Vimal Punmiya, who spoke to a packed audience at a Moneylife Foundation seminar, explained the processes, rules, laws and need for making Wills that would help avoid confusion and litigation among inheritors
“I had a client, who used to live with each of his four sons for three months in a year. In addition, every time, each son would make him prepare a new Will. He ended up with about 32 Wills in 10 years. However, you can avoid all these hassles if you know the processes, rules, laws and need for making Wills,” says Vimal Punmiya, chartered accountant and Proprietor of Vimal Punmiya & Co.
Speaking at Moneylife Foundation organized seminar on “Understanding Wills and Nominations”, Mr Punmiya said, "Looking at how complicated and bureaucratic it is to deal with the legal and government machinery, it is better to have a clear Will to make it easy for those who come after you."
“At least after 50, one must make a Will. Making a Will has obvious benefits, but in my experience, it also gives psychological ease of mind. Any Wills and planning to reduce tax is OK but evasion is not. This is important to remember while making Will as per the recent judgement from the Supreme Court,” he added.
As always, the seminar drew a great crowd and more so, because of the speaker who conducted the seminar. Moneylife Foundation invited Mr Punmiya to speak to the audience and take their questions, and he graciously accepted.
To begin with, Mr Punmiya explained that with more and more nuclear families having increasing amounts of accumulated wealth and assets, Wills have become more and more important to people today. He took the audience through the basics, beginning with the laws that govern Wills. He explained how the law sees a Will and what exactly a Will means.
“If one does not make a Will, then his property will be inherited by legal heirs in accordance with the laws of inheritance applicable to him. However, most of the people would like to dispose of their property according to their own wishes. Thus, there arises the need for making one’s Will,” explained Mr Pumiya.
Many in the audience were eager to know what the implications of Wills executed abroad for their properties and assets held in India. Mr Pumiya addressed these issues and the question of Codicils came up. He clarified the terminologies of Wills and spoke about the different types of Wills. Having taken the audience through the intricacies of the types and procedures of Wills, he turned focus to the Nominations.
Often, Nominees become an important part of the whole story. He said that a nominee is like an executor, who is entrusted to manage the property or asset as per the nominator’s wishes after his death. However, a nominee cannot sell property unless he is a legal heir. Mr Punmiya also talked about the several procedures involved in transfer of property or other assets after the death of a nominator. In previous seminars, he had said, nominees are often required when special children are involved setting up a trust in the name of that child with a trusted executor is commendable.
Replying to a query, he said, "If you want the distribution to happen simply, that is possible. Or you can also make a will so that you can prevent sale of assets, which is also possible."
Mr Punmiya has been a Chartered Accountant for 39 years. He has written books on subjects like transfer of flats, stamp duty, registration, capital gains and has been a prominent speaker on topics of public interest like the Union Budget, I-T & Audit Provisions and Stamp Duty & Registration. He has held top-ranking posts at cultural organisations and is the recipient of prestigious awards from trade bodies and voluntary organisations.
Download a copy of the important points of Mr Punmiya's talk and FAQs about Wills created by Mr Punmiya himself, here.
Parsekar's name as leader was proposed by outgoing chief minister Parrikar and seconded by deputy CM Francis D'Souza. Parrikar resigned to join Narendra Modi cabinet
Laxmikant Parsekar, the health minister in Manohar Parrikar government is the new chief minister (CM) of Goa. Parsekar's name was proposed by outgoing chief minister Parrikar and seconded by deputy CM Francis D'Souza.
Earlier, Parsekar was elected unanimously at the legislature party meeting of Bharatiya Janata Party (BJP). This follows resignation from Parrikar as chief minister.
Parrikar is all set to join as minister in the Narendra Modi Cabinet at the Centre. According to reports he may be given charge of the Defence ministry, currently looked after by finance minister Arun Jaitley.
Shiv Sena has sent its Rajya Sabha MP Anil Desai’s name to be included in the Modi Cabinet
Bharatiya Janata Party (BJP) and Shiv Sena on Saturday appeared to have resolved their differences with the latter deciding to nominate its Rajya Sabha member Anil Desai to be included in the Narendra Modi government on Sunday.
After blowing hot and cold over the last few days, Shiva Sena also looked agreeable to accepting a power-sharing arrangement in Maharashtra.
“Uddhavji (Shiv Sena chief Uddhav Thackeray) had initially decided that we will not recommend any name to be included in the Modi Cabinet unless talks at the state level reach a conclusion. “But now since the talks are finally in a conclusive mode, we have changed our stand. Our leader has decided to recommend Anil Desai’s name so he can be included in the Cabinet tomorrow,” a Sena MP told PTI on condition of anonymity.
He said the party leadership will decide the second name to be included in the Modi Ministry by evening.
The Prime Minister’s Office (PMO) had on Thursday asked Shiv Sena to recommend two names to be included in the Union government and the party had said it would be forwarding those the next day.
However, with back channel talks failing to resolve issues between the two parties over power-sharing in Maharashtra, Uddhav had appeared disinclined to nominate any leader to be included in the Union government.
The Shiv Sena MP said talks between the estranged former allies in Maharashtra had reached a ‘conclusive stage’ and a decision on supporting the BJP government during the trust vote scheduled for 12th November will be taken by the party chief on Sunday.