The transfer of property depends upon the nature of the property at the times of residence and the citizenship of the individual. The transfer of property of an NRI living in abroad when the property of NRI is located partly in India and partly in abroad often poses awkward questions like should NRI make a Will or leave his property to natural succession or they Should make a joint, composite or common Will of their assets and properties in India and abroad. If so, where such a Will be registered. Should the NRI assign different executors in different jurisdictions for his assets or property. Also would it be good if there are different wills for separate properties in India and abroad? How would inheritance rights of beneficiaries be safeguarded in India and abroad? Which Foreign or Indian law would apply toproperties and assets of NRIs in different countries?
In the last three decades it has been seen that the people of India have grown to be a lot more than in the past and they have been moving to various places around the world. However, it has been found that the majority of the NRI population has spread to countries like Canada, USA, Dubai, Singapore, Australia and Hong Kong. India being an attractive destination for investing as NRI’s have their own home in India has led to NRI having properties in diverse places. But managing these cross-border assets is not an easy task for anyone and comes with its own challenges.For an NRI it is advisable to execute a written Will and it is one of the basic necessities of estate planning. It is also important to get the Will registered and witnessed to avoid any difficulties of inheritance and succession. While a person is writing a Will, a question usually bring up in the mind of NRI that is whether they should make separate Wills i.e. one for their offshore assets and one for the assets/property in India?
What challenges NRIs can face if they Write a Single Will?
Here are a few problems that an NRI can face while making a single Will:
- At the time of executing the Will, firstly it has to be probated in their country of residence and thereafter NRI have to apply for an ancillary Probate in India.
- The process of Probate cannot be completed in many offshore jurisdictions the person obtained the ancillary Probate in the other country (In case of NRI in India).
- In case where a Willwas executed in a foreign country, it must be qualify in India and should be fulfillthe provision of Indian succession in India. If it fails to meet the Indian law requirements, then it can result many complications and litigation later on.
- In India the time period and court fees for obtaining a Probate is from six months to a few years and the cost is from 50000 to a high of 8.75% in certain states in India. Therefore if thereis any kind of delay for getting a Probate it might further delay the process of access to the assets of the deceased.
What Challenges NRI can face while they opt for a Concurrent Will:
In case NRI opt for having separate Wills i.e. one for offshore assets and one for Indian assets then the few of the points must be considered :
- There is an additional cost for drafting a Will in each jurisdiction and NRI has to consult with multiple lawyers before doing it.
- They have to decide who will getthe multiple Wills. In case it is not properly planned, it might create big confusion amongst their legal heirs.
In conclusion, there is no simple answer if NRIs want to avoid any future complications and ensure that the legal delays do not create any delay in having complete access to the deceased person’s Estate, they should have two Wills one is for Global assets and the other is for their Indian assets.