Treading the succession path for NRIs
13 million Indians live abroad. For NRIs, inheriting from a deceased parent in India is a multi-month maze. Here's the map.
Currently, more than 13 million Indians live abroad for job opportunities, higher education, et al. Some of them periodically visit India to spend time with family and friends, while others rarely get a chance to fly back. Many of them may have elderly parents or other family members who pass on and leave behind assets as inheritance.
The loss of a loved one is already a painful feeling. And, if you haven't been around during the unfortunate incident, the grief can be overwhelming. For an NRI, there are many aspects that need to be planned and executed — the journey across continents to be home for the last rites, dealing with the loss while still being jet-lagged, a host of rituals, and well-meaning yet endless queries from well-wishers, all of which can be very exhausting.
The actual moment of truth
By the time everything is taken care of, the actual moment of truth arrives — learning about properties and other financial assets, checking for a will, and deciding on the next course of action. Then begins a never-ending series of calls/visits to lawyers, banks, municipalities, etc., with the stress levels possibly hitting the roof.
Why NRIs need special attention
The alleys of law and government procedures are not always easy to navigate. It can take years of patient follow-ups and dealings with intermediaries. The steps include knowing what all has been inherited, transferring the name from the deceased to the current owner, taking care of taxes, closing bank accounts, following up with insurance and mutual fund companies, redeeming FDs, etc.
As for NRIs, claiming inherited assets involves taking note of several rules — Specialised Succession Advisories, Wealth Tax, the tax levied in case of repatriation, legitimacy of claims in case of financial assets, and more.
Plan today
If you live abroad and have ageing parents living in India, talking to them about succession may not be easy, but something that's inevitable. The best scenario would be to write a will at the right time or at least to get a consolidated portfolio with information on all assets.
Talk to a specialist about your specific situation.
Whether you're drafting your first will, navigating succession, or claiming an inheritance — our team will guide you through the next step.