FAQ’s

FAQ (Frequently Asked Questions) helps you to build your legacy with complete information relevant to every section as required by Indian Government rules and regulations. We are constantly updating our FAQs to help our Subscriber feel confident & happy to build their legacy to empower their family members.

Please write to us for any information that you think should be added to our FAQ section to further help a Subscriber build his legacy.

Our growing family of subscribers are the Brand Ambassadors as they build their legacy on our digitally secure platform. Help us Organize & Plan your legacy and share your story on how Gift My Legacy has helped you in the process. Also, give us feedback to improve our services that we can use to strengthen our service portfolio and further the same with more Ease of Use and higher levels of Security!!

1. How can GiftMyLegacy assure safety of the data?

The data is encrypted with bank level encryption. The data is accessible only to the subscriber till his/her demise. After that the information is available only to the nominee. Even the administrators of the portal have no access to the information.

2. Is it mandatory to have all my financial data on the portal?

No data is mandatory on the portal. The objective of GiftMyLegacy is to ensure that all relevant information is available for your family once you are gone, hence adding as much information as possible is advised. The safe keep of the data is guaranteed by Bank level encryption. Even the administrators of the site/portal do not have any access to the data uploaded.

3. Why should I save ALL my personal data including bank, financial, property, will, insurance etc data on a single portal? I do the same in an excel sheet and store it on my laptop/desktop at home. What value does the site provide for storing the data?

In case of a natural calamity like Tsunami, floods, fire etc, your laptop, desk top etc may get damaged and inoperable. Having the data stored on the cloud with the right level of security makes data accessible at any time via any laptop/desktop or a smart phone. Also, the information is necessary for your legacy to continue should the need arise for your family. A one stop access to all the information is the convenience we can provide to our family.

4. How will my nominee get access to my data?

In case of your demise, your 3+ executors will have to independently attest by sharing the signed certificate. This confirmation will allow GiftMyLegacy to raise an electronic key that will enable the nominee to access the portal. Every piece of information that is saved will be shared with the nominee in a read-only format.

5. Who can be my executors?

At least 3 of your most trusted people can be your executors. It is advised that the executor should be different from the nominee. It is also recommended that the executors are adults over the age of 21. It is also recommended that the executors are trusted by you to do right thing when the time arrives. There is a significant degree of reliability on the executors. We recommend you have a conversation with the executors prior to bringing them on board.

6. What is the role and responsibility of each executor?

Below is a list of roles and responsibilities of the executor. This is not an exhaustive list and will be amended periodically.

  • Any trusted family member, friend or relative who is close to you.
  • Executor will have to accept the invitation and hence ability to access his/her emails.
  • Will ensure that if the need arises, he/she will reach out to GiftMyLegacy with the appropriate documentation.
  • As a subscriber, you can change the executor anytime
7. Where will my data be stored?

The data is safe and secure on the cloud. We do not save any data on any local server anywhere.

8. Will there be any notifications?

The portal/app is designed to send notifications to you on periodic basis to remind on everything from insurance premiums, loan payment dates, any other payments you need help with. Also, there will be reminders on renewal of subscription, updating of information etc.

9. What are the benefits of using GiftMyLegacy over a bank locker?

A bank locker has limited space and is available only during backing hours/days. GML is available 24×7 and with unlimited space to store all your critical information. If you have a bank locker, please add that information on GML for your family to know.

10. Why cannot I just use any online repository for documents (like drop box, google drive etc)?

GiftMyLegacy provides a bank level security with complete encryption of data that can be accessed by only you. GiftMyLegacy helps you to organize your information in one place so that your family can access ALL the critical information when the need arises.

11. What is a WILL?

A WILL means the solemn declaration of the intention of the Testator with respect to his / her property, which he / she desires to be carried into effect after death and the document speaks of the wishes post the lifetime of Testator.

The Will sets out the modality of distribution, gives names of beneficiaries and names the executor / executors in respect of the WILL.

12. Who can write a WILL?

Any person not being a minor, having a sound mind can make a WILL.

13. Who are usual parties to be mentioned in a WILL?
  • The Testator is the person who declares his/ her desires/wishes in terms of a Will.
  • Two Attesting witnesses are required by law to attest the signature of the Testator and confirm that they were both present at the time of execution/ signature of the WILL by the Testator.
  • Beneficiary/ies or Legatee is / are person/s to whom the benefits under the WILL are given / bequeathed.
  • Executor/s is / are appointed by the Testator, to ensure that the desires setout in the WILL are acted upon and assets are distributed as per the WILL.
14. What are the requisites of a valid execution of WILL?
  • The testator must be in possession of a sound disposing mind and have power over the property which he/ she intend to bequeath;
  • Have intention and give clear direction in regard to the property bequeathed;
  • The WILL be should be in writing (hand written or typed) in correct form (contain full name, address, date) and as per law regarding the signature and attestation;
  • If the WILL is in a language not known to the Testator the same should be read over and explained by a competent person so that the testator fully understands the nature, content, and implication of the document and the person so explaining shall make an endorsement on the WILL to that effect.
15. What is the law relating to WILLS?

The Indian Succession Act, 1925 set outs the law relating to testamentary (WILLS) and intestate (without a WILL) succession.

For intestate succession i.e., when there is no WILL, Hindus, Buddhists, Sikhs and Jains will be governed by the Hindu Succession Act, Christians, Parsi’s and Jews will be governed by the Indian Succession Act. Muslims will be governed by the Muslim Personal Law (Shariat) Application Act.

16. Do I need to have an attorney write my WILL?

No, you can write your own, but it is always best to see an attorney so you can be sure that your WILL is a valid document that will stand the test in a court of law if challenged, after your death.

17. Does everyone require to execute a WILL?

No, everyone does not have to execute a WILL. If there is no WILL, the personal property will pass by law of succession as per the religion of the deceased to the legal heirs only. It is however advisable to plan for the future and make a WILL to set out personal wishes and deal with distribution of property even to heirs and is important for all adults regardless of their wealth, marital status or age.

18. I have nominees on all my investments? What is the need for a WILL?

A Nominee is entitled to receive the proceeds from a bank account, insurance policy etc., on the death of the account holder / Owner. However, the nominee is not the lawful owner, unless he/she is the legal heir of the deceased as stipulated by law of succession or WILL. He/ she will receive and hold the proceeds only in capacity as a trustee for the legal heir(s).

The only exception is in regard to a nominee of an Owner in a Cooperative Housing Society, which issues shares of the Co-operative Housing Society to its members who are owners of the flats / property. In such cases, the Apex Court has recently held that such ‘nominee’ shall be considered to be the owner of the shares of Co-operative Housing Society.

19. Does a WILL need to be Registered?

It is not mandatory under law to register a WILL. It is however beneficial to have the WILL registered to avoid the questionability on the genuineness of WILL.

20. What all can be dealt with and disposed under a Will?

All movable and immovable property of the Testator can be transferred under a WILL, including a right to an ancestral property, a right to a joint property, equity shares and securities, cash in banks, fixed deposits, cash in hand, share in an HUF, Intellectual property, assets in a partnership firm, personal belongings including jewellery, artifacts, antiques, art-work, books, etc.

21. Can two individuals make a joint Will?

Yes, two individuals can jointly make a single WILL Eg. Husband and wife.

However, if husband and wife have certain property, they can only WILL their individual shares in the property to their chosen beneficiary (ies).

Preparing a joint Will is not usually recommended (other than in cases of husband & wife), as it is a multiple WILL in one document and can be revoked by either of the testators during their lifetime. Such WILL can also be revoked by the surviving testator, thus raising complexities in its execution.

It is recommended that each individual, e.g. husband and wife, prepare separate Will’s for the jointly held property (ies) / assets.

22. Can a Registered WILL be challenged in the law of court?

Yes. Both, a registered and unregistered WILL’s of a deceased Testator can be challenged in the Court under the following grounds:

The Testator was not of sound mind when making the WILL;

The WILL was prepared under coercion, undue influence, fraud, by mistake or by misrepresentation; and not made out of free will of the Testator.

To rule out the above conditions, the following is recommended:

  • Video recording of the WILL, on the date of execution i.e. (Testator & witness signing the Will);
  • Registration, of the WILL should be registered at the Sub Registrar’s office to add to its authenticity;
  • Appoint an executor (who is not a minor), having capability to take steps to execute the WILL. Multiple Executors can also be appointed. An Executor or a Trustee under a WILL cannot nominate another person to act on his/her behalf.
23. What are the options available to ensure that the WILL is not disputed?

If you think your WILL is likely to be challenged by any person you may exercise the following precautions:

  • A WILL should be prepared through a trusted Advisor or advocate.
  • The choice of the witnesses should be good and credible.
  • Process of the writing, executing and witnessing the Will is duly video graphed.
  • The WILL may be registered with the concerned Sub-Registrar.
24. Who is an Executor? Is it mandatory to appoint an Executor? Who executes the WILL in case no Executor is appointed?

An Executor is the person who will carry out the wishes as set out in the WILL. It is his duty to disburse the assets to the beneficiaries as stated in the WILL.

It is not mandatory to appoint an Executor.

25. Who is a Beneficiary?

A Beneficiary is a person or entity named in the WILL as the inheritor of assets / property when Testator is no more.

26. Who all can be made beneficiaries under a WILL?

All your loved ones, including spouse, children, grandchildren, friends, relatives, servant, or any institution school/s, temple/s, trust/s, charity, etc. to whom you wish to bequeath your property or part asset can be included as beneficiary/ies to your WILL.

27. Can I exclude my immediate family member/s from the list of beneficiary/ies?

Yes, you can exclude an immediate family member from receiving your property or being a beneficiary/ies of your self-acquired assets. However, HUF inherited property cannot be excluded under a WILL.

28. Can attester / Executor be a Beneficiary?

It is better if the witnesses are not beneficiaries and are not related to a beneficiary under the WILL.

29. Who can be appointed as an Executor of my WILL?

You can appoint any person whom you trust to follow up on your wishes to be an Executor/s of your WILL. It is advisable to take approval of the Executor so that there is no trouble later on. It is also advisable to have a younger person to be the Executor so that he is around even after your demise. You may appoint an advocate or consultant as an Executor to your WILL as they are generally considered a neutral third party.

30. How many Executors should I appoint?

You can appoint one or more executors. This is personal to the testator of the WILL.

31. Is it mandatory to appoint a guardian?

Only in case of a bequest to a minor, a Guardian would be required to be named in a WILL as a minor is not competent to contract in relation to property. A guardian will have to be a major, someone you trust and be capable of taking care of the minor/s interest and could be a relative or a close friend.

32. Can changes be made in a WILL after registration?

A WILL can be changed at any time and as many times as the Testator desires during his / her lifetime, by revoking the former WILL or by making suitable Codicils in regard to the changes in the WILL. The later WILL shall have precedence over a previous WILL, unless it is proved that it was made under coercion or is deficient in form or contrary to legal requirements.

33. What is “a Trust created by WILL”?

One can create a Trust under a will bequeathing all assets upon demise to a private or a charitable Trust created under the WILL. Such trust is known as a Testamentary Trust. Such trust can be set up for the benefit of family members or such persons who the Testator desires to include as its beneficiaries. This is considered as a good way to address succession related issues on long term basis for the next generation.

34. Can the Testator bequeath property held outside India in his /her WILL?

The Testator may mention details of movable and or immovable assets held outside India. However, as the same are not within the territorial jurisdiction of India, the same cannot be dealt with under Indian law.

35. What is a Probate? When is it necessary?

A probate may be taken in regard to a WILL or codicil and establishes the Will from the death of the Testator. A Probate operates against the entire world, ‘in rem’. It is not mandatory to take a Probate for Indian Hindu, Parsis, Buddhists, Sikhs or Jains, except in the Presidency Towns or in relation to immovable properties located in the said cities, now being the cities of Chennai, Kolkata and Mumbai. Probates can be taken by the executor(s) of the WILL and amounts to proving of a WILL with a seal of approval from the court.

Business Seals    Security Seals    Certified Seal    Privacy Seals