Yellow

👴🏽📃 My dad passed away without leaving behind a Nominee or Will. How do we transfer his property to my mom? 👴🏽📃 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese gives you the answer to a question asked by a follower. ”A simple question here. My father had a property in his name with no nomination. He passed away in 2017 and it is still in his name! How can we transfer the property to my mother, who is his legal heir? Well, if you and your mother are the two surviving heirs of your father, then you will have to obtain a legal heir certificate, letter of administration, or any such document, depending upon your jurisdiction. This can be obtained in 2 ways, depending on your jurisdiction. 1. From the court, which typically takes a minimum of 6 months and incurs court fees in the range of 3% to 5% of the asset value, though some jurisdictions do cap this fee. 2. From the municipality, which is relatively faster and does not incur hefty fees. Beyond this, we will have to understand more details, like the asset location, to advise you better. Once we have all the details, we can help you with this end-to-end.” Share this video, because you never know who it might help. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

👴🏽🚨 PSA: Senior scam alert! 👴🏽🚨 In this segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese advises you on how you can avoid falling prey to scamsters. ”This isn’t a question from a viewer, but I feel compelled to address this scam that has affected many senior citizens in India. Please share this video, as it could prevent others from becoming victims. Let me begin by saying - to protect yourself, if you ever receive an unusual call threatening legal recourse or asking you to press a certain button on your phone, always say: ‘Contact my lawyer’ and hang up. Don’t engage further. At the end of August, 82-year-old textile industrialist and Vardhman Group chairman, Mr S P Oswal, lost Rs 7 crore in a digital scam. Here’s how the scam unfolded: Mr Oswal received a call from someone posing as a representative of the Telecom Regulatory Authority of India (TRAI). They threatened to disconnect his services unless he pressed 9 on his phone - which he did. Shortly after, he got another call, this time from someone impersonating a CBI officer, accusing him of involvement in money laundering. The fraudsters provided fake documentation, including arrest warrants and official-looking paperwork from the Mumbai police. They manipulated Mr Oswal into going into "digital custody" via Skype, forcing him to stay online for two days. The scammers even staged a mock Supreme Court hearing, convincing him the situation was real. Ultimately, he transferred the money to them. So friends, stay alert and if the fraudsters do not allow you to talk to anyone you know, assume it is a scam. If a businessman with such experience and access to advisors can be deceived, imagine how vulnerable ordinary people are. Don’t let it get to a point of no return.” Share this video - you never know who it might help. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

👴🏽📃 As an NRI, can I appoint my parents in India as Power of Attorney holders? 👴🏽📃 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese gives you the answer to a question asked by a follower. ”A Power of Attorney, or POA, is a legal document that allows one person to act on behalf of another person in legal, financial, or other asset-related matters. This authority can be as broad or as limited as desired. While a POA is a useful tool used in estate planning, especially by NRIs, it must be used judiciously to protect against misuse. Broadly speaking, there are 2 types of POAs. The first is a General Power of Attorney or GPOA, where you give maximum authority to someone to handle everything, even daily tasks. There must be implicit trust in the chosen GPOA holder for this, because there is huge scope for misuse. For this very reason, a GPOA is not valid on real estate in India. The second type of POA is a Limited or Special POA, which grants the person the authority to act in specific situations only, such as selling a particular property or managing certain financial transactions. Here, the POA document has to be registered to be valid if you wish to grant power to sell a property. For NRIs, which POA type you choose depends on the specific need and amount of control you want to provide. There is no restriction on who can be appointed as a POA holder. However, care should be taken, especially when property is involved, and you need to register the POA document. Why? Because if you appoint a non-relative as a POA holder, it can result in a hefty stamp duty cost.” Share this video, because you never know who it might help. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

👫🏽📃 Is my father’s Will still valid if both Witnesses pass away? 👫🏽📃 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese gives you the answer to a question asked by a follower. ”Yes, the Will is still valid, BUT in the event of any issue arising, the onus is on the family to prove otherwise, since the Witnesses are no longer alive. This question came from someone whose father had passed away already - but for everyone else, here are a few things to keep in mind once you make your Will, so that you always remain prepared. 1. Please update your Will regularly - check in once a year and if something has changed, whether an addition of an asset OR change of Witness, then please do so. 2. Include a video recording of your Will, as this can help your family if they are ever in a position like the person who asked this question. If this person’s father had a video recording of his Will, then there would have been video evidence of his signature, general state of mind and Witnesses. Multiple cases in the Supreme Court have provided video recording as valid proof. 3. Try and choose a Witness who is younger than you. This way, the probability of them outliving you is greater. Share this video, because you never know who it might help. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

🧒🏻💰 Can my Will include unborn grandchildren? 🧒🏻💰 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer Nikhil Varghese answers this question. ”Technically speaking, you can BUT it's not straightforward and you need contingency planning. For ease of explanation, let's assume you only have 1 child and you specify in your Will that 10% of your assets should go to his/her unborn child or children. Now, what happens if at the time of your passing, the grandchildren do not exist? The Will specifically says 10% of all assets go to someone who is not available to receive the assets. This is why you need contingency planning. That means, you need to specify WHO should receive the 10% of your assets IF at the time of your passing the grandchildren are still not born. This question is from someone who seems interested in planning for future generations. For such people, we like to suggest looking into a Trust structure, apart from making a Will, which is something I will touch upon very soon.” Share this video - you never know who it might help. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

🏦🧒🏻💰 If banks allow only one nominee, how do I make sure both my children get their share? 🏦🧒🏻💰 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese tells you how you can ensure both your kids get what you’ve left behind for them in the right proportion and at the right time. Hint: It’s simpler than you think. Watch the video to know more. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

👨🏽🦳💰👨🏻⚖ I have to pay over a lakh for a succession certificate. Is there a cheaper way? 👨🏽🦳💰👨🏻⚖ In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese tells you if you can circumvent this cost and how you can avoid it for your family in the future. Watch the video to know more. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

👨🏽🦳🇦🇺💰I live out of India for half the year. Do I need to pay taxes abroad? 👨🏽🦳🇦🇺💰 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese tells you where and how you’re required to file for your taxes if you live in more than one country. Watch the video to know more. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]

Yesterday, our Co-founder and Chief Domain Officer, Nikhil Varghese, hosted a seminar on 'The Basics of Will-Making' for the elderly. This insightful event, organised by Vayah Vikas, aimed at empowering participants with the knowledge to secure their legacies and ensure their wishes are honoured. At Yellow, we're proud to support initiatives that make a meaningful impact in our community.

🧔🏻♂️👵🏼My parents are elderly and I'm abroad. How do I protect them from all the money scams I see going on?🧔🏻♂️👵🏼 In this #YouAskWeAnswer segment, Yellow’s Co-Founder & Chief Domain Officer, Nikhil Varghese tells you how you can safeguard your old parents and help them fall prey to fraudsters. Watch the video to know more. Have a question related to estate planning? Comment below and we’ll answer it for you. ⁠⁠ [Yellow Will, Online Will, Financial Education, Estate Planning, Succession Planning, Seniors]