Parents in India – Children Abroad
Understanding the Challenge
When family members live in different countries, managing assets after passing becomes more complex due to differing legal systems and communication challenges.
Key Considerations
- Jurisdictional Issues: Indian courts have authority over Indian assets regardless of where beneficiaries live
- Documentation Requirements: NRIs may need additional documentation for asset transfers
- Communication Barriers: Time zone differences can delay important decisions
Practical Steps to Take
- Create a Registered Will: Essential for NRIs with Indian assets
- Appoint a Local Executor: Choose someone trustworthy residing in India to handle immediate matters
- Consider Co-Executors: Appoint both an Indian resident and your child abroad to work together
- Complete Form 17: For housing society flats in Maharashtra, ensure nomination is properly filed
- Maintain Updated Contact Information: Keep current addresses and contact details of all beneficiaries
Common Mistakes to Avoid
- ❌ Assuming a Power of Attorney remains valid after passing (it terminates immediately)
- ❌ Not specifying how assets should be converted to foreign currency
- ❌ Overlooking RBI regulations for repatriating funds (limit of USD 1 million per financial year)
Maharashtra-Specific Guidance
In Mumbai housing societies, NRIs face additional requirements for flat transfers. Complete Form 17 nomination and include specific instructions in your Will about flat distribution to prevent delays