NRI Will
NRIs often have assets and properties in both, their home country and the country of residence. In such cases, it is important to consider how these assets will be managed and distributed in the Will, keeping in mind the laws of both countries.
NRIs must ensure that their Wills comply with the requirements of the jurisdiction where the Will is created. This includes several considerations such as the minimum age requirement, signature requirements, and witnessing requirements.
Some considerations are:
Compliance with Indian Laws
- A Will for Indian assets should comply with the laws and regulations of India. This may involve understanding the legal requirements for creating a valid Will in India.
Compliance with Local Laws of the country of stay
- Indians residing abroad should ensure that their Wills comply with the laws and regulations of the country where they reside. This may involve understanding the legal requirements for creating a valid Will, such as witnessing and notarization requirements.
Conflicts and Disputes
- In case of any conflicts or disputes arising from a Will, NRIs should be aware of the legal remedies available to resolve such issues.
Consider Registration:
- While not mandatory, you may choose to register your Will in India to provide additional legal validity and avoid potential disputes.
Digital Executor
- NRIs can appoint a digital executor in their Wills who Will be responsible for managing and distributing their digital assets, such as online accounts, social media profiles, digital media, cryptocurrencies etc.
Domicile
- It is important to know the country of your domicile. This determines which country’s succession rules Will apply to you.
Family Law Considerations
- NRIs should consider any applicable family law considerations, such as laws related to marriage, divorce, and inheritance rights in their country of residence and the countries where their assets are located.
Guardianship
- NRIs can designate guardians for their minor children in their Will.
International Assets
- Indians residing abroad may have assets located in multiple countries. It is important to address the distribution of these international assets in their Wills, considering the laws and regulations of each country.
Keep the Will Safe
- Store the original copy of your Will in a secure location, such as a safe deposit box or with a trusted individual. Inform your family members or executors about the existence and location of the Will
Letter of Wishes
- NRIs may choose to include a letter of wishes with their Will , which is a non-binding document that provides guidance to the executors and beneficiaries regarding the testator's intentions, preferences, or explanations behind certain decisions made in the Will.
Living Will
- NRIs can include provisions in their Will to address situations of incapacity, such as the appointment of a healthcare proxy or instructions for medical treatment decisions.
Probate Process
- NRIs should be aware of the probate requirements and procedures in order to facilitate a smooth distribution of their assets. NRIs need to consider the jurisdiction where they want their Will to be probated. This is particularly important if they have assets in multiple countries, as the probate process may vary depending on the jurisdiction.
Power of Attorney
- NRIs can appoint a power of attorney to act on their behalf in India for matters related to their assets, including the execution of their Will. This can be arranged through the nearest Indian Embassy or Consulate.
Repatriation of Funds
- NRIs should be aware of the rules and regulations regarding the repatriation of funds from the sale of inherited property in India. General permission is available for NRIs and PIOs to repatriate the sale proceeds of property inherited from a person resident in India, subject to certain conditions.
Separate Wills
- NRIs should consider drafting two separate Wills—one for their global assets and another specifically for their Indian assets. This ensures that the distribution of assets is in accordance with the laws and regulations of each jurisdiction.
Succession in business
- If NRIs own businesses, they can include provisions in their Wills to address the succession of the business and ensure its smooth continuation after their demise.
Tax Considerations
- NRIs should consider the tax implications of their Wills, both in their country of residence and in India.
Updating the Will
- Life circumstances and asset holdings may change over time, so it is important to review and update the Will periodically. This can help ensure that the Will accurately reflects current wishes and circumstances.
Validity of Foreign Wills
- NRIs should understand whether their Will created in one country will be recognized and enforced in another. Some jurisdictions may require additional steps or documentation to ensure the validity of a foreign Will. NRIs should also check the applicability of Forced Heir-ship and Community Property rules in the country of their stay.
Witnesses and Notarization
- Follow the legal requirements of the jurisdiction where you are drafting the Will regarding the number of witnesses and notarization. Ensure that the witnesses are competent and meet the necessary legal criteria.