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Father Died in 2006 - Multiple Wills and Probate Issues - How to Proceed?

Ramalingam

Ramalingam Kalirajan  |7915 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 08, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - Feb 08, 2025Hindi
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My father died in 2006 got one property at chennai from his sister (OWN) in2003 died in 2004 by a will and half that property from her husband in 2004 died in 2005 by another will.Both wills are challenged by legal heirs of both sides when presented for probate and claimed as fake.The probate is pending since 2005 and how to prove which will is correct s per sucession act and evidence act and the property should goes to whom finally?

Ans: To prove which will is valid under the Indian Succession Act, 1925, and the Indian Evidence Act, 1872, consider the following:

Validity of Wills

The wills must be signed by the testators.
Two witnesses should have attested them.
The testators must have been of sound mind and not under undue influence.
Probate Proceedings

The court will examine medical records, witness testimony, and handwriting analysis.
If wills are proved fake, intestate succession applies.
Who Gets the Property?

If wills are valid, property is distributed as per the wills.
If both are invalid, legal heirs as per Hindu Succession Act, 1956, or Indian Succession Act, 1925 (for non-Hindus) will inherit.
Expert Opinion Needed

A forensic expert can verify signatures.
A legal expert can analyze the case details.
Since probate is pending since 2005, approach the High Court for an expedited resolution.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |7915 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 11, 2024

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Sir my paternal grand mother registered a new will by cancelling her old will written to my elder brother in 2004 and new will in 2019she expired in 2023june my grandmother has two sons both of them are witness in my will two roperties are mentioned one is rccbuilding second is 3acres of land both are mentioned in my will she registered a gift deed for RCC building in 2021now my brother gave a notice to me on RCC building afterher death and he showed in court that his will is last one but my grandmother gave a first information report in police station that she cancelled his will and registered a new will and on other gold ornaments and changing of his name in municipality and other original documents to be recovered from him the cc case is filed and trail is going on I am with my parents and my uncle father's brother is also with us only now yesterday he gave another notice to me on second property agl landalso I gave answer to first notice by my advocate my doubt is how can a cancelled will come in force when a new registered will is present he says iam in continuos possesion in house my grandmother is 100years when she expired but her mind is very powerful her health is very good until her death she is a iron women she registered me 4years before her death can I win my cases my brother is filling all false statements in court pls can you give your suggestions how to approach in correct manner my father mother and my uncle are alive they will witness the facts in court thanking you waiting for your suggestions
Ans: Understanding the complexities of wills and inheritance can be challenging, especially when there are conflicting claims and legal disputes. I appreciate you sharing the details of your situation. Let's break down the key points and offer some guidance on how to approach your case.

Background and Current Situation
Your grandmother, who was 100 years old at the time of her passing, made significant changes to her will and property registrations in the years leading up to her death. Initially, she had written a will in 2004 in favor of your elder brother. However, in 2019, she canceled this will and registered a new one in your favor, which includes an RCC building and 3 acres of land.

In 2021, she also registered a gift deed for the RCC building to you. Following her death in June 2023, your brother contested this, claiming the 2004 will is still valid. He has taken legal steps to assert his claim on the RCC building and recently served another notice regarding the 3 acres of land.

Your grandmother filed a police report stating she had canceled the old will and registered a new one. You and your family, including your uncle, are united in this matter, and your parents and uncle are willing to testify in court.

Legal Considerations
When dealing with inheritance disputes, several legal principles come into play:

Validity of the New Will: A new will, if registered properly and meeting all legal requirements, typically supersedes any previous wills. Your grandmother's 2019 will should be the primary document of reference.

Gift Deed: The registered gift deed for the RCC building in 2021 further strengthens your claim. Once a gift deed is executed and registered, the property is transferred to the donee (you in this case), and this transfer is usually irrevocable.

Continuous Possession: Your brother's claim of continuous possession may hold some weight, but it does not override the legal documents like the new will and the gift deed, provided they are valid and unchallenged on grounds of legality.

Steps to Strengthen Your Case
Here are some strategic steps to consider in approaching your case:

1. Engage a Competent Lawyer:
Ensure that you have a certified and experienced lawyer who specializes in inheritance disputes. This will be crucial in navigating the complexities of your case.

2. Gather and Preserve Evidence:
Collect all relevant documents, including the new will, gift deed, police report, and any communication that supports your claim. Ensure these documents are safely stored and readily available.

3. Witness Testimonies:
Your parents and uncle can provide crucial witness testimonies. Their accounts of your grandmother’s intentions and the circumstances surrounding the will changes will be valuable in court.

4. Contesting False Claims:
Be prepared to counter any false statements made by your brother. This includes gathering any evidence that disproves his claims and highlighting inconsistencies in his statements.

5. Emphasize the Police Report:
The FIR filed by your grandmother is a significant piece of evidence. It demonstrates her intent to cancel the old will and supports the validity of the new will.

Legal Process and Court Proceedings
1. Filing a Caveat:
A caveat is a notice filed in court to prevent any action on a will without notifying the person who filed the caveat. This ensures you are informed of any proceedings related to your grandmother’s estate.

2. Probate of the Will:
The court process to prove the validity of a will is known as probate. You will need to apply for probate of the 2019 will. This involves submitting the will to the court and demonstrating its validity.

3. Contesting the Previous Will:
Your brother will need to prove the validity of the 2004 will. Since your grandmother canceled this will and registered a new one, he may face significant legal challenges.

Understanding Inheritance Laws
1. Testamentary Succession:
This refers to the distribution of property according to the will. The new will registered in 2019 dictates the distribution of your grandmother’s estate.

2. Intestate Succession:
If a person dies without a valid will, their property is distributed according to intestate succession laws. In your case, since a valid will exists, intestate succession laws do not apply.

Emotional and Practical Considerations
1. Emotional Preparedness:
Inheritance disputes can be emotionally taxing. Stay strong and seek support from your family and close friends. Understand that the legal process may take time and require patience.

2. Open Communication:
Maintain open communication with your lawyer. Regular updates and clear understanding of the case progress will help you stay informed and prepared.

3. Financial Preparedness:
Legal battles can be expensive. Ensure you are financially prepared to cover legal fees and any other associated costs.

Final Insights
Navigating an inheritance dispute requires a clear understanding of legal principles, meticulous preparation, and emotional resilience. The new will and the gift deed registered in your favor are strong evidence supporting your claim. Ensure you have a competent lawyer, gather all necessary documents, and prepare your witnesses.

Stay focused and patient throughout the legal process. Your grandmother’s clear intent to leave her property to you, backed by legal documentation, strengthens your case significantly. With the right approach and legal support, you stand a good chance of securing your rightful inheritance.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

Latest Questions
Ramalingam

Ramalingam Kalirajan  |7915 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 08, 2025

Asked by Anonymous - Feb 08, 2025Hindi
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Dear Sir, At present, I have Rs. 75,00,000/- in SB account. Can I earn Rs. 60,000/- per month through SWP, if I invest this amount in mutual funds.
Ans: You want to generate Rs. 60,000 per month from Rs. 75 lakh. This means you need Rs. 7.2 lakh per year.

The biggest challenge is ensuring the corpus lasts long. If the withdrawals exceed the growth rate, the money will deplete faster.

A well-planned Systematic Withdrawal Plan (SWP) must balance growth, risk, and longevity.

Key Factors to Consider Before Investing

Inflation Impact

Expenses will rise over time.
A higher withdrawal rate today can lead to shortfall later.
Your plan should account for increasing withdrawals in the future.
Investment Risk

Mutual funds carry market risk.
Equity funds may give higher returns but fluctuate.
Debt funds are stable but may not beat inflation.
A mix of both is better.
Tax Efficiency

SWP from equity funds after one year has lower tax impact.
LTCG above Rs. 1.25 lakh is taxed at 12.5%.
Debt fund SWP is taxed as per your income slab.
Tax-efficient withdrawals increase corpus sustainability.
Longevity of Corpus

If your investments grow at 10% and you withdraw at 9%, funds may last long.
If growth is 8% but withdrawals are 12%, corpus may deplete soon.
A sustainable withdrawal rate is key.
Can Rs. 75 Lakh Sustain Rs. 60,000 Monthly?

If Growth is Low (6-8%)

The corpus may last for 12-15 years.
This may not be enough for long-term needs.
If Growth is Moderate (10-12%)

The corpus may last over 20 years.
A balanced approach is needed.
If Growth is High (Above 12%)

Higher returns can extend corpus life.
But market fluctuations will impact withdrawals.
Better Approach to Ensure Sustainability

Start with a Lower SWP Initially

Instead of Rs. 60,000, start with Rs. 45,000-50,000.
This gives the corpus time to grow.
Rebalance Annually

Review fund performance.
Adjust withdrawals based on market conditions.
Mix of Equity and Debt

Keep 60% in equity for growth.
Keep 40% in debt for stability.
Keep a Buffer in Liquid Funds

Maintain 6-12 months of expenses in liquid funds.
This helps avoid withdrawing in a market downturn.
Tax-Efficient Withdrawals

Use long-term capital gains benefits.
Avoid unnecessary tax outflow.
Alternative Strategies for Income Stability

Dividend Option in Mutual Funds

Some funds provide regular dividends.
But dividends depend on market performance.
Part-time or Passive Income Sources

Rental income, freelancing, or part-time work can reduce withdrawal pressure.
This helps corpus last longer.
Final Insights

Withdrawing Rs. 60,000 per month is possible but may reduce corpus life.
A balanced strategy is needed to ensure long-term sustainability.
Reducing withdrawal amount initially will help.
Regular reviews and rebalancing are important.
A mix of equity and debt ensures growth and stability.
Keeping a liquidity buffer helps during market corrections.
With the right approach, you can generate monthly income while protecting your capital.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

Ramalingam

Ramalingam Kalirajan  |7915 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Feb 08, 2025

Asked by Anonymous - Feb 06, 2025Hindi
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I want to retire this year. I am 41. My current corpus 1.2 crore MF, 30 lakh in PF. We live with parents in our own house in Bangalore valued at Rs 1.5 crore. I have a home loan EMI of 35000 that will end in 2032. Monthly expenses 35-40k. Mu wife takes home tuitions and earns Rs 25,000 per month.
Ans: Retiring at 41 is a bold decision. You have built a decent corpus. But early retirement requires careful planning. Let’s analyse your financial situation and create a sustainable plan.

Current Financial Position
Mutual Funds: Rs 1.2 crore
Provident Fund: Rs 30 lakh
Total Corpus: Rs 1.5 crore
Home Loan EMI: Rs 35,000 per month (ending in 2032)
Monthly Expenses: Rs 35,000 to Rs 40,000
Wife’s Income: Rs 25,000 per month
House Value: Rs 1.5 crore (not considered for expenses)
You have a strong foundation. But your corpus must last for decades. Let’s optimise your investments for steady income and growth.

Key Challenges in Early Retirement
Long Retirement Period: You need funds for 40+ years.
Inflation Risk: Expenses will rise every year.
Home Loan: EMI will continue for 8 more years.
Market Volatility: Equity investments will fluctuate.
Medical Expenses: Health costs will increase with age.
A structured approach will help you retire securely.

Managing Monthly Expenses
Your expenses: Rs 35,000 to Rs 40,000 per month.
Wife’s tuition income: Rs 25,000 per month.
Shortfall: Rs 10,000 to Rs 15,000 per month.
Your investments must cover this shortfall and future expenses.

Investment Strategy for Sustainable Income
Your portfolio must balance growth and stability.

Equity Mutual Funds (40-50%)

These will provide long-term growth.
Withdraw only when needed.
Keep a mix of large-cap, flexi-cap, and mid-cap funds.
Debt Mutual Funds (30-40%)

These will provide stability and regular income.
Choose short-duration or corporate bond funds.
Withdraw from this segment first before selling equity.
Fixed Deposits & Bonds (10-20%)

Invest in FDs or government bonds for emergencies.
Avoid locking all funds in long-term deposits.
Emergency Fund (Rs 5-7 lakh)

Keep 12-18 months of expenses in a liquid fund.
This ensures you don’t sell investments during market crashes.
This strategy ensures growth, liquidity, and stability.

Handling Your Home Loan
EMI is Rs 35,000 per month till 2032.
Wife’s income covers most of it.
Instead of full prepayment, make partial prepayments.
Use surplus funds or bonuses to reduce interest.
This will free up cash flow for future needs.
Avoid using all your corpus to close the loan. Investments will generate higher returns.

Medical Insurance & Health Planning
Buy a family floater health insurance of Rs 15-20 lakh.
Ensure it includes critical illness coverage.
Consider a super top-up plan for added coverage.
Keep Rs 5 lakh in a separate medical emergency fund.
Medical costs can drain savings. A strong health cover is essential.

Tax Planning for Retired Life
Mutual fund withdrawals attract capital gains tax.
Equity LTCG above Rs 1.25 lakh is taxed at 12.5%.
Debt mutual fund withdrawals are taxed as per your income slab.
Use systematic withdrawals to manage tax efficiently.
Utilise tax-free PPF withdrawals after maturity.
A tax-efficient withdrawal strategy will help maximise savings.

Income Generation During Retirement
Systematic Withdrawal Plan (SWP) from Mutual Funds

Set up SWP from debt mutual funds for regular income.
Withdraw from equity only when markets are high.
Part-Time Work Opportunities

Your wife earns Rs 25,000 from tuition.
Consider online consulting or freelance projects.
Even Rs 10,000 extra per month can reduce portfolio withdrawals.
A small active income will make your corpus last longer.

Inflation-Proofing Your Future
Expenses will double in 15-18 years.
Keep 40-50% of your portfolio in equity for long-term growth.
Review your portfolio every year and rebalance.
Adjust withdrawals based on market conditions.
Long-term sustainability is key for early retirees.

Final Insights
Your corpus is decent, but early retirement needs discipline.
Don’t use all savings to close the home loan.
Invest in a balanced mix of equity, debt, and fixed-income assets.
Plan systematic withdrawals to manage cash flow and taxes.
Health insurance and emergency funds are essential.
Keep some part-time income to reduce financial pressure.
Revisit your financial plan every year.
A well-structured plan will help you retire peacefully at 41.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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