Nomination for immovable property

Dear All, The below is for your information: “Many people have nominees who are not their legal heir, which later creates confusion. My advise is, make a will to clarify your wishes, and to avoid confusion, make your will and nominations in favor of one person,” said Mr Vimal Punmiya, veteran chartered accountant and property expert. He was speaking at the 100th seminar organized by Moneylife Foundation. He said nominee is like an executor, who is entrusted to manage the property or asset as per the nominator’s wishes after his death. But a nominee cannot sell property unless he is a legal heir. “Also, after his (nominee’s) death, his heir cannot act as a nominee for that asset. In addition, if the nominee passes away before the nominator, a new nominee must be appointed. If nominee dies after the death of the policyholder, but before receiving policy money, then also nomination becomes ineffective and the money can be claimed only by the legal heirs of the policy Holder. He said, “Under section 18 of the Registration Act the registration of a will is not compulsory. But it is strong legal evidence, if there is a quarrel latter, that the proper parties had appeared before the registering officers and the latter had attested the same after ascertaining their identity.” When asked about a will in favor of someone who is not the natural heir, Mr Punmiya said, “I would still advise that you mention clearly what you want. Suppose your elder son is the heir by succession, but you want to leave everything to your younger son, mention clearly that you have allotted some money to the elder one, or that you do not wish to leave anything for him because he is doing well for himself, and then, making a list of your assets, mention that all these you leave in the favor of the younger son.” Mr Punmiya also talked about the several procedures involved in transfer of property or other assets after the death of a nominator. “I would advise everyone to keep copies of nomination forms, share certificates and other relevant documents because many times, cooperative housing societies lose the forms,” he said. In case someone loses share certificates, one must apply for issue of duplicate certificate. The moment duplicate certificate is issued, the original ceases to exist, Mr Punmiya said while sharing his own experience during a journey. When asked about properties left by NRI citizens abroad, he said, “For such matters separate wills must be made, one for the properties abroad, and other for properties in India.” When asked about the place of registering the will, he replied that it is usually done from the place where the testator (the person making a will) holds a voter-ID card or ration card or any such residence proof. But if someone goes elsewhere and passes away, he can make a will before his death and that will be valid. When asked about the needs of special children, he said that setting up a trust in the name of that child with a trusted executor is commendable. Mr Punmiya also talked about liabilities of taxation of heirs and nominations in property matters. He said, “If a property is jointly owned, the owners can each appoint their own nominees, or can nominate a single person together.” He also said that assets which are unaccounted for can be willed and after six years have passed when the assets were acquired, they cannot be taxed. “For example, if someone leaves some jewellery which is not unaccounted for, income tax officials cannot seize the ornaments or demand tax six years after the heir has acquired them,” he said. “Co-operative housing society has no power, except provisionally and for a limited purpose to determine the disputes about who is the heir, or legal representatives. The society is only meant to provide for interregnum between the death and the full administration of the estate and not for the purpose of conferring any permanent right of such person to a property forming part of the estate of the deceased,” Mr Punmiya added.

Happy at 65 - courtesy sex!

Happy at 65 - courtesy sex!
Washington, Nov 21 (IANS) The more often married individuals above the age of 65 engage in sex, the more likely they are to be happy with both their lives and marriages.

Based on the survey responses of 238 married individuals aged 65 years or older, Adrienne Jackson found that frequency of sex significantly predicted both general and marital happiness.

The link even remained after accounting for factors such as age, gender, health status, and satisfaction with financial situations, said Jackson, assistant professor at Florida Agriculture and Mechanical University.

While only 40 percent of individuals who reported no sexual activity in the last 12 months said they were very happy with life in general, almost 60 percent who engaged in sexual activity more than once a month said they were very happy, according to a Florida statement.

Similarly, while about 59 percent of individuals who reported no sexual activity in the last 12 months said they were very happy with their marriage, almost 80 percent who had sex more than once a month said they were very happy.

To assess frequency of sexual activity, respondents were asked the following question: 'About how many times did you have sex during the last 12 months? By 'sex' we mean vaginal, oral, or anal sex.'

To assess general happiness, respondents were asked the following question: 'Taken all together, how would you say things are these days - would you say that you are very happy, pretty happy, or not too happy?'

To assess marital happiness, respondents were asked the following question: 'Taking things all together, how would you describe your marriage? Would you say that your marriage is very happy, pretty happy, or not too happy?'

These findings were presented at The Gerontological Society of America's (GSA) 64th Annual Scientific Meeting in Boston.

Dr. Anand Jhawar

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