Unclaimed Wealth: Crores of rupees are lying unclaimed in the country and no one has any information about the real owners of this money. There are many families whose members’ money is deposited in bank accounts, insurance funds or mutual funds, but the family members are not even aware of it. This means that there are crores of rupees lying across the country which have no claimant today.

SEBI registered investment advisor and founder of Sahaj Money, Abhishek Kumar has drawn attention to this serious issue. He recently wrote in a LinkedIn post that about Rs 80,000 crores are lying unclaimed. He also said that this topic is very important, but very few people talk about it.

Why do funds remain unclaimed?

According to Abhishek Kumar, this situation is not because people are short of money, but its real reason is lack of communication, complexity of paperwork and lack of awareness among families. He asked people whether their family knows about their money? Many times it happens that after a person’s death, the family has no information about his investments, due to which the money remains unclaimed for years.

real example

Giving an example, Abhishek Kumar said that last year he helped a client whose wife did not know that Rs 15 lakh had been invested in mutual funds in his name.

Similarly, he mentioned another incident in which it took two years for a family to get their bank account unlocked. The reason for this was that the nominee’s name was not added to the account.

Is just a will sufficient?

Abhishek Kumar warned that many people think that merely making a Will is enough, but it is not so. He clarified that a will is effective only when it is prepared through proper evidence and legal process.

There are lakhs of families in the country whose hard-earned money is stuck in various financial institutions. Experts say people should share information about their investments with family, add nominees to all accounts, and keep important documents in order so that their assets do not remain unclaimed in the future.

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Many people think that after the death of a person, his property automatically divides the family members, but the reality is quite different from it. If a person has not left a document about his property, then it is common for legal confusion, controversy and tension in the family. Often we hear that after the death of someone, the family members reach the court-court with each other. This is the reason why the will is considered a very important document.

This is a paper in which the person goes to write and how his property will be given after his death. Now the question comes whether this will can be written on plain paper as well and whether anyone can get property without registration or without a notary. Let us know if the will can be found from the will written on plain paper and how can you claim it.

What is a will?

The will is a legal document, which a person makes his alive and decides who will get his property after his death. For example, if a person has a house, a little land and some bank balance, then he can decide how and how much will his son, daughter, wife or someone else get after his death. The person writing this will is called a will, and the person who is given the property, is called the beneficiary ie Beneficiary.

Can a will be found by a will written on plain paper

According to Indian law, you can also write the will on plain paper. To write this, neither stamp paper nor notary, although the will should be written in a clean language and it is said that the will is making this will of his own will and who he wants to give it. There should be a signature or thumb impression of two witnesses on the will, besides a will sign or thumb of the will. In such a situation, if the will is legally written properly then it is considered completely valid. Property can be claimed based on such a will.

How to claim property based on a will?

1. Collect a copy of the will – Keep the will and all the necessary documents written on plain paper such as property paper, ID proof, death certificate etc.

2. Apply for probate – If the property is to be transferred to the court, then the civil court has to apply for the probate. The probate is approved by a type of court, which declares the will valid.

3. Testifies of witnesses of will in court – Witnesses can be called to court if needed so that they can find out that the will was written and signed in front of them.

4. Start the process of property transfer – When the will is approved by the court, then go to the Municipality or Tehsil office and apply to get the property done.

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Stamp Paper Rules: The will means the legal document of a person’s last wish. Through which he determines the distribution of his property. Often people have the illusion that to legalize the will, it is necessary to write it on a particular stamp paper. But let us tell you that in reality it is not so.

The importance of will in India depend only on its legal format and the presence of witnesses. Not at the cost of stamp. But despite this, some rules which need to be followed. So that there is no dispute on the will. Let us tell you what should be kept in mind about the price and will of the stamp paper.

How many rupees stamp paper is valid?

According to Indian law, it is not necessary to write the will on a particular price stamp paper. It can also be written on ordinary white paper and will be considered completely valid. Provided it is clean and clear. However, many people like to write it on stamp paper of Rs 10 or 50.

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So that the document is completely authentic. Let us tell you that the presence of two witnesses is necessary to legalize the will. Those who are present at the time of signing. This is the proof of the will be real. Notary or registration is optional. But this increases the legal validity of the document.

What should be kept in mind while making a will?

While writing the will is the most important that all the information related to the property in the document should be clear and correct. It should be clearly written in it, who is being given how much property and why. The person should be completely mentally healthy while signing. So that no legal challenge can be given later. Two witnesses of the will is necessary and it would be better not to be members of the family.

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It is not mandatory to register the will. But if the registry is done, then the chances of dispute in future are greatly reduced. If a change has been made, it should also be added in writing. On following all the rules, if a will is made by writing on normal paper, then it is considered completely valid.

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Often in everyone’s life, there is a time when it needs to think that whatever property we have, land, money, jewelry, who will get it and how. If you have already decided something about this, then it is necessary to enter it in writing. This is called written document will i.e. will. The will is a legal document in which a person decides who will get his property after his death and how. This document is very important because it can avoid quarrels, property disputes and legal problems in the family after death. In such a situation, let us know today what is the will, how it is made and what is the entire process to register it.

What is a will?

The will is a document in which a person writes who will get his property after his death. For example, if you have a house, bank account and some land and you want to get this property after your death, then you can write all these things in will. The person who makes it is called a will, and the person who is given the property is called beneficiary ie Beneficiary.

How is a will made?

To make a will, the first draft of the will. The will can also be made on normal paper. It can be written or typed by hand. In this, the name, age, address and it is written that they are healthy and are making a will on their own. At the same time, it is written about the property and beneficiaries in it, as is the property, write the complete information of what you want to give, what you want to give, they can clearly tell and share the property equally or according to your own. Apart from this, witnesses are necessary in the will. Two witnesses are necessary for this. Witnesses have to sign on the document in front of the will. Now you can keep a copy of the prepared will at home, in a bank locker or with a lawyer and if you want, you can also make a scan copy of it.
What is the entire process of registering a will?

1. Go to the sub -registrar office – Go to your nearest sub-registrar office where the property of the will is located.
2. Take all the necessary documents along – Documents required to register for will registration such as original copy of the will, the identity card of the will and the identity card of both witnesses. The will and both witnesses have to sign the will in front of the registrar.

3. Submit registration fees – RaAccording to the registration fees can vary. Usually it can range from ₹ 200 to 1000.

4. Registration of will – After the completion of all the documents and process, your will will be officially registered.
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