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.
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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.
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.
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.
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.
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.
Below is a list of roles and responsibilities of the executor. This is not an exhaustive list and will be amended periodically.
The data is safe and secure on the cloud. We do not save any data on any local server anywhere.
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.
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.
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.
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.
Any person not being a minor, having a sound mind can make a WILL.
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.
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.
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.
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.
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.
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.
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.
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:
If you think your WILL is likely to be challenged by any person you may exercise the following precautions:
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.
A Beneficiary is a person or entity named in the WILL as the inheritor of assets / property when Testator is no more.
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.
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.
It is better if the witnesses are not beneficiaries and are not related to a beneficiary under the 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.
You can appoint one or more executors. This is personal to the testator of the WILL.
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.
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.
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.
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.
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.