The following Rights and Responsibilities of the Beneficiary shall apply and form an integral part of this WILL.
1. What You Will Receive
Receive the asset, money, or property that has been left for you in the Will.
Receive any income earned from your inherited asset (such as rent or interest) from the date of the Will-maker's passing.
2. Your Right to Information
Ask for and receive a copy of the Will at any time after the Will-maker's passing.
Be informed of all assets and liabilities in the estate.
Review the estate accounts maintained by the Executor.
3. Your Right to Act
Question or challenge the Will if you believe it was made under pressure, by someone of unsound mind, or incorrectly signed.
Decline your share if you do not wish to accept it.
Approach the court if the Executor is not managing the estate properly or withholding your share.
4. Your Responsibilities
Accept any loan or debt attached to an inherited asset, unless the Will states otherwise.
Pay tax on any income earned from inherited assets (such as rent, interest, or dividends).
Pay capital gains tax only if and when you choose to sell an inherited asset.
Wait for the Executor to formally hand over the asset before taking possession or making any decisions about it.
Act within legal time limits when making any claim or raising any dispute.
5. Important Things to Know
There is no tax on simply receiving an inheritance in India.
If you are named as both a Beneficiary and an Executor, you must accept the Executor role to keep your inheritance.
If the Beneficiary is a minor, a guardian will manage the assets on their behalf until they turn 18.
If you live outside India (NRI), you can still inherit property in India, including agricultural land.
If you pass away before the Will-maker, your share will go back to the estate unless you have children, in which case they may inherit it instead.
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