If you are an NRI (Non-Resident Indian), it is generally recommended to have a separate will that addresses your assets and matters specifically related to your overseas properties and assets. Here are a few reasons why a separate Will for your NRI status might be necessary:
1. Different legal systems: The laws governing Wills and inheritance can vary between countries. By having a separate Will for your assets in your country of residence as an NRI, you can ensure that your intentions are explicitly stated and aligned with the legal requirements of that jurisdiction.
2. Foreign property ownership: If you own property or other significant assets in a country where you reside as an NRI, it is essential to consider the specific laws and regulations governing inheritance and asset distribution in that jurisdiction. Having a separate Will can help clarify your wishes and ensure a smooth transfer of those assets to your intended beneficiaries.
3. Tax implications: Different countries may have varying tax laws and regulations regarding inheritance and estate taxes. By addressing your overseas assets in a separate Will, you can consider the potential tax implications and plan accordingly, seeking advice from tax professionals in both your home country and country of residence.
4. Cultural and religious considerations: NRIs often have cultural and religious practices that may differ from those in their country of residence. By having a separate Will, you can include provisions that align with your cultural or religious beliefs, ensuring that your wishes are respected and followed.
WillGuru can provide guidance and help you draft a Will that takes into account the specific considerations of your NRI status and ensures that your assets are properly managed and distributed according to your wishes.