Terms & Conditions for Executorship

Background

You have shared with us that you are the owner of various movable and immovable assets (details of which may be provided by you later if not already provided). You have approached us to assist you in acting as Executors based on a Will executed by you.

Scope of Services

You agree that the scope of services will be as follows. Please note that these are the general terms of service and the services offered to you shall vary depending on the option chosen.

• Executor and Custodian Services
• Keeping custody of the original Wills for the benefit of the concerned legatee(s)
• We can act as retainers for the execution of your Will and management of estate.
  • Keeping in touch with you on a periodic basis.
  • If need be, keeping in touch with the persons nominated by you or any other person as you may so suggest with your specific authority and knowledge.
  • On the occurrence of unfortunate event of your demise we will implement your Will.
• We will distribute the properties as per the Will and in accordance with the prevailing law including obtaining of a probate where necessary.

Execution Service includes the following:

• Sharing the Will with other co-executors and reading the Will in front of the legal heirs / beneficiaries after the demise of the concerned legatee(s).
• Arranging for signatures of legal heirs / witnesses of your Will / co-executors on various declarations / affidavits required by the Court if required.
• Liaising with the lawyers for obtaining a probate where required/ for the final order of the Court where required.
• Assisting the co-executors in distribution of your assets as per the Will(s) and prevailing law.
  • Assisting co-executors in applying for an executor PAN Card, opening an estate bank account / demat account, if required.
  • Assisting the co-executors in paying off any liability from the estate.
  • Assisting for application for transfer of properties to the beneficiaries under your Will at the registrar office and society, if required. Legal documentation for transfer will be prepared by an external lawyer. Appointment of such lawyer will be in consultation with other co-executors.
  • Assisting co-executors in distributing your holdings in the concerned bank account / demat account / Insurance policies / other assets and closing these accounts.
  • Assisting co-executors in filing the estate return with the tax authorities and surrendering the PAN Card. Our services do not include the services provided by tax consultants. Appointment of such consultant and their fee will be decided in consultation with other co-executors.
• Preparing the statement of final settlement of the Will(s). Legal documentation for the same will be prepared by an external lawyer, the fee for which shall be charged separately to the estate.

The services for which the fee is being agreed on are as mentioned in the ‘Scope of services’ herein and any further service whether rendered by UTPL or by third parties shall be separately chargeable.

The annual fee above will be chargeable in advance every year and shall be paid within fifteen days of such fees becoming due. Any delay in payment shall attract an interest @ 12% per annum upto a period of 120 days and after which the contract will be assumed to have seized.

The fee quoted above will include service tax and education cess as may be applicable. Out-of-pocket expenses including phone calls, photocopying, conveyance outside Mumbai and accommodation will be borne by you. All conveyance outside Mumbai will be agreed with you in advance and shall be commensurate with the seniority of the UTPL team member travelling. The arrangements will be undertaken by UTPL after considering the urgency of attendance at a particular location in consultation with you. Where feasible, UTPL representatives shall use the travel and accommodation facilities provided by you commensurate with the seniority of UTPL representatives attending the meetings.

Our engagement will start on your acceptance of these terms and conditions on and payment of the applicable fees.

Should there be any significant change in the scope of the work outlined above, it will be mutual agreed between the parties and parties will arrive at mutually agreeable fee arrangement.

In the event that there is a material difference in the actual time required to be spent on any specific assignment necessitating a revision of fees or expenses, we shall revert to you for your concurrence in advance.

Any advice and consulting on any matter not falling with our scope of services, by way of opinions, etc. shall be charged separately. If substantial studies are to be carried in giving opinions based on the actual time required to be devoted, the same shall be charged separately after intimating you about the same.

We shall rely completely on the information provided by you as testator in respect of the scope of work mentioned above and any errors to the description of any information will solely be your responsibility and UTPL takes no liability for verifying claims for ownership of an asset. The scope of services of this assignment is restricted to those specified above.

You will arrange to inform UTPL of any change/ amendment that you wish to carry out in the existing Will, which is in our records. In the event any change is required in the Will which results in the Will being redrafted, UTPL will hand over the earlier version to you. You shall thereafter destroy the version and any copies with them and give an undertaking/notification to UTPL of such destruction accordingly.

You will arrange to inform UTPL of the unfortunate event of demise immediately after such event through a designated representative of your family for this purpose. You understand that UTPL will not be able to effectively undertake the execution functions pertaining to the estate unless the concerned legatee(s) or a person designated by you provides us with all relevant information and support. Hence kindly inform us of the contact details of such persons who would provide us with such information and support post your demise. You agree that our responsibilities towards the estate shall commence from the date of such intimation.

We will take stock of the personal effects after such intimation in the presence of the legal heirs / legatees and the same will be distributed as per your desires in due course. You also agree that it is not the intention that UTPL will be in possession of any of the personal effects and therefore UTPL shall only be responsible, alongwith other co-executor, if any for collecting the personal effects post death, inventorying and distributing it as per the desires. The custody of such personal effects shall remain with the family / legatees at all times.

Time Frame

We believe the role may be an ongoing engagement between you and UTPL but is subject to termination by either party by serving 30 days written notice. Where UTPL undertakes any other specific assignment arising from matters referred to in Paragraph II (Scope of Services) above, these would be undertaken over varying periods of time and will need to be determined separately on receipt of the required information, details and documents.

We will work with you to setup reasonable time frames for each activity in the scope of our services and alert you immediately of any circumstances, which results in a delay or possible extensions.

However, where any significant information is not disclosed to us that has a direct impact on the scope of our services and our deliverables and it comes / is brought to our knowledge after signing this mandate, in that case UTPL reserves the right to terminate this engagement without any notice and UTPL will not be held liable for any loss or damage to you, your associates, heirs, nominees & assigns in that case.

Fees

UTPL and you agree to abide by the terms of service that you have signed up for. You have agreed, for the sake of clarity, that there may be a revision to the standard fees that will be communicated to you by WillEffect form time to time. The continuation of services under this agreement is subject to the timely payment of the fees and failing which UTPL shall cease to provide any services agreed herein without any notice to you or your heirs, assigns and administrators.

Terms of Business

UTPL will perform the engagement with reasonable skill and care and acknowledges that it will be liable to you for losses, damages, costs or expenses (“losses”) caused by UTPL’s gross negligence or wilful default of a material nature, subject to following conditions:

Given the nature of the assignment, UTPL’s work will be based upon the information and representations supplied by you, your personnel and your agents. UTPL shall not be responsible for any losses, damages, costs or other consequences, if information material to their work is withheld or concealed or misrepresented.

UTPL’s maximum liability relating to services rendered under this engagement letter (regardless of form of action, whether in contract, negligence or otherwise) shall be limited to 10% of the fees paid to UTPL for the services/portion of services or related work products giving rise to the liability. In no event shall UTPL be liable for consequential, special, incidental or punitive loss, damage or expense (including without limitation, lost profits, opportunity costs, etc.) even if UTPL has been advised of possible existence. This provision shall survive the completion of this engagement.

Unless and to the extent that they have been finally and judicially determined (including by the conclusion of any appeal) to have been caused by the fraud, willful default of material nature or gross negligence of UTPL, you/your estate will indemnify on demand and hold harmless UTPL against all actions, claims, proceedings, losses, damages, costs and expenses whatsoever and howsoever caused arising from or in any way connected with this Engagement.

In case you/your authorised representative opts to use the services of any third party service provider / advisor on being referred / suggested by UTPL you/your authorised representative undertakes that such use of service will be completely at your/his discretion and that UTPL and / or any of its directors / shareholders neither recommend nor have any views on the usage of any such third party service provider / advisor.

You agree to provide all necessary documents for completing the Know Your Client requirements (KYC) as may be specified by UTPL from time to time. You also agree to provide necessary assistance to UTPL to comply with applicable Anti-Money Laundering Norms (AML). UTPL reserves the right to make appropriate filings, necessary disclosures to relevant regulatory authorities as may be desired under the applicable laws.

Both the parties agree to keep confidential all the information / data / details exchanged between them in the course of the engagement. Both parties will not disclose to third parties any information that they have become privilege to in the course of this engagement, otherwise as available in public domain or required to be shared with any regulatory authority on their specific communication seeking any information. In the event UTPL receives a validly issued administrative or judicial process requiring disclosure of any confidential information, UTPL shall thereafter be entitled to disclose any such information in order to comply with such administrative or judicial process.

You agree that you have fully considered the provisions of this section and all the other provisions of this letter and that they are reasonable in the light of all the factors relating to this engagement. If any terms of provisions of this section are or become invalid, illegal or unenforceable, the remainder shall survive unaffected.

Jurisdiction

All disputes arising out of relationship with UTPL will be subject to exclusive jurisdiction of the courts in Mumbai.

Confirmation of the terms of our engagement

Please click on the 'Agree' button below as an express acknowledgement of having read and understood and accepted the terms and conditions above.