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Dr SD Israni of SD Israni and Co, Company Secretaries, enthralled an audience of over hundred with his acumen and his flair for real stories that emphasised the importance of wills, nominations and transmission at the Moneylife Foundation seminar on 30 October 2010
At Rachana Sansad, Prabhadevi, Mumbai, Moneylife Foundation held a seminar on wills, nominations and transmission.
It was a packed house in an excellent auditorium. Dr SD Israni delivered an inspiring key note presentation of over one hour that included many personal anecdotes and was followed by the open-house discussion that went beyond the scheduled time. The questions ranged from topics related to shares, mutual funds, bank accounts, cooperative housing society nominations and transmissions. Even though Dr Israni was humble enough to admit that his expertise lay in corporate and securities laws, he was able to respond to every question related to cooperative housing societies.
Dr Israni has over 36 years of experience in the field of Corporate, Commercial and Securities Laws.
The technicality of the subject - testators, codicils, executors, probates, administrators and the various succession acts - was interwoven with
real-life examples that elucidated the complicated topic of wills to the audience, which had both young and elderly members.
The meet was attended by industry luminaries like Kaza Sudhakar, chief general manager, customer service department, the Reserve Bank of India (RBI), Kanu Doshi, dean - finance, Welingkar Institute of Management and Prabal Nag, vice president & head-business development, CAMS.
Mr Sudhakar highlighted the importance of notifying a bank about the demise of an accountholder as soon as possible. Family members sometimes try to delay notification to banks due to existing fixed deposits which provide higher interest rates, or just due to the sheer trauma of losing a loved one.
Dr Israni cited examples of how several years of delay in transmission of shares to rightful heirs leads to shares being taken away by conmen in a series of well-executed steps to decamp with the assets.
He again gave personal examples of people delaying their wills due to the unreasonable phobia of dying soon. Also, people sometimes make changes to wills out of emotional decisions. It is important to be in a peaceful frame of mind when creating and changing wills.
It is important that one executes a will - irrespective of age. A will is an expression of one's wish or desire. It is a legal document in which one gives instructions about what should be done with the money and property after one's death.
The main elements of a will are the name and identity of the author/testator, two witnesses and their addresses, the list of assets and their distribution.
This must be signed by two witnesses and the testator in the presence of each other.
The religion of an individual matters for succession under the Hindu Succession Act, Muslim personal law, Parsi personal law, Christian law and for others by default under the Indian Succession Act. Each category has different tables for arriving at legal heirs in the absence of a will. 'Hindu' has a broad meaning because anyone who is not Muslim, Christian or Parsi is categorised under the 'Hindu' category.
Pictures of the event