Though my aunt is the second holder for most of the bonds and UTI units,these certificates do not show whether they were held on an `either orsurvivor basis'. Besides, many of the equity scrips were singly held by myuncle. The registration papers of the house are in my late uncle's name. Onenquiring with the cooperative society, we were told that my uncle hadnominated my aunt as his beneficiary.

Among his papers, we have also come across a number of already due andpost-dated cheques purporting to interest on bonds and the monthly incomescheme units of the Unit Trust of India, which specify the bank accountparticulars of my uncle wherein neither his wife nor any one else has beendeclared his nominee. While we do not foresee any difficulty in depositingthese cheques in his account, the money will remain inaccessible unless myaunt, either singly or jointly with her two adult sons, is permitted tooperate the account.

The bankers insist that we get operating powers granted by the court andthat unless this is done, the account shall remain unoperable. Our inquirieswith the Registrar's office to have the property mutated jointly in theheirs' names has also left us confused because he is asking my relations toproduce a `letter of administration' from the court, whereas the cooperativesociety is willing to transfer the plot of land upon mere submission ofproof of my uncle's expiry (death certificate) and affidavits from the otherheirs listed in the will that they have no objection to the transfer of theplot of land in my aunt's name.

They further state that once the society has approved the transfer of theplot in my aunt's name, she will have to apply for enrollment as a member ofthe cooperative society. Only after she has been admitted as a member willownership of the plot vest with her.

All these different requirements by different parties have left us utterlyconfused. We will be grateful if you would clarify the matter and advise uson the best manner to proceed in the matter.
-- Vithal Das Shanti Bhai Patel, PUNE

It would appear that the bankers require a succession certificate from thecourts of law and this would also be needed to transfer the various bonds,units and share certificates in either your aunt's name or in the name ofthe various beneficiaries as may be decreed by the court of law. However,for transfer of immovable assets, the Registrar requires a letter ofadministration from a court of law. On the other hand, there is no suchrequirement for a cooperative society and they can transfer the deceased'sshare to the nominee merely upon submission of proof of death of theoriginal allottee. I would therefore urge that your relations re-discuss thematter with the management of the cooperative society.

Before your relations proceed to secure the succession certificate and theletter of administration through a court of law, I would suggest that allthe heirs sit together and work out a memorandum of understanding clearlylisting the different assets and liabilities of the deceased, and delineatewho will receive what of his assets and liabilities. It would be advisableto have this document legally drafted and executed through a lawyer wellconversant in such matters because this will have to be filed in a court oflaw and will facilitate the judges' consideration of your request for issueof succession certificate and letter of administration.

It is however possible that the court, despite the filing of this memorandumof understanding, may still require all the legal heirs to file individualaffidavits surrendering their claim or lien in respect of the movable assetsand immovable properties that have been assigned to the other heirs. Forexpediency, your uncle's sons and daughters could surrender all their rightsin favour of their mother, who, after the various assets have beentransferred in her name, could either gift or bequeath the same, through theinstrument of her own will, to the respective beneficiaries.

However, as these are sensitive issues, I would urge that the family resolvethe matter by itself and take the help of a legal counsel to draw up therequired documents to give effect to their mutual understandings. Thisdocument would also help them secure the various statutory approvalsculminating in transfer of properties in the names of the differentbeneficiaries. Even though gift tax has been abolished, there are issues ofstamp duties and transfer fees that the heirs would be well advised to takeinto consideration before finalising their memorandum of understanding.