\u201cFor nine months I was coordinating with lawyers, filing affidavits, and even had to travel to India multiple times to just get a legal heir certificate,” he said.<\/p>\n
For NRIs, especially those unable to travel at short notice\u2014like H-1B visa holders in the US\u2014his experience underscores the importance of having a Will.<\/p>\n
When delay becomes permanent<\/p>\n
Take the case of a US-based NRI who lost his father in 2016 and is still unable to claim bank deposits worth \u20b91.7 crore, dividends of \u20b936 lakh, and a Hyderabad property valued at \u20b93.6 crore. He moved to the US in 2015 and visited India in 2017 only to perform his father\u2019s last rites.<\/p>\n
\u201cI couldn\u2019t obtain the legal heir certificate or other documents remotely and now face a long legal battle as the deposits have gone to RBI\u2019s Depositor Education and Awareness Fund (DEAF) and dividends to Investor Education and Protection Fund (IEPF),” he said.<\/p>\n
Both DEAF and IEPF are government bodies that manage unclaimed bank deposits, shares and dividends. Deposits untouched for 10 years are moved to DEAF, while dividends, shares, and matured deposits unclaimed for seven years go to IEPF<\/a>. Experts say claiming such funds involves an even more cumbersome legal process.<\/p>\n \u201cThe delay in initiating claims, along with bureaucracy, verification and attestation requirements can take another 6-12 months to recover assets from DEAF or IEPF. These bodies demand extensive documentation and claimants often have to coordinate with multiple financial institutions,” said Shraddha Nileshwar, head of Will and estate planning at 1 Finance, a personal finance institution.<\/p>\n \t\t\t\t \n\t\t\t\t\tView Full Image\n\t\t\t\t<\/p>\n \t\t\tGopakumar Warrier\/Mint <\/p>\n Paperwork overload<\/p>\n Without a Will, banks, depositories, and mutual fund houses demand multiple documents\u2014succession certificates, affidavits, no-objection certificates (NOCs), and indemnity bonds\u2014to establish rightful heirs. The exact requirements across different institutes vary, depending on the asset value and the guidelines of the respective regulators.<\/p>\n \u201cSuccession or legal heir certificate is needed for most assets to prove entitlement,” explained Vishnu Chundi, founder, AasaanWill, online Will writing platform.<\/p>\n \u201cAdditionally, affidavits may be asked from each family member to establish who the legal heirs are and NOCs are required when a property has multiple potential heirs, so the co-heirs consent to the intended distribution,” Chundi added.<\/p>\n Getting succession certificate alone for all heirs can cost atleast \u20b91.5 lakh in legal and court fees. In Delhi, the court fee is 4% of the estate\u2019s value, as per the Court-Fees (Delhi Amendment) Act, 2012.<\/p>\n \u201cThe petition for Succession Certificate needs to be lodged at the competent court of jurisdiction. The cost mainly includes the lawyer\u2019s fee, which depends on their experience and the court fee, which varies by state. The court fee is a percentage of the asset\u2019s value, with an upper limit in some states,” said Rajat Dutta, founder of Inheritance Needs Services. For instance, in Delhi the court fee for a succession certificate is 3% of the total estate value, as per the Court-Fees (Delhi Amendment) Act, 2012.<\/p>\n Dutta explained, \u201cIn cases where there is no Will but a nominee exists, a petition for Letters of Administration (LOA) must be filed in the court. The court appoints an administrator who will distribute the assets according to succession laws. Only after this LOA, can the administrator approach the nominee to release the assets.”<\/p>\n![\"Gopakumar](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2025\/10\/G-money_lead-_NRI_heirs_1760082011171.jpg\" "\\"Gopakumar")
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