Finnovate’s Post

Transcript

Hi, Nehal. Hello Tarun. Thanks for calling in and can I know what your financial concerns are. Thank you for taking the time to listen, Nehal. It's been weighing heavily on my mind lately. My brother has been living his own life for years now, while my family and I have been shouldering the responsibility of caring for her aging father. It's not just about the financial support, but the emotional and physical toll it takes. My father has always been there for us, and now it's our turn to be there for him. I hear you, Tarun. So it's you and your brother and your father right now and it's been many years. Or that your brother is living independently with his family. And like you've just discussed with me, it's you and your family who's taking care of your aging father, whether it is any medical expenses or taking him out or whether it's supporting him or, you know, medically, financially, all kind of supporters are you and your family or you know, was extending it to your father. And you told me that your father intends to pass on his entire wealth to you. It's very obvious because it's you who's taking care of him at this point of time. So what have you done for this? He's mentioned leaving everything to me and making me the nominee, but I'm not entirely sure what steps needs to be taken to ensure that happens smoothly. Can you guide me through the process, please? OK, so you have nominated, you've added yourself as a nominee in all his assets, Demat account, bank account. And his physical assets. OK. So let me just tell you this Tarun that just he making you as a nominee in Hollis assets is not enough as a nominee. You are just a custodian of those assets and not the end beneficiary. If your father really intends to make you the single owner of all his wealth after him, then he has to write a will where he has to list down all his assets and he has to clearly state. That he intends to, you know, pass on all this wealth and all his assets to move individually. This will will have to be signed in the presence of two witnesses. We would advise one could be a Doctor Who's treating him and it could be a chartered accountant, or you know anyone of your acquaintance. I would advise you that the will is recorded and it is also registered so with this whatever is your father's wish that because you are taking care of. In in his aging yours and he wishes to pass on his will to you. The win would be a right way to transfer this wealth to you. So thank you Tarun. Thanks for calling in. And with the help of our expert Mr. Shalendra, we'd advise you to get your father to write or will immediately. Thank you so much.