Succession and Inheritance - Inputs on Solutions
Below are the key Root Causes for the key Issues related to Succession and Inheritance in India.
Kindly review and propose specific, implementable solutions that will address these issues.
We will then put the whitepaper together and share with key stakeholders.
Succession and Inheritance – Root Causes
1. Laws and provisions for succession and inheritance have not been revised in a long time
2. There is corruption in the judicial system at all levels
3. Succession and inheritance cases are tricky ones which need experienced lawyers
4. Nomination is not mandatory in many accounts
5. Lack of transparency among cross-functional offices
6. There is a lack of commitment in the employees in these departments
7. These offices have very limited digitalization
8. Registration of marriage is not mandatory in India
9. There is no clear definition of "separation"
10. Lack of one stable rule which applies to all religions
11. Banks and mutual funds have different forms & procedures for similar kind of work creating hassles for customers.
Succession and Inheritance - Key Issues
1. Death certificate takes a long time to get prepared
2. Getting NOCs from different organizations becomes very tough
3. No concrete laws in this matter
4. The whole procedure of getting a succession certificate takes a very long time in the courts
5. Transfer of shares certificates from the deceased to successors is very difficult, requires court certificate which in turn requires huge deposits.
6. Many accounts do not need a nominee while going through the opening procedures
7. Lawyers charge a huge fee for taking up succession cases (many pay bribes to get work done)
8. Expenses and labour involved in obtaining the succession certificate is another tough ask
9. There is a lack of transparency among cross functional offices
10. The registrar office and staff is very corrupt and getting anything done there takes a lot of time and money
11. There is no customer service department/helpline which could answer the questions which arise in such cases more