1. The firm starts by assuming the testator has died.
2. If there is a will, its terms and requirements are taken into consideration before conducting the death simulation.
3. All the assets are then put through a risk check by feeding the entire data into the simulator. This means that due diligence is conducted on all the documents for each asset to gauge the ease of transition to the heir.
4. The assets are then categorised into three slots on the basis of risk associated with each as far as ease of transfer to the heir is concerned. These are high, moderate and low risk.
5. High risk means the asset will not be transferred unless required document is created today. Low risk means that these can be transferred without a hitch, while moderate risk means that with time the asset will automatically move to the low-risk category.
6. On the basis of this risk analysis, the customer can seek suitable advice from the appropriate authority (lawyer, financial planner, chartered accountant, etc) on how to derisk the assets to ensure a seamless transfer of assets.
7. After receiving the advice, the customer can come back to the firm for the implementation of advice and grunt work involved in carrying it out. This can include filling forms and documents, formulating agreements, getting the required signatures, and delivering documents to the concerned parties like mutual funds, insurers, banks, etc. The firm follows up with these parties till all the formalities are complete.
8. After this, a second simulation is conducted and on the basis of this, a final Asset Status Report is submitted to the client. This lists the earlier status prior to simulation and the final status.
9. After this a draft will is framed and submitted to the client, who can run it past his lawyers for efficacy and advice. The suggestions are incorporated and the final will is submitted, which is now ready for execution.
10. In case of the actual death of the customer, all legal tasks are also carried out to complete the transfer of assets through services like legal formalities of mutation in case of immovable properties, securing the succession certificate, probate, etc.
