probate of will for liqid assets
sh chatt
(Querist) 19 September 2010
This query is : Resolved
My father expired leaving behind two sons. He had made a will which is registered which mentioned land and liquid assets. Now we have taken the will for probate for land (House) only and court has passed the permission for will execution for land only (as nothing has been mentioned for liquid assets in the claim). The name transfer for the land has been completed. Now for the liquid assets we approached bank with the copy of the will. The Manager asked us to bring probate for the will. Now on approaching a lawyer, he said that we have to take probate of the will again for liquid assets and that too in civil court. I said, we have taken probate of the will while inheriting the land (house) and shown him the copy of courts advice. He said, that was case regarding the land which had been dealt with by revenue department tahasil. Now this is the case of liquid assets and will be dealt by civil court, so you have to take probate again. Is he right? Secondly, while taking probate of the will regarding liquid assets, we have to pay 10% of the claim amount as stamp duty. Is he right? What is the stamp duty in such cases in Chhattisgarh? Is there any other way to save this stamp duty amount as the amount (to be claimed) is already tax paid amount. whats you view?
Raj Kumar Makkad
(Expert) 19 September 2010
As the liquid assets were deliberately not included in your earlier case so the opinion of your lawyer is accurate but the amount of stamp duty has highly been execrated by him. Only 1% amount is to be deposited as stamp duty in Chattisgarh.
It is better to approach bank officials again with your application and supporting affidavit to disburse the pending amount as per your mutual adjustment. If you insist therein, generally banks do not demand probate of the will and can entertain your joint request.
Parthasarathi Loganathan
(Expert) 19 September 2010
However banks settle all liquid assets only on the basis of nomination. In its absence, a legal heirship is insisted.
sh chatt
(Querist) 19 September 2010
But RBI has passed a resolution that all banks must resolve the deceased account to their heir without producing any legal docs. So mere producing a copy of registered will not suffice? secondly in taking probate of the will do i need to mention the value of the liquid assets?Bank manager said, mentioning the value is not required.probate is just a authentic validation of the will by court. ur valuable suggestion pl.
sh chatt
(Querist) 20 September 2010
Sir, In a forum I read "Question:
My father had written a registered will in my favour. After the death of my father, my sister(s) are not willing to give me NOC for mutation of house in my favour. Kindly advise me how to execute the will and transfer the Mutation in my name
Answer:
In this case first of all you have to file a petition for the grant of “Probate” of the will. After you get the will probated in your favour, you can get the mutation done of the said house in your favour. To get the said will probated in your favour, you have to prove the said will by producing attesting witnesses (to the will) in the court.
Stamp Duty : No stamp duty is required to be paid for executing a Will or a codicil. A Will, therefore, need not be made on stamp paper."
Probate: A probate means a copy of the Will, certified under the seal of a competent Court with a grant of administration of the estate to the executor of the testator. It is the official evidence of an executor's authority.A probate is mandatory when the Will is executed by a Hindu, Christian or Parsi in the cities of Mumbai, Calcutta or Chennai, or pertains to immovable property situated in Mumbai, Calcutta or Chennai.
So, in this case as the-we have taken the will for probate for land (House) only and court has passed the permission for will execution for land only (as nothing has been mentioned for liquid assets in the claim). The name transfer for the land has been completed and the order passed by the court say that the said will is now hence foth stand effective. So as per this in order to claim the liquid assets from bank,is there still need to take again probate?
