An aunt (father's sister) has recently passed away and there is a lot of confusion re process of estate settlement. She was a spinster and has left behind a few bank accounts (a few with my father as joint account holder either or survivor mode with her as primary ac holder) and some accounts as her other sister. all accounts have nominees as well. An unregistered will has been left as well in which she has mentioned her half share in her house be given to her other sister who owns the other half already. the will also mentions some funds be given to named people (her nephews, nieces, some money to a servant etc). and the rest be divided equally among her named siblings or their children where sibling has passed away. (1 sister passed away some time ago and is survived by a son).
what is the best course of dividing the estate and are there tax implications. this falls in Haryana state. is the joint account status of bank accounts valid after her death. the family wants to divide and distribute estate amicably. the will though is not registered. how does one go about sorting the share of the house. again any expenses? would appreciate any guidance.
Dear Mr. Gaurav,
1. One has to go through the Will and its contents before giving a view.
2. The WILL is required to be probated through an appropriate Court in Haryana.
3. Prima-facie, there will be no tax implications.
It will be better for you to show the documents to a lawyer well versed in property law + taxation (specially Direct Taxation ie. Income Tax), discuss the matter and then take further steps.
