones in gall bladder). His body was supposedly cremated/ burned in Darjeeling the next day and customary funerary rites were performed on the same day.
His young wife Bibhabati Debi moved on to Dhaka to live with her brother Satyen Banerjee. Over the next ten years the other Bhawal Estate Kumars also died and the colonial British court of wards took control of the estate on behalf of their widows. 

After 11 years…..
A sannyasi appeared in Buckland Bund in Dhaka covered in ashes.
He sat on the street for four months and attracted attention because he was of unusually similarity with second kumar. A rumor had been spread that the 2^nd Kumar had returned though he said he had renounced his family.
The Sannyasi under public pressure, finally disclosed openly that he was Ramendranarayan Roy, the Kumar of Bhawal. The Sannyasi claimed that while in Darjeeling he was poisoned and a cremation was attempted. But the people hired to cremate the body of Kumar, left him un-cremated because a strong hailstorm had started raging at that time.
A group of naga Sannyasi found him lying unconscious and they took him to their den. At that time he was being taken care by them. Gradually they realized that he had lost his memory. He wandered in undivided India for the next 10 years. While returning from the place from Chittagong to Dhaka, he recovered his memory and was instructed by his Mentor (guru) to return home.

 The Sannyasi was recognized by the people of his locality and by his own sister. His wife Bibhabati Debi declined to recognize him and announced him as an imposter. Bibhabati Debi thus filed a petition against him.
The first trial, Srimati Bibhabati Devi V. Kumar Ramendra Narayan Roy and others AIR 1942 Cal 498, was supported by the sister & elder sister-in-law of the said Kumar. It was a declaratory suit in Dhaka claiming the name and property of Ramendra Narayan Ray against Bibhabati Debi and other landholders who were represented by the Court of wards.
In court the Sannaysi declared that he fell victim to a conspiracy hatched by his brother-in-law Satyendranath Banerjee, an unemployed graduate, who wanted to control his share of the estate through his childless sister. He further claimed that Satyendranath had bribed the family physician Ashutosh Dasgupta to admit that the Kumar was suffering from syphilis, and was persuaded by the conspirators to go for treatment to Darjeeling, here they all lodged at a house called "Step Aside," close to the funeral ground.

Eventually, Bibhabati tried to manipulate a lot of witnesses by giving them bribe, but she was failure to control the trial.
Calcutta High Court gave its final judgment in favor of the Kumar/ Sannyasi.
Thereafter, the claimant (the Sannyasi) moved to the estate but the Board of Revenue did not release any funds to him. The government filed an appeal against the judgment of the Calcutta High Court, again in the name of the Court of Wards.

Ultimately, judgment of first trial was supported in this trial and appeal was dismissed. The claimant was allowed to withdraw money from his share of the estate. He still left this share in the care of the Court of Wards until further developments. Bibhabati Debi was not ready to give up this matter. Developments of the war delayed further appeals, when lawyers for Bibhabati Debi filed appeal for a leave against the judgment of the High Court of Privy Council in London.  Here also judgment was in favor of claimant and appeal was dismissed.

It is a tragic story that Ramendra Narayan Roy’s wife was tried for attempt to murder of her husband. His wife’s brother planned out a conspiracy to take over all the estate through her childless sister and enjoy the same. Here Mrs. Bibhabati Debi was used by his brother as a puppet.
From the above we would like to point out few things….
For people who estate, money may become a threat to life. To avoid conspiracies, make your Will now.


Thanking You.
Wishing you a long & healthy life.
We celebrate your success in life.
Let’s add the awesomeness in our lives.
To know more, please visit www.dilsewill.com
Author: Shreya Nandi (Legal Executive Officer)
This blog is informative in nature. Please do not consider this blog as the legal advice. For any legal assistance, please do contact us at www.dilsewill.com or call us 033 4006 9589.

An Important Checklist

Have you documented all your important information which leads to your financial details?

This documentation will definitely help you in arranging things for yourself. But, DiL SE WiLL has raised this question for your loved ones…..after you.

Please go through the blog carefully.

It is an ardent request to all those reading the blog to follow the checklist and encourage all other dear and near ones to do the same.

The checklist is as follows-

1.       Check all your Nomination-

It is a general protocol to put a name of family member as nominee and we abruptly forget about it. The most surprising thing is that we don’t update the changes even after any important changes in our lives. Here the most important changes mean the changes like death of any person whose name has already been enlisted as nominee. Even your salary account usually has no nomination…. kindly check all your nominations especially in the following places-

·         Bank accounts

·         Fixed deposits, NSC

·         Bank lockers

·         Demat accounts

·         Insurance (all kinds)

·         Investments

·         PF pension Forms

·         Salary Account

               And all other places where there is an option of giving nominee.

Ø  SOLUTION-

·         Keep a soft copy/ hard copy of all the details to record all the above.

·         Make separate column for the name of the nominee.

2.       Passwords-

We use passwords everywhere. May it be on our Laptop, mobile and other such gadgets. All online account like Facebook, online shopping account, online banking transaction account are password enabled.

Passwords also include our ATM, Credit Card & debit card Pins.

In urgent situations, our family members should be in position to access such utilities.

Ø  SOLUTION-

·         There should be a separate email account for this purpose. This email account should not be used for communicating with anyone else. All the passwords should be mailed to this email account.

·         Password of this email account should be shared with your spouse/ any other family members whom you find suitable.

·         All the information uploaded in this email Id should be periodically checked and revised.

3.       Investment- 

We make investments for the future of our loved ones. Usually they are not even aware about our investments. Documentation of all investments whether in physical form/ in electronic forms should be kept.

Ø  SOLUTION-

·         The e-mail Id mentioned above can be used for this purpose also.

·         Such details can also be kept in a PC, Laptop, Hard disk, Pen drive according to the suitability of the owner.

4.       Insurance Policies-

Insurance Policies are usually for the use and benefits of our dear and near ones. Our purpose of making such policies will be defeated if such information is not passed on after demise.

Details of Insurance Policy should be maintained in the same way as investments. 

5.       Will-

A will is a legal document declaring what should happen to the estate (includes money, possessions and property) of the testator (person making the will) after he/she dies. In absence of a will, the law decides how the estate should be devolved/passed on –and this might not be in line with the wishes of the testator.

Ø  SOLUTION-

·         Make your Will now. Even if you are young, it is wise to make a Will and revise it from time to time.

·         Will can be made online/ offline.

·         It should be kept in the safe custody of a reliable person.

·         The name of such person and executor should be known to the person who has the access of the email-Id.

·         Will should also be reviewed from time to time.

6.       List for Legal Documents-

Legal Documents play a vital role in transfer of property and investments after one’s demise. It is advisable that we should keep our Legal Documents (Deed, Agreement etc) in a systematic manner.

Ø  SOLUTION-

·         It is similar to that of investments. We need to add another column where the Legal Documents is mentioned in the asset.

·         This data should be periodically checked & revised.

7.       Liabilities-

Sometimes we have Liabilities like house loan, car loan, personal loan etc. A suggestion that now the liabilities are to be made should also be mentioned.

Ø  SOLUTION-

·         Keep a relevant soft copy regarding all kind of liabilities you have.

·         Details of Liabilities should be maintained in the same way as investments. 

·         Make different column for interest, dates (it includes date of taking loan and date within which loan will be repaid) and Name of the assets (assets against which loan had been taken).

·         There will be also a different column for details of Insurance if any for any loan/ liability.

·         All the information should be mailed in that particular e-mail Id mentioned above and it should be periodically checked and revised.

8.       Debts-

Our family members/ spouse may be unaware about the details of our debts. For this reason, we need to keep the record of the same.

Ø  SOLUTION-

·         Details of debts should be maintained in the same way as liabilities. 

·         It should be revised from time to time.

·         Documents of any of the debts should be mentioned clearly.

·         This should also be mailed in the particular e-mail id mentioned above.

Do it Now…..

Because “The greatest certainty in life is Death….

                   The greatest uncertainty is time”

-Carl Sandburg.

Thanking You.

Author: Team DiL SE WiLL

DiL SE WiLL is wishing you a long and healthy life.

We celebrate your success in life.

Let’s add the awesomeness in our lives.

GIFT OR WILL – decide prudently.

        

                 People who follow my blog regularly know that I often write about making a Will. Today, I will attract your attention to a situation which may arise even in our lives. Before getting to the subject, we will need to know few things. 

A Will is a Legal declaration of the intention of the Testator (maker of the Will) which he desires to be carried into effect after his death. Thus, the ownership (title), rights & interest over the property lies with the Testator during his life span. “Will” shall come into effect after the death of Testator.

On the Contrary, a Gift wherein the Ownership along with rights & interest are transferred instantly to the Donee (person to whom property has been transferred). After such transfer Donor (the person gifting his property) does not have any Rights, Title (ownership) & interest over his gifted property in his life span. Gift takes into effect instantly after the acceptance of the gift by Donee.

Family disputes are peculiar. They are bitter, and, almost always, messy.

Mr. Agarwal is a renowned person,an Industrialist with wealth running in thousands of crores . Under his Leadership, his group of industries saw the zenith of its success. Though this Family was always engulfed in family disputes, this didn’t hamper the growth of their business empire.

In his old age, Mr. Agarwal took a bold decision to relinquish the entire 40% of his share in his group of companies in favor of his son Mr. Akash Agarwal.

This was a turning point in Mr. Agarwal’s life. He then filed a petition in the Court. Today, he has neither a car nor a driver. Mr. Agarwal now lives in a rented house. He had been deprived from the possession of his mansion too. He is now blaming his son for his present circumstances. He claims that two of his employees who handled his property and bank documents and personal files had gone missing. Access of any of such documents is no more possible.

The wise people say an intelligent person learns from the mistake of others. Let us peel the onion to get to the bud.

In this case, a very wealthy man relinquishes his rights to his son when he is still alive. What can be the reason for such an act? The reason can be many. A reasonable mind might think it is for the love of his son or for the faith in his son’s love and dedication for him or was it an act with a business move wherein he wanted to secure all his wealth from going to other hands by giving it to his younger son.

Whatever drove him to do this act, it resulted in great misery for him.

What was the reason for such misery? Again, the reasons could be many. The greed of his son for money superseded his love for his father or was the entire act of his father a previously plotted conspiracy or was it a bad influence on the son.

Though all of us are not as wealthy as Mr. Agarwal but surely possessions are no less dear and important to us. From the above facts, the following points cross our minds:-

1.      Gifting wealth to the next generation does not solve family dispute of previous generation;

2.      Gifting relinquishes all rights, title & interest of your property during your life time. That means after gifting you have no right over the property.

So, the ideal way to transfer such rights “THROUGH A WILL.”

Advantages of doing so through a Will-

1.      All your rights, title and interest over the property will be enjoyable during your life time. Such rights are transferred only after the demise of the Testator (maker of the Will).

2.      In a Will, you can still give your wealth to the person you desire just like the gift.

3.      Will has the option of depriving the legal heirs entitled to your wealth by giving valid reasons.

GIFT OR WILL – decide prudently.

Thanking You.

Wishing you a long & healthy life.

We celebrate your success in life.

Let’s add the awesomeness in our lives.

To know more, please visit www.dilsewill.com

Author: Legal Executive Officer at DiL SE WiLL

To know more, please contact us www.dilsewill.com

This blog is informative in nature and created for pro bono purpose, it is not a legal advice. For any legal assistance, please do contact us at www.dilsewill.com or call us 033 4006 9589.

Strangers can be your Angels too

Sometimes memory of a stranger cannot be erased from our mind in life long, one of them. Stranger Rahul  Verma, a soldier, by profession was one such person in my life.

On 25^th May, 2004, I reached Chandigarh by train at 6 a.m. but was oblivious about the upcoming happenings at Chandigarh. I visited there as a tourist.  In evening, I went to a beautiful garden which was heavily adorned and had a renowned Cafeteria situated at a stone throwing distance from my lodge. I took few photographs of the silent nature. In love with photography, I took candid shots of two people sitting at coffee shop. They were having their coffee. I offered them their photographs and at the same time we introduced ourselves. I noticed the change in their sullen faces as they came to know about my profession as a lawyer.

It seemed like a ray of hope for them. They started enquiring about my profession and my practice. On being satisfied with my credentials information and offered me a cup of coffee. Interested to know about the culture and I sat down with them but what came in my way was something different.

Mr. Rahul and his friend asked me “ Can you give us an advise?” I willingly agreed.

Mr. Rahul started like he had a small daughter whose name was Rashy. Thereafter he shared his personal details with me that yesterday he had received letter from his senior officer for joining the battle field and he had to go to there next week. He was worried for the future of her daughter.  Mr. Rahul had faced the worst phrase of life. Suddenly Mr. Rahul’s eyes were engulfed with tears followed by the past memories which he shared with me and said that he could not continue his studies due to financial crisis and he lost his parents when he was in class four. Even he failed to continue his higher studies though he had a dream to be a doctor. He was a brilliant student but his fate had decided something else for him.

Then, he called up her daughter….” Rashy…. Rashy (in a louder voice) please come here beti.. please come faster. I have come here with my daughter to see Mr. Arnab, my friend. My daughter lost her mother when she was 2 years old.”

Rashy came to me, leaving her playground and said “Hello ma’am, good evening.” Rashy was a sweet, innocent and intelligent girl which was clearly perceived by her appearance. Rashy then took out a bunch of flower from her portmanteau and offered the same to me. Mr. Rahul said “ I don’t want that my daughter suffers like me.. I will not let my heart wrenching story repeat in her life.”

That day I sat with those strangers for three hours. I missed few scheduled worth a watch places of the city but my heart felt happy that I did something which suited my profession well - gave them sound and correct advise. These three hours along with satisfaction also gave me new friends.

Within a week Rahul made hand written Will followed by my advise. He handed over the same to his best buddy(Mr. Arnab) before going to the battle field. Thereafter he informed me about his deeds.

Five years later….,   

   

Co-incidentally, I met Mr. Arnab in a shopping mall at Kolkata. On that day, I came to know that Mr. Rahul lost his life in that battle field but he took the responsibility of executing his Will and the responsibility of Rashy too.

Fifteen years later…………,

Once again I settled down my mind for going to a Chandigarh trip. I took the same lodge there from where I went to the same cafeteria which gave me the reminder of Rashy. For a while, I was being nostalgic followed by the memory of sweet Rashy. Few question were automatically shaking me…”How is  Rashy now? Why do I miss her so much!!! Is she in any trouble?

I didn’t have any answer to my questions as there was no one from whom I could get any information related to Rashy. I had been always bolstered by following Rashy’s memory…. a sweet girl with her curly brown hair and having big intelligent brown eyes.

Suddenly, a voice audible to me …“Good evening Madam,!!”  I looked back, a person wearing waiter’s uniform in black and white, offering me a cup of Coffee placed in a nicely decorated tray. Silent nature’s beauty had drawn my attention completely though many things had been changed which were noticeable in my eyes.

Suddenly, I felt everything was moving around me and I started sweating heavily which drenched my dress. Subconsciously, I was thinking “What is happening with me!!.. It is risky that I am alone here but my health…”

I was not able to recall any thing thereafter… I lost my sense instantly. Then I found myself in a doctor’s camp... I was informed by a nurse present over there that local people brought me here for my instant treatment. Then a sweet voice wishing me “Good Morning!!.. How are you feeling now?” I saw a sweet looking young lady whose face was much similar with Mr. Rahul’s face standing beside me, wearing a white apron and stethoscope was hanging around her neck. Then she checked my blood pressure and eyes. I was feeling that somewhere I had seen her,.. she might be known to me. I felt restless but could not recall that where I met her. 

I softly replied her with low voice “I am ok now”... 

 Then she moved on, she was busy for the treatment of wounded soldiers who were lying next to my bed. I waved my hand and call that young lady doctor, then asked her “may I know your name please..?”  Then she said with big smile “ Rashy Verma”. Few drop of tears were automatically coming out from my eyes and she wiped out those tears with her soft hand.  I accumulated more strength within me and asked that why she had chosen this profession and she answered that my father was a soldier who lost his life in the battle field. My father wanted to see me as a doctor as he had a dream to be doctor. Instantly, Rashy’s eyes were shining with tears  ...”So I chose this profession and am serving to these soldiers.” I asked her “ may I know your father’s name?”

Rashy replied “Sure… His name is late Mr. Rahul Verma. I lost him when I was 10 yrs. My uncle took care of me thereafter”

I was feeling so satisfied by seeing her and by the conversation I came to know that Mr. Arnab, said her the entire story. Even I was surprised to know that my name was also in her knowledge.  She was so thankful to me when I disclosed my name. Even She could easily recognize me. I talked to Mr. Arnab over phone and he said the entire story to me.  

Now, I am 62 years.. still that voice echoing in my mind when Rashy was saying her name to me and I say thanks to God that I was able to save Mr. Rahul’s dream by giving him a worthy suggestion. Mr. Rahul made a privileged will in favor of his daughter and appointed Mr. Arnab as guardian of her daughter. Rashy’s life was secured due to that reason and Mr. Rahul’s soul got relief.

This blog has been written with the intention to create awareness in the lives of many such Rahuls. This blog will be successful even if one Rashy gets a better future.

Thanking You.

DiL SE WiLL is wishing you a long and healthy life.

We celebrate your success in life.

Let’s add the awesomeness in our lives.

Author:  Shreya Nandi (Legal- executive officer at  DiL SE WiLL)

What are the most important things to know about estate planning?

Estate planning is a process of preparation/ plan through which we can club together our entire movable and immovable properties/assets which we desire to bequeath after our death.

The benefits you will receive by estate planning are as follows-

·         You may reduce taxable estate by making annual gift;

·         Make power of attorney for directing/managing other investment and assets;

·         Make or update plans like insurance/ other things;

·         Make limits of your estate taxes by creating trust accounts in favor of beneficiary;

·         You may create Will;

·         You may mention the name/names of executor who will oversee the terms of Will;

·         You may appoint guardian for living dependents;

·         You may make planning for funeral arrangements/ expenditures.

·         And many more….

 It is better to make Will in lieu of dying as an intestate. Most of the people at young age procrastinate estate planning for the myth that estate planning is not required at younger age and keep it aside exclusively for the older part of their lives. Estate Planning due to the thought process that it is required at later stage of our life and it is not a priority in their lives. In fact, old age also leads to delay in making will due to several health issues. In India the awareness of estate planning is less and for this reason young generation prefers to follow others instead of being wise with their decision.

State Estate taxes/ State Inheritance taxes can be avoided by transferring assets to legal heirs. Such taxes cannot be avoided completely but we can protect our heirs from giving huge amount of taxes.

It is a myth that common man does not need to do estate planning because only the elite class with huge properties needed. But, it is not so.

Estate Planning as earlier mentioned is one kind of transfer of a person’s wealth, asset and his/her personal belongings, insurance, pensions, real estates, cars, debts etc. In legal parlance, we can say that estate planning is a flow from of his own wealth to his loved ones to keep his family/ loved ones protected in future through an organized manner.

We all need to know why do we need estate planning. All these are exclusively only for those persons who are living extravagant lives. Do you really need to do estate planning?

The answer is yes…… Why?

Middle class families make their wealth with their hard earned money and with lot of effort. It is important that this accumulated wealth goes to the right person whom we desire to bequeath. In the absence of a Will this is distributed in accordance with the Indian Succession Act, 1925. Thus, it can also go to an undesired person.

List of things which you have to incorporate/include in estate planning are-

1.      Personal belongings;

2.      Debts;

3.      Savings;

4.      Wealth,

5.      Personal bank account;

6.      Car;

7.      Jewelers;

8.      Furniture;

9.      Arts;

10.  Insurances

11.  Real estates;

12.  Digital Assets.

13.  And many more…..

Why Estate Planning is important?

1.      We can stop our legal heirs from overpaying in taxes;

2.      Protect families with young children/ old parents;

3.      It eliminates family squabble/ messes when we will be no more;

4.      You can make sure that your business will continue smoothly in your absence;

5.      You can plan for incapacitated persons;

6.      Your property will go to beneficiaries.

7.      And many more….

Estate planning is also important for young generation, people who have limited wealth, unmarried people, people who have lot of business and children.

The modes of making estate planning are-

·         Will;

·         Trust;

·         Gift;

·         And many more….

On 1^st February,2017,Indian Finance Minister, Mr. Arun Jaitley, presented the Government of India’s annual financial statement for 2017-18, commonly referred to as the Union Budget. 

Here we can find that he shows us the way out where we need not to bear taxes on our wealth. He said that Gifts to charitable trusts and those under a Will to testamentary trusts, continue to be specifically exempt.

Please take all the proper information before making your Will…DiL SE WiLL is the pioneer in the field of Estate & Succession planning and it has buckled down seriously to give protection to your legacy. If you want to protect your legacy, please contact us at www.dilsewill.com

Thanking You.

DiL SE WiLL is wishing you a long and healthy life.

We celebrate your success in life.

Let’s add the awesomeness in our lives.

Author:  Shreya Nandi (Legal- executive officer of DiL SE WiLL)

The Rightful Place Of Your Pet

Mimi is a small 12 years old child and the only daughter of her parents.  Her most beloved best friend is her pet Lucy. At home, Lucy never leaves Mimi alone. They take their meal, bath etc together.

Mimi belongs to an affluent family. They have huge properties and they are very organized too. They have also made Will in favor of minor Mimi. They created a trust through their Will by keeping an important thing in their mind that this trust will maintain all the expenses of Mimi in future.

Mimi’s parents suddenly meet with an accident. They could not survive and were declared dead. She starts missing her mother in every step of her life. She starts missing the cuddles, mother’s love & the bed time stories.

Mimi’s future has been secured but she feels lonely in her life. Lucy plays a great role in this crucial period of Mimi’s life. Gradually Mimi’s life is getting engulfed with lot of love & joy from Lucy. She always apprehends and prays to God everyday “please God do not snatch away Lucy from my life as my parent.”

Lucy is a German Shepherd Dog who always tried to play the role of Mimi’s parent. Lucy’s body is covered with long black & brown fur. She has lucrative, bright black intelligent eyes and cold black nose which would nudge Mimi to wake her in morning. Lucy has fugitive nature thus she forces Mimi to go with her for morning walk. She usually waits at the door of the wash room whenever Mimi goes to wash room. Not only this, she helps in Mimi’s regular work. Lucy made everyone busy and impatient by her naughty behavior. In spite of having a family, Lucy gives more companionship and attention to Mimi. Since the life time of the parents of Mimi, Lucy became habituated to do these things and taking care of Mimi. Now Lucy is a 9 years old dog but she had been brought in this family when Lucy was only one week’s puppy. Within these nine years Lucy became a perfect and responsible family member in this family.

One day, suddenly, Lucy falls sick due to irregular vaccine course and other treatment/ care. The trust which has created by the parents of Mimi, is authorized to look after and manage the expenditure of Mimi only. Thus the trust is not authorized to bear the huge expenditure for maintaining Lucy. The said trust separates Lucy from Mimi according to the suggestion of family physician of Mimi. The family Doctor suspects that Mimi would get affected by the infection/ germs of Lucy. This separation has manifold effects on Mimi. She starts crying, skipping meals. She could not concentrate in her studies. Everyone around Mimi thinks she is missing her parents. But the truth is that she is missing her sole companion. This mental condition leads to serious psychological mental disorder.

One fine morning, the news of Lucy’s death comes to her knowledge through her servant “Rita Di”. Thereafter, she went into great trauma and decided to finish her life without her best friend and her parents. She feels as if she has no one of her own. One fine day, without informing anything to anybody, the 12 years old girl jumps from the terrace of the fourth floor building.

Though this case is an extreme of its kind the author here aims at spreading awareness. When pets are like our family members they too have a place in our Will.

DiL SE WiLL wants to secure the life of your loved ones. To know more, please contact us at www.dilsewill.com

Thanking You.

Wishing you a long & healthy life.

We celebrate your success in life.

Let’s add the awesomeness in our lives.

To know more, please visit www.dilsewill.com

Author: Legal Executive Officer at DiL SE WiLL

This blog is informative in nature and created for pro bono purpose, it is not a legal advice. For any legal assistance, please do contact us at www.dilsewill.com or call us 033 4006 9589.

      

The Missed Links In Family Management

Please hold on just 15 minutes to read this –

Letter written by a wife after her husband’s death in an accident. Few things I learnt after my husband’s death-

We always believe we will live forever. Bad things always happen to others. Only when things hit us bang on your head you realize…..Life is so unpredictable….

My husband was an IT guy, All technical. And I am a chartered Accountant. Awesome combination you may think.

Techie guy so everything is on his laptop. His to do list. His e-bill and his bank statements in his e-mail. He even maintained a folder which said IMPWDS wherein he stored all login Id and passwords for his online accounts. And even his laptop had a password. Techie guy so all the passwords were alpha- numeric with a special character not an easy one to crack. Office policy said password needed to be changed every 30 days. So every time I accessed his laptop I would realize it’s a new password again. I would simply opt for asking him …What’s the latest password instead of taking the strain to memorize it.

You may think me being chartered accountant would means everything is documented and filed properly. Alas! Many of my chartered accountant friends would agree that the precision we follow with our office documents and papers  do not flow in day to day home life. At office you have to be an epitome of reliability/ competent/ diligent etc but at home there is always tomorrow.

One fine morning my hubby expired in a bike accident on his way home from office. He was just 33. His laptop with all data crashed. Everything on his hard disk wiped off. No folder of IMPWDS to refer back to. His mobile with all the numbers on it was smashed. But that was just the beginning. I realized I had lot to learn.

Nine years married to one of the best human beings with no kids just the two of us to fall back on but now I stood all alone and lost.

Being chartered Accountant helped in more ways than one but it was not enough. I needed help. His saving bank accounts, his salary bank accounts had no nominee. On his insurance his Mom was the nominee and it was almost 2 years back she had expired. But this was just a start. I don’t know the password to his email account where all his e-bill came. I didn’t know which expenses he paid by standing instructions.

His office front too was not easy. His department had changed recently. I didn’t know his reporting boss name to start with when had he last claimed his shift allowance, his mobile reimbursement.

The house we bought with all the excitement on a loan thought with our joint salary we could afford the EMI. When the home loans guys suggested insurance on the loan, we decided that instead of paying the premium the difference in the EMI on account of the insurance could be used pay towards prepayment of the loan and get the tenure down. We never thought what we would do if we have to live on a single salary. So now there was huge EMI to look into.

I realized I was in for a long haul.

Road accident case. So everywhere I needed to a death certificate, FIR report, post mortem report. For everything there were forms running into pages, indemnity bonds, notary, surety to stand up for you. No objections certificates from your co-heirs.

 I learnt other than your house, your land, your car, your bike are also your property. So what if you are joint owner of the flat you don’t become the owner of the flat you don’t become the owner just because your hubby is no more. So what if your hubby expired in the bike accident and you are the nominee but if the bike is in a repairable condition, you have to get the bike transferred in your name to claim the insurance. And that was again not easy. The bike/ car without going through a set of legal documents. Getting a Succession Certificate is another battle all together.

Then came the time you realize now you have to start changing all the bills, assets in your name. Your gas connection, electricity meter, your own house, your car, your investments and all sundries. And then change all the nominations where your own investments are concerned. And again a start of a new set of paperwork.

To say I was shaken, my whole life had just turned upside down was an understatement. You realize you don’t have the time to mourn and grieve for the person with whom you spend the best years of your life. Because you are busy sorting all the paper work.

I realized then how much I took life for granted. I thought being a chartered accountant I am undergoing so many difficulties, what would have happened to someone who was house maker would not understand this legal hotchpotch.

A sweet friend then told me, dear, this was not an end, you have no kids, your assets will be for all who stand to claim. After my hubby’s sudden death. I realized it was time I took life more seriously. I now needed to make Will. I would have laughed if a few months back if he had asked me to make one. But now life had taken a twist.

Lessons learnt this hard way were meant to be shared. After all why should the people whom we love the most suffer after we are no more. Sorting some paperwork before we go will at least ease some of their grief.

1  1.   Check all your nominations....

It’s a usual practice to put a name (i.e. in the first place if you have mentioned it) and royally forget about it. Most of us have named our parent as a nominee for investments, bank accounts, opened before marriage. We have not changed the same even years after they are no longer there with us. Even your salary account usually has no nomination.. kindly check all your nominations.

·         Bank accounts

·         Fixed deposits, NSC

·         Bank lockers

·         Demat accounts

·         Insurance (life, bike/car/ property)

·         Investments

·         PF pension Forms

22.      Passwords.

We have passwords for practically everything. Email accounts, bank accounts, even for the laptop you use. What happens when your next in kin cannot access any of these simply because they do not know your password… Put it down on a paper.

33.   Investments.

Every year for tax purpose we do investments. Do we maintain a excel sheet about it. If so is it on the same laptop on which the password you had not shared. Where are those physical investments hard copy.

44. Will.

Make a Will. I know you will smile; even I would, had I not gone through all what I did. It would have made my life lot easier, a lot less paper work. I wouldn’t have had to provide an indemnity bond, get it notarized, ask surety to stand up, no objections certificates from others.

55. Liabilities.

When you take a loan say for your house / car. Check out on all the what if, what if I am not there tomorrow, what if I lose my job. Will the EMI still be within my range. If not get an insurance on the loan. The people left behind will not have to worry on something as basic as their own house.

My battles have just begun... But let us at least try and make few changes so that our loved ones would not suffer after we go. We do not know what will happen in the future. But as the scout motto goes- “Be Prepared”.

NEVER TAKE LIFE FOR GRANTED.

DO THINGS APPROPRIATE FOR THE ONES WHO DEPEND ON YOU WITH LOVE.

www.dilsewill.com- an initiative to help you make your Will online. Do like us on facebook and twitter to get regular updates and do visit our website. Small effort by you today can save a lot of time and harassment to your loved ones.

 Family management is not only cooking + cleaning+ taking care of the dependents but also involves complex operational knowledge of finances…

Thanking You.

DiL SE WiLL is wishing you a long and healthy life.

We celebrate your success in life.

Let’s add the awesomeness in our lives.