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Property planning during COVID-19 crisis

Representational image

Representational image

Mumbai-based Shailendra Dubey, who works as partner at Plan My Estate Advisors LLP, speaks about the right time to write a Will and much more. 

Organising your wealth

While the world is still figuring out how will life be after lockdown and what will be the economic impact, there is no debate that the best use of the extra time in this lockdown period is to spend with our family and for our family. This may be the best time to take that important step for our loved ones and work on organizing and streamlining our documents to ensure smooth and dispute-free inheritance to our loved ones. Here are few basic but important activities towards the same.
Organizing investment and property papers

One of the most challenging exercise for the executor i.e. person who is handling the deceaseds estate is to organize the list of all the assets and liabilities. Any mistake here may have serious impact and delay the process of claiming inheritance. 

Hence, it is very important to maintain a consolidated list of all the accounts, investments and liabilities. Keep all the originals and other important papers in locker or some safe place at home, maintain and regularly update the asset register and communicate the same to immediate legatee. Additionally, it is also advisable to digitalize and convert all the important documents to electronic form as this will not only protect them from being mutilated or lost but will also make the executors job lot easier. 

Joint accounts and nominations 

It is highly advisable to have various accounts and investments to be held jointly. This will provide the much-required liquidity should anything happen to the main account holder and simplify the transmission process on demise of the account holder. 

While it is must for singly held account, it is advisable that even the jointly held accounts, investments, property, insurance etc., should have a valid nomination. This will provide the immediate liquidity to family thus avoiding the lengthy legal process of transmission.

Going online 

This lockdown has taught us how important it is to move our transactions and businesses online. Clearly businesses, which can migrate online, will be able to survive and flourish. Today, almost all the banks, mutual funds, insurance companies, wealth management companies etc., are offering their products and services online. So, consolidate your accounts and start accessing and transacting online. Apart from transaction efficiency, this will also make inheritance faster and smoother post demise. 

Putting in place legal agreements and documents 

It is very common to give loans to someone in our family or a close friend or an investor in a project or a friends start up without proper paper work. There may be certain transactions, which might have happened purely based on mutual understanding and trust. 

It may be good idea in this lockdown time to work on those documents and stitch those offline transactions into a legal agreement. Needless to say, this will be very helpful for your loved ones in claiming these hard-earned monies in case you are not around.

Start working on will and other succession documents

This is probably the best time to let go that procrastination and start working on your will. Talk to your estate planner or legal advisor and figure out if a will is good enough or a trust will work for you. 

Start with baby steps by listing down beneficiaries, distribution strategy, asset details etc. Remember you have worked so hard, spent your whole life in creating that wealth for your loved ones ? would you want to expose your family to legal delays and disputes for inheriting your wealth?

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COVID-19

Thane Municipal Corporation adds 25 beds as COVID cases rise

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Radhika Dhawad | Thane

Thane Municipal Corporation added 25 additional beds separately in the wake of rapidly rising COVID-19 cases.

Thane Municipal Corporation (TMC) added 25 additional beds in Chhatrapati Shivaji Maharaj Hospital Kalwa apart from arranging a special ward  dedicated to COVID-19 patients. The total number of active patients in the city stood at 252 while five succumbed to the virus.  Meanwhile, TMC Commissioner Abhijit Bangar said a ‘death audit’ of patients who died of COVID would be conducted. The TMC has ensured it has additional stock of oxygen concentrators, testing kits, medicines, to name a few. Bangar told HT, “Due to the increasing number of Covid patients, it is necessary for everyone to be alert.”

He added, The number of Covid tests should be increased to stay one step ahead of the disease. As a result, the number of patients is likely to increase due to increased testing. However, as per the ‘test, isolate, treat’ protocol for Covid, it becomes necessary to isolate and treat more and more patients. The testing centres will not remain closed even for a single day. At the same time, more arrangements for testing will be made immediately in public places, markets, railway stations, malls.” 

India recorded 3,095 new COVID cases and five deaths in last 24 hours.

Also read: Nagpur records 22 COVID cases in 24 hours

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Politics

After Rahul Gandhi’s disqualification, his namesake who contested from Wayanad disqualified

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Radhika Dhawad | Wayanad
An independent candidate named Rahul Gandhi has been disqualified from contesting polls for failing to lodge account of election expenses.

Rahul Gandhi

An independent candidate for Lok Sabha elections named Rahul Gandhi was disqualified from contesting polls for failing to lodge account of election expenses. Gandhi, who’s name figures as ‘Rahul Gandhi K E S/o Valsamma’ in an Election Commission list of persons, had contested the 2019 Lok Sabha elections as an Independent and had received 2196 votes from the Wayanad seat in Kerala – a constituency from where ex-Congress MP Rahul Rajiv Gandhi had won with over seven lakh votes.

However, since it is mandatory for all contestants to submit their account of election expenses among other mandatory requirements under EC rules and the Representation of the People Act.

Rahul Gandhi K E S/o Valsamma stood disqualified to contest polls from September 13, 2021 till September 13, 2024. According to Section 10A, the Election Commission can disqualify a contestant for a period of three years from the date of the order if he/she has failed to lodge an account of election expenses within the time and in the manner required by law and has no good reason or justification for the failure.

Also read: ‘CBI under UPA govt. pressurised me to frame Modi,’ recalls Amit Shah

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Nagpur News

Nagpur records 22 COVID cases in 24 hours

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Radhika Dhawad | Nagpur

A total of 22 patients tested positive for COVID-19 in Nagpur in past 24 hours on Thursday. Almost 242 people were tested in the city.

A total of 22 patients tested positive for COVID-19 in Nagpur in past 24 hours on Thursday. Almost 242 people were tested in the city, out of which 15 belonged to urban area while and 6 were from the rural areas, and one from outside Nagpur district. 

At present, there are 72 active patients in the city. Three new cases of the new XBB.1.16 variant of COVID-19 were detected that took the total tally to five in the district.  

India recorded 3,095 new COVID cases and five deaths in last 24 hours.

Also read: CELESTIAL! Unique alignment of Moon and 5 planets

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