The document discusses various topics related to senior citizens including their rights, wills, maintenance laws, and investing for retirement. It provides information on: 1) International Day of Older Persons and UN principles for dignity of senior citizens. Problems faced include economic, health, and social issues. 2) Key aspects of wills under Indian law including requirements for a valid will, intestate succession rules, probate process, and more. 3) Indian constitutional provisions and laws governing maintenance and welfare of senior citizens, including obligations of children to support parents as needed. 4) Options for senior citizens to invest their savings for retirement including various financial instruments and their risks and returns over time.

1. WILL , TIPS TO BE CHEERFUL AND FUNDAMENTAL
RIGHTS OF “SENIOR CITIZEN PERSON”
1st October, 2014 Wednesday
ONGC- Officers Club
CA Nitin Pathak
F.C.A. ,CISA, CISM,CIA,CISSP(USA)
DISA(ICAI) ,DIRM(ICAI) ,SAP(FICO)
Certification course on International taxation( ICAI)
Certification course on IFRS ( ICAI)

2.  Thanks Mr. S.A. Dhomse for introduction and
inviting me to share my views on WILL, Tips to
be cheerful and fundamental rights
of “Senior Citizen Person”.
 Thanks to Lion S.P. Naiwal and his team
of Lions club of Chandkheda.
 Shri Nand Ram and his team of Retired
Officers Association.

3. Particulars Average Years
Average Longevity 66.8 years
Female Longevity 67.95 years
Male Longevity 65.77 years
GDP $1.88 trillion USD (2013)
Above> 65 yeas 5. 5 %
Above> 15 yeas and
Below< 65
64.9 %
Below >15 29. 7 %
Population 1.25 billion (2013)

4. U.N. GENERAL ASSEMBLY
 The year 1999 was the International Year of the Older
Persons.
 “ 1st October” as the International Day for the Elderly, later
rechristened as the International Day of the Older Persons.
 18 principles which are organized into 5 clusters, namely-independence,
participation, care, self-fulfillment, and dignity of
the older persons.

5. PROBLEMS OF THE AGED:
Economic problems, include such problems as loss of
employment, income deficiency and economic insecurity.
Physical and physiological problems, include health
and medical problems, nutritional deficiency, and the problem of
adequate housing etc.
Psycho-social problems, includes related with their
psychological and social maladjustment as well as the problem
of elder abuse etc.

6. WILL
 Will is an instrument through which testator write about his
bequeath of property
 Person making a Will is known as 'testator’
 The process of distribution taking place is known as
'Testamentary' succession
 If person dies without making WILL than devolution of property
of such a person after his death is known as 'Intestate
succession’.
 In India, laws governing such intestate succession are the
Indian Succession Act, 1925, (I.S. Act) Hindu Succession Act,
1956 and Mohammedan Law.

7. WILL
 Domicile of a deceased is relevant in case of movable property
 Location of a property is relevant in case of Will
 Intestate succession as per personal laws:
1. Faith of a person
2. The distribution depends on male, female
 Class I, Class II, Agnates and Cognates

8. WILL
 Testator : a person making a Will.
 Legatee or beneficiary : a person to whom property is given
under the Will.
 Legacy : a benefit under the Will.
 Executor : a person appointed by the testator to execute the Will
as per the provisions of the Will.
 Attestation : an act of witnessing the execution of the Will.
 Administrator : a person appointed by a competent authority to
administer the estate when no executor is appointed or an
executor appointed refuses to act as an executor.

9. WILL
 Probate : a copy of a Will certified under the seal of a Court of
competent jurisdiction with a grant of administration to the
estate.
 Codicil : a document which modifies or alters the provisions of
the original Will and forms part of it.
 Letter of Administration : a letter of the court appointing an
administrator to the estate.
 Succession Certificate : as issued by a Civil Court of competent
jurisdiction in respect of the property of a person who has died
intestate, that is without making a Will and where letter of
administration or probate is not compulsory.

10. WILL
 WILL needs to be in writing.
 No form is prescribed in law.
 WILL needs to be signed or marked as such.
 Witness by two persons.
 Legatee or beneficiary can be any person, born,
unborn or dead. In case if dead it will pass on to legal
heirs.
 Property past, present, future.
 Self acquired, gifted or bequeathed.
 Executor of the WILL. Not more than four is a
practice.

11. Wa)ILNLame, age,
address, religion
b) Revocation of earlier
Will
c) List of relatives d) Appointment of executor
e) Discharge of
obligations
f) Legacies and bequests to
persons
g) Residual estate h) Testimonium
i) Execution j) Witness
k) Safe custody l) List out in details

12.  Revocation or Alteration in WILL can be made at anytime during
life time.
 Codicil: Codicil is an addendum to original WILL.
 No stamp duty is payable on execution of a Will. A Will can be made
on a plain paper.
 Registration of a Will is optional. If desired it can be registered with
the Sub-Registrar of Assurances office . Registration grants protection
and secrecy to a Will.
 Deposit : Will can be deposited at option of the testator with any
person of his choice including Sub-Registrar of Assurances.
 Probate : A probate is the grant of administration of the estate by the
court of competent jurisdiction on the basis of Will.

13.  A probate provides the conclusive evidence (i) of the execution
of a Will (ii) of the legacies and (iii) of the legal character of
legatees by confirming validity of a Will. It can be granted only to
an executor.
 Obtaining a probate is not compulsory in cases of a Hindu and a
Mohammedan
 A maximum court fee of Rs 75,000 is payable in the state of
Maharashtra for obtaining a probate. View taken that there is
exemption in the said State where the Will is to be administered
by an executrix (a lady executor) is a grey area. No time limit is
prescribed for filing an application for probate.

14. Letter of Administration
 A letter of administration can be obtained from the court of
competent jurisdiction
 Where the executor appointed under a Will refuses to act or
where he has died before or after proving the Will but before
administration of the estate.

15. CONCEPT OF REVERSE MORTGAGE
 Age: More than > 60 years : Singly or with spouse More than
>55
 Property residential: Staying
 Title should be clear
 Period of loan: Not less than> 3 years and < Less than 15
years or death whichever is earlier
 Eligible loan amount: 90 % of MV of property

16. CONCEPT OF REVERSE MORTGAGE
 Purpose of loan : Personal expenses except business usage or
speculative purpose
 Rate of Interest : Public: 2.5% below SBMPLR present rate will
be 10.75%
 Loan can be taken as monthly withdrawal or Lump sum
payment

17. CONSUMER PROTECTION ACT, 1986
What is covered in consumer protection
?
1. Goods
2. Services
17

18. WHAT IS A DEFECT ?
18
 Fault
 Imperfection
 Shortcoming
In the
 Quality
 Quantity
 Potency
 Purity Or
 Standards
Which is required to be maintained by or under
any law for the time being in force.

19. WHAT IS A SERVICE?
“Service” means service of any description
includes:-
1) Banking
2) Financing
3) Insurance
4) Transport
5) Processing
6) Supply of electrical or other energy
19

20. WHAT IS A SERVICE?
7) Boarding or lodging or both
8) House construction
9) Entertainment
10) Amusement
11) The purveying or new or other information
But does not include the rendering of an
service free of charge or under a contract of
personal service
20

21. CONSUMER DISPUTE
REDRESSAL AGENCIES
1) A Consumer Dispute Redress Forum at
the District level.
2) A Consumer Dispute Redress Commission at
the State level.
3) A National Consumer Dispute Redress
Commission at national level. 21

22. JURISDICTION
Forum /
Commission
Where the value of the goods
or services and the
compensation, if any claimed,
District Forum Does not exceed Rs. 20 lakhs
State Commission Rs. 20 lakhs and above but
not exceeding One Crore
National
Commission
Above One Crore
Besides, State and National Commission have
appellate jurisdiction also. 22

23. FILING OF COMPLAINTS
The Fee for filing the Complaint for the district forum is as
under
Sr.
No.
Value of Goods / Service and Compensation Amount
of Fees
1) Upto Rs. 1 lakh rupees Rs. 100
2) Rs. 1 Lakh and above but less than Rs.5 lakhs Rs. 200
3) Rs. 5 Lakhs and above but less than Rs. 10 lakhs Rs. 400
4) Rs. 10 lakhs and above but less than Rs. 20 lakhs
The fees shall be paid by Cross demand Draft drawn on a nationalized bank or through
crossed Indian postal order drawn in favour of the Registrar of the Sate Commission and
23
payable at the place of the State Commission (w.e.f. 5.3.2004.)

24. APPEAL
 Shall be filed within thirty days.
 Delay in filing appeal may be condoned if there is
sufficient cause.
24

25. LIMITATION PERIOD
o Within two years from the date on
which the cause of action has arisen.
25

26. CONSTITUTIONAL AND LEGAL
PROVISIONS INCLUDING
MAINTENANCE AND WELFARE
OF PARENTS AND SENIOR
CITIZENS ACT, 2007

27. Law Requirement Maintenance Allowance
Constitution of India,
Directive Principles, Article
41
The State shall, within the
limits of its economic
capacity and development,
make effective provision
for…old age, sickness and
disablement, and in other
cases of undeserved want.”
Not justiciable
Code of Criminal Procedure
(Chapter IX, Section
125(1)(2))
Requires persons who have
sufficient means to take care
of his or her parents if they
are unable to take care of
themselves.
Rs 500/month maximum
Hindu Adoption and
Maintenance Act, 1956
Requires Hindu sons and
daughters to maintain their
elderly parents when parents
are unable to maintain
themselves
To be determined by court

28. WHY A LAW FOR TAKING CARE OF OUR
PARENTS AND ELDERS IS REQUIRED?
We, in India, used to start our day by bowing at the feet of
our parents and elders in our traditional system.
Our elders were normally taken care of by one and all in
the joint family scenario.

29. WHY A LAW FOR TAKING CARE OF OUR
PARENTS AND ELDERS IS REQUIRED?
With the withering away of the joint family system
and emergence of the nuclear families we seldom
find time or mind to devote for our parents and
elders. The result is that a large number of parents
are not only deprived of the care and love from their
children, but also exposed to emotional neglect and
lack of physical and financial support.

30. CONSTITUTIONAL PROVISION
 In the Constitution of India, Article 15 (3) provides
for making any special provision for women and
children which will not be hit by the fundamental
right of equality.
 Article 39 contained in part IV containing Directive
Principles of State Policy relates to securing
citizens, men and women the right to an adequate
means of living.

31. CONSTITUTIONAL PROVISION
 Article 41 contained in part IV obliges the State to
make effective provision within the limits of its
economic capacity and development for securing
protection, interalia, in the old age.

32. CONSTITUTIONAL PROVISION
 The Parliament as well as the State Legislatures
are competent to make laws for providing social
security and social insurance, employment and
unemployment (entry 23 of List III – Concurrent List
in the VIIth Schedule to the Constitution)

33. LEGAL PROVISION
 In order to prevent our parents and elders
especially at the dusk of their lives and other family
members including wife, child (legitimate or
illegitimate) from resorting to vagrancy and
wandering for their daily needs, section 125 CrPC
was enacted, which ensures the social security and
justice.

34. LEGAL PROVISION
 CPC provides for grant of monthly allowance for
the maintenance of wife, children, parents etc., in
case they are unable to maintain themselves.
 CPC also provides for interim order.

35. LEGAL PROVISION
 Personal laws in the Hindu adoption and
maintenance act 1956, Hindu Marriage Act, 1955
and Muslim personal law also provide for
maintenance in case of need.

36. LEGAL PROVISION
 The procedure under section 125 Cr PC is time
consuming and cumbersome in addition to being
expensive. Taking a clue and inspired by the
“Himachal Pradesh Maintenance of Parents and
Dependents Act, 2001, the Parliament enacted the
2007 act for making the claim for maintenance
simpler speedier and less expensive.

37. THE MAINTENANCE AND WELFARE OF
PARENTS AND SENIOR CITIZENS ACT, 2007
 Parents
 Senior citizen
 Welfare
 Maintenance of Parents and Senior Citizens
 Obligation of the children or relative

38. THE MAINTENANCE AND WELFARE OF
PARENTS AND SENIOR CITIZENS ACT,
2007
 Jurisdiction and procedure
 Summary procedure in case of enquiry
 Enforcement of order of maintenance
 Option regarding maintenance
 Deposit of maintenance amount
 Award of interest where any claim is allowed
 Constitution of Appellate Tribunal

39. THE MAINTENANCE AND WELFARE OF
PARENTS AND SENIOR CITIZENS ACT,
2007
 Right to legal representation
 Establishment of Old age homes
 Transfer of property to be void in certain
circumstances
 Exposure and abandonment of senior citizens
 Cognizance of offences
 Jurisdiction of Civil Courts barred

40. THE MAINTENANCE AND WELFARE OF
PARENTS AND SENIOR CITIZENS ACT,
2007
 The provisions in the Act do not make any
distinction between persons belonging to different
religions or casts.
 The right provided in the Act is personal and of Civil
in nature.
 The Act is full and comprehensive.

41. How to Invest?
 Investment in FD
 Investment in FMP
 Investment is shares
 Investment in Mutual fund
 Investment in IPO
 Debt fund
 Investment in immovable property

42. CRITERIA OF SELECTING A MUTUAL FUND
A) Management of the fund
B) Brand image of the fund
C) Type of Scheme (Debt/Equity/Mix)
D) Expenditure Ratio
E) Quantum of fund
F) Average return
G) Risk Involved
H) Perception of individual

43. INVESTMENT TOOL
Scheme Rate of Interest Time period Risk
PPF 8.7 15 Low
NSC 8.5 5 Low
NSC 8.8 10 Low
Time saving post
office
8.4 1 Low
Time saving post
office
8.5 5 Low
MIS 8.4 5 Low
RD 8.4 5 Low
Mutual Fund Market Linked NA Medium
ULIP Market Linked 5 Medium
Shares Market Linked NA High

44. ANALYSIS OF SHARE MARKET:-
Particulars 5 Years 10 Years 15 Years 20 Years
Return as per BSE Sensex at
31st March
10.94% 12.08% 12.36% 11.57%
Return in Bank (After tax ) 6.75% 6.75% 6.75% 6.75%
Cumulative investment of Rs
100 in Market
168.05 312.81 574.35 893.20
Cumulative investment of Rs
100 in Bank
138.62 192.17 266.39 369.28
Additional benefit 21% 63% 116% 142%

45. OLD AGE IS A BLISS ?
 When you are child ?
 You had an experience
 Speed
 More
 Higher
 Governance
 Right blend between old and young , will give everything

46. WHAT I WANT TO COVER ?
 “OLDER PERSON’S DAY” CELEBRATION BY UNO
 WILL & ITS BENEFIT AND INTRICASIES
 CERTAIN CONSTITUANT RIGHTS OF OLD AGE
 CONSUMER PROTECTION ACT
 REVERSE MORTGAGE CONCEPT A BOON FOR OLD AGE
 CONCEPT CALLED CREATOR V/s VICTIM
 PRAYER

47. PRAYER
Oh God give me a courage and strength to
change the things, which I can,
He Ishawar Muje Shakti Aur Himmat do,
ke jo chij main Badal Sakata Hoon, Use
Badal doo,
Oh God Give me a serenity to accept the
things that I can not change,

48. PRAYER
He Ishwar, Muje calmness or
peacefulness de , ke jo chij main nahi
badal sakta, use apki sogad ban ke svikar
kar saku,
Give me a Wisdom to know what I can
change and what I can not .
He Ishwar Muje sad buddhi de , ke kya
chij main badal sakata hun, or kya nahi
badal sakata

49. Thank You
REQUESTING FOR
ASHIRWAD & SHAHSTANG
DANDWAT PRANAM
For any question or support
9825804094
nitinmpathak@gmail.com