I am just thinking aloud whether parents should tie up things neatly before their time is up or leave it to the children to carry the mantle and do what needs to be done. It can be argued both ways. In the present age and era , children are not living with parents or in the same town or even country. Very often they are out of touch with procedures and practices of their motherland, having spend a major portion of their youth and middle age away from their parents and country. Also it is worth remembering that things are not automatically settled in our country when one ceases to exist . This is despite all the digitisation and computerisation..Even a death certificate or legal heir certificate is not issued without passing a few bucks under the table..it is a pity that we used to be known as citizens of Ramrajya!
If it were America or UK or Europe life for those who inherit properties would be easier. The rules are often bent to suit the petty official here in India and children will be driven from pillar to post to get these legal documents, not to mention the money doled out to touts and middlemen. Do kids living abroad or even here have the time and energy to chase these matters. For kids working in the IT industry, it is almost impossible as they work odd hours..may be if your kids work in Goverment offices they may be able to get things done. For others it will become a nightmare and a trauma..
In view of these problems it is better in my opinion to tie up all matters real ting to property and financial investments well in advance of very old age..simple fixed deposits in banks may give paltry returns but they are safe and easy to operate as registering of nominee names is sufficient to get the proceeds..land and building is a different and difficult story..a settlement deed in favour of the son or daughter may suffice to inherit, but do these children who live abroad or work in difficult assignments in metro cities have the time to follow up and take care of that property?..a small village house or cottage is all the elder couple needs, which can be more easily disposed off if the kids do not want it later..the investment should be very modest, for sure..the risk factor will also be lesser..
I wish that our government did something to make transfer of assets to inheritors easier at least after the passing away of aged parents. Else they would be turning and squirming even in the grave!
