Life came to a standstill when Riya Jain’s (name changed) father passed away last year of a massive heart attack. The bereaved daughter had to rush to India from the US to complete rituals and manage the formalities.
Once the rituals were completed, the next step was to transfer investments and assets to Riya and her younger sister. Residing abroad for over a decade, Riya had very little idea about the inheritance procedure in India.
During this period, Riya met an old friend who was Amar’s client. Riya approached Amar to help her out with the tedious estate planning.
Amar recollects, “When Riya first met me she had no idea of the property and investments of her father. Her mother had passed away quite some time back while her younger sister was studying in Delhi. No one in the immediate family had any idea of the investments of her father nor had any estate planning been done.”
Amar decided to help the bereaved sisters to get out this chaotic situation. Right from getting Riya an Indian SIM card to obtaining the deceased’s death certificate, Amar tried helping her in all possible ways.
To find out investments and assets of Riya’s father, they approached the secretary of Riya’s deceased father. Thankfully, she had a list of investments owned by Riya’s father that included bank deposits, mutual funds and insurance policies.
Amar’s team had to hunt for the relevant documents at Riya’s family home to speed up the claim process. They found a piece of paper showing that Riya’s father had lent money to a builder. To their surprise, this builder had stopped paying the instalments assuming no one would ever know.
Amar says it was a tedious task to recover the loan from the builder. “While it was agreed that the loan would be repaid with 18% rate of interest, the builder deliberately refused to return the money. After many attempts, we decided to approach the court. However, after getting the court’s notice, the builder agreed to repay the pending amount at an interest rate of 9%.”
As Riya was an NRI, Amar advised her to settle the matter ‘out of court’. “The process of transferring the investments and equally dividing it between the two sisters took 11 months,” Pandit said.
The advisor-client relationship between Amar and the Jains came to an end with Riya flying back to the US.