“I don’t have any ownership documents - is the property even mine?” “Do I need to be worried about property taxes and litigation?” “How do I start building my asset inventory?”

At Yellow, we know you’re plagued with many questions about listing out your assets. We’re here to help. Here are the answers to some of the most common questions we get about creating an asset inventory.

Asset Uncertainty

If you’re unsure about the ownership documents of your property (you believe it’s yours, but don’t know how exactly it came to you or do not have the proper documentation for it), you should still mention it and bequeath it in your Will.

For example, if you inherited a house from your parents, but never got around to changing the name on the ownership deed, you still legally own the house, in spite of municipal records not reflecting this. This also holds true in a case where an asset is not recorded as yours. If you are the rightful owner, you have every right to list it in your Will and leave it to a loved one according to your wishes.

That said, we’d strongly suggest you take all the necessary procedural steps for your assets in your lifetime, so it doesn’t become a burden on your heirs. If your heirs want to sell your property, but lack proper documentation for it, it will make it tougher and more cumbersome for them to rectify any discrepancies. Ensuring you do your part will naturally smoothen legal and administrative processes for them.

Property Taxes & Other Dues

Wills are considered sacrosanct since they are the last wishes of a person who has passed away. While litigations abound in India over property and assets, whether with regard to ownership or property taxes, such assets when bequeathed in a Will are not disputed on these accounts.

The taxation department and courts handling Wills are distinct from each other - they do not work in tandem and remain autonomous from each other. So, if you have an asset - be it property or business - that you wish to leave to someone, but are worried about the taxes that are due on that asset, you should put it in your Will anyway. Such taxes are not usually raised by the courts - it falls upon the Executor appointed in your Will to pay any taxes and dues from your estate before distributing assets to your intended Beneficiaries.

Asset Inventory: Where To Begin

We believe that thorough financial housekeeping can go a long way in securing the future of your loved ones. With Yellow, creating an asset register is easy.  The app breaks down the process into simple and easy-to-follow steps so you can stop procrastinating and get started today!

Our advanced asset discovery module helps you log assets, such as bank accounts, investments in shares, securities, mutual funds, and liabilities with the help of technology, in a safe and secure way. You can also seamlessly create an inventory of movable assets, such as jewellery, paintings, art, and artefacts, by uploading pictures using your mobile phone camera, which will automatically be attached as an annexure to your Will.

Yellow also helps you to securely document your crypto wallet address or exchange user ID so that your family will know how to access your digital assets.

Here’s a list of commonly owned assets and their categorisation, as it appears in the Yellow app.

Table

BusinessFinancialImmovable PropertyOtherPartnershipSavings AccountCommercialVehicleProprietorship FirmCurrent AccountResidential PlotJewelleryLimited Liability Partnership (LLP)Safe Deposit LockerCommercial BuildingWatchCompanyDemat AccountResidential ApartmentPaintingMutual FundsResidential VillaDigital AssetPublic Provident FundResidential BungalowOtherProvident FundAgricultural LandGratuityInsurance PolicyFixed DepositsBond TypePhysical SharesWealth Management Account

Once asset details are updated, they get reflected in the Will digitally created on the Yellow platform. You can then save these details and update them anytime going forward.

We at Yellow have a team of experienced lawyers and a dedicated customer support team to help you navigate the platform and provide all the required details to write a Will digitally.

What If You Miss Out On Adding Some Assets?

Don't worry - we’ve got you covered! For such assets, a residuary clause is included in the draft of the Will. This clause is meant to cover all the residual assets, ie the assets that you have forgotten to include in the Will, or those that you acquire after the date on which the Will is written. You can specify your preferred beneficiary(ies) for such assets. In any case, the residuary clause does not restrict you to make a new Will, if you so desire.

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