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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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Nagpur News

September 30, 2022 | Nagpur News | नागपुर समाचार | Hindi News Bulletin | Nation Next

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Avani Arya | Nagpur

September 30, 2022 | Nagpur News | नागपुर समाचार | Hindi News Bulletin | Nation Next

Also Read: Nagpur citizens to revel The Raaas Garba next year!

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Politics

Shashi Tharoor is capable of bringing Congress back in power, says Congress leader Ashish Deshmukh

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Radhika Dhawad | New Delhi
Former MLA and Congress leader Dr Ashish Deshmukh spoke about nomination filed by Congress MP Shashi Tharoor for party president post.

Congress leader Ashish Deshmukh looks on while Congress MP Shashi Tharoor files nomination papers for party chief post

Former MLA and Member of Parliamentary Board, MPCC Dr Ashish Deshmukh speaking about the nomination filed by Congress MP Shashi Tharoor for the post of Congress President on Friday, said, “Dr Shashi Tharoor is a popular Congress MP who has done remarkable work for the nation at the international level. It’s very welcoming thing that the election of Congress President is being done in a democratic manner. This is an important step for decentralisation in the party and the future of Congress is bright. Soniaji and Rahulji Gandhi contributed a lot to strengthen the party.”

Former MLA and Congress leader Dr Ashish Deshmukh spoke about nomination filed by Congress MP Shashi Tharoor for party president post.

Shashi Tharoor

Congress leader Deshmukh added, “This is an important step taken by the Congress elites for the elections in a democratic manner so that the party can take a higher flight. Dr Shashi Tharoor has cordial relations with everyone in the party; he has the ability to give a new direction to the party. I believe that he will be able to handle the responsibility of bringing the Congress to power in the country by taking the party forward with new strength. If he seriously deals with issues like unemployment, industry, agriculture, inflation then Congress will have fruitful days. By doing transparent politics, he will definitely convey the thought of Congress to the people at the grassroots level. If you want a rejuvenated, bigger and dynamic Congress party, Dr. Shashi Tharoor is the right candidate. He has the open support of Congress delegates in 12 states and is getting the support of Congress leaders and activists from all over India. He will be elected for sure.”

Deshmukh informed that Tharoor would be visiting Nagpur on October 1 and 2 to hear out all thoughts of Congress delegates.

Also read: Lata Mangeshkar’s 93rd birthday anniversary: Life story of ‘nightingale’

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Nagpur News

Nagpur citizens to revel The Raaas Garba next year!

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Nation Next Newsroom | Nagpur

The Raaas (2018)

Since The Raaas enchanted and enthralled Nagpur with its quality garba in its first year in 2018, the demand for encore has been reverberating the city. To cater to the huge public demand, the organisers of the king of garbas have decided to continue The Raaas next year on. Like its first year, The Raaas Garba will be presented to Nagpur in association with Nation Next in 2023. Mahesh Kukreja, the key organiser said, “Because of some reasons, we, earlier, thought of giving the event a break.”

He added, “Then COVID-19 struck the world. Now we plan to continue it from next year onwards. While I express my gratitude to Nagpurians to make the event a huge hit, I request the city’s garba revellers to not get fooled as a few garbas are falsely claiming to be The Raaas. We’ll be back next year for sure!”

Also read: Mesmerising sunset hues at Ramtek’s Ambala Lake in Nagpur

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