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Executor trusteeship

Centbank Financial Services Limited

Non-SEBI regulated

Executor Trusteeship

Execution of Will and Management of the Trust

DIGI-WILL
DIGI-TRUST
01 · Understanding a Will

What is a Will?

As per the provisions of the Indian Succession Act, 1925 (ISA), a Will is a legal declaration of the intention of a person, known as the Testator, regarding the distribution of his or her property, assets and other wealth after his or her death.

In simple terms, a Will enables an individual to specify how, to whom and in what manner his or her movable and immovable assets shall be distributed upon demise.

A Will is revocable in nature and may be altered, amended or supplemented at any time during the lifetime of the Testator, provided the Testator remains legally competent. Any amendment, addition, deletion or modification to an existing Will may be made through a separate instrument known as a Codicil, which forms part of and is read in conjunction with the original Will.

Executor trusteeship: Will and Trust services

The three parties involved

Testator
The person who makes the Will.
Executor
The person or corporate body appointed to distribute the assets according to the Will.
Beneficiary
The people who receive the assets as per the wishes of the Testator.
02 · Why it matters

Why is a Will Necessary?

A Will is an important estate-planning document that serves several purposes.

Distribution as per the Testator’s wishes

It ensures that the wealth, assets and property accumulated by an individual during his or her lifetime are distributed in accordance with his or her specific wishes after death.

Avoiding intestate succession

It prevents the estate, including movable and immovable assets, from being distributed according to the default rules of succession applicable when a person dies without leaving a valid Will.

Preventing family disputes

A clearly drafted Will helps minimise disputes, misunderstandings and litigation among family members and beneficiaries regarding the distribution of the estate.

Reducing dependence on judicial processes

A valid Will facilitates a smoother transfer of assets to beneficiaries and reduces the need for prolonged legal proceedings and court intervention in matters relating to succession and inheritance.

03 · Planning your estate

Purpose of Creating a Will

A Will is generally created to ensure that an individual’s estate is distributed according to his or her wishes after death. The key purposes include:

  • Keeping rights over assets, properties and other wealth in the Testator’s name during his or her lifetime, even though their future distribution has been set out in the Will.
  • Distributing assets among legal heirs in proportions different from those prescribed under succession laws.
  • Bequeathing assets to persons other than legal heirs, such as relatives, friends or other beneficiaries.
  • Allocating part or all of the estate for charitable or philanthropic purposes.
  • Providing for the distribution of assets where there are no legal heirs.
  • Protecting and preserving family wealth for future generations.
  • A Will does not affect ownership during the Testator’s lifetime. The Testator retains full ownership, control and enjoyment of all assets and may modify or revoke the Will at any time.
04 · Understanding the distinction

Will vs. Nomination

  • A nominee is a custodian or trustee of the asset and does not necessarily become its legal owner.
  • A Will determines the ultimate ownership and distribution of assets after the Testator’s death.
  • A valid Will prevails over a nomination.
05 · Institutional support

Benefits of Appointing CFSL as Executor

  • CFSL is a corporate body with long-standing experience in providing Will-related services.
  • It has experienced and qualified professionals to administer and execute Wills efficiently.
  • Being a perpetual entity, CFSL ensures continuity and reliability in estate administration.
  • CFSL offers technology-driven Will services for better record-keeping and execution support.
  • Backed by Central Bank of India, CFSL provides institutional trust, stability and credibility.
06 · How it works

How a Will Functions

  • The Testator creates a Will through a written legal document.
  • The Testator appoints an Executor to administer and implement the provisions of the Will after his or her demise.
  • The Testator may designate beneficiaries, including family members, relatives, friends, charitable organisations or other entities.
  • During the Testator’s lifetime, the Will remains revocable and may be amended at any time. The Executor acts only after the Testator’s death.
  • A Will may also provide for the creation of a Testamentary Trust, which comes into effect upon the Testator’s demise.
07 · Responsibilities

Role of the Executor

The Executor is responsible for administering the estate of the Testator in accordance with the terms of the Will. Key responsibilities include:

  • Assisting in the preparation and safekeeping of the original Will.
  • Verifying the completeness and validity of relevant documents.
  • Holding original asset or property documents, if entrusted by the Testator.
  • Obtaining Probate or other necessary legal approvals, wherever required.
  • Identifying, collecting and securing the estate assets after the Testator’s demise.
  • Preparing an inventory of assets, including, where appropriate, drawing a Panchnama in the presence of witnesses.
  • Obtaining valuation reports or legal opinions from qualified professionals, where necessary.
  • Distributing the estate to the beneficiaries in accordance with the provisions of the Will.
Digital Will services

SECURE DIGI-WILL Framework of CFSL

Scheme Overview

SECURE DIGI-WILL is a structured digital platform proposed by Centbank Financial Services Ltd. (CFSL) for Will creation, execution, safe custody, monitoring and estate administration.

Process Flow

  1. Application Submission

    • Applicants may access the DIGI-WILL Portal through CFSL’s website or social media platforms.
    • The Will application can be completed and submitted online.
    • Alternatively, applicants may download the prescribed form and submit the completed physical application to CFSL by post or authorised courier.

  2. Drafting & Legal Vetting

    • CFSL prepares the draft Will based on information provided by the applicant.
    • Any clarification required is obtained from the applicant before finalisation.
    • The draft Will is reviewed by CFSL’s legal associates and confirmed by the applicant.

  3. Execution of Will

    • The final Will is executed by the applicant in the presence of two witnesses.
    • KYC documents, a medical fitness or soundness certificate, and relevant property documents, if applicable, are obtained.
    • Execution may be supported by photographs and/or video recording for enhanced authenticity.

  4. Safe Custody & Monitoring

    • The original Will is retained in CFSL’s secure custody, while a digital copy is stored in the Document Management System (DMS).
    • The Testator submits periodic Life Certificates through the mobile app, portal or physical mode.
    • Annual subscription charges are paid through ECS/NACH or the DIGI-WILL Portal.
    • During their lifetime, the Testator can update details of the sale or purchase of estate assets through the mobile app, DIGI-WILL Portal or physical mode.
    • CFSL shall maintain appropriate MIS records and reports of Life Certificates, subscription payments, estate updates and other relevant transactions.

  5. Estate Administration

    • Upon the Testator’s demise, CFSL assists in identifying, tracing and administering the estate using digital tools and legally available records, including bank deposits through CIF records, investments and securities, and property details through PAN, Income Tax records and land records, for distribution in accordance with the Will.

Service information & downloads

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