My wife is living a personal tragedy that many families face in India. We are a family with two daughters. After losing her father, who left no will—or whose will was tampered with by her siblings—she found herself in a complex and heartbreaking situation. Her sister, a spinster who was weak and frail, passed away a year after their father, having intended to leave her wealth to charity with her brother as executor. The situation was complicated further by the sale of a property to another sister via power of attorney. With the least fortunate among them passing away, her brother capitalized on the situation, blackmailing the other sister for support. The bank, siding with her brother, refused to disclose details of their father's accounts to my wife, concealing information she rightfully deserved.

Further AMCs can manage the legacy of minor heirs to support then through their education.

This kind of issue underscores the need for a systematic approach to managing testamentary assets in India. Testamentary asset management can be a labyrinth of legal complexities and emotional turmoil at a time when bereaved families are most vulnerable. Without a clear, legally binding will, families are often caught in disputes, with banks and financial institutions sometimes acting unethically. This can be frustrating, unjust, and leads to prolonged legal battles that the courts can hardly keep up with.

We propose empowering Asset Management Companies (AMCs) to administrate testamentary assets and ensure the proper distribution of assets among legal heirs. AMCs are already well-regulated entities and can be trusted to adhere to relevant rules while also handling all statutory dues and disclosures. This reform would not only bring relief to grieving families but would also alleviate the burden placed on the judicial system, allowing courts to focus on more pressing matters rather than lengthy financial disputes. My wife is yet to get her full share of her inheritance from Mutual Funds, banks, and registrars due to very complex lengthy procedures.

The market regulators such as the Finance Ministry, SEBI, AMFI, and RBI can easily create guidelines to enable AMCs to perform these duties. By doing so, they would be providing a just system that supports the less privileged, less educated, and more vulnerable members of society who are often disadvantaged in these situations.

Let's ensure that the administration of testamentary assets becomes a transparent and fair process that serves everyone equitably. Please sign this petition to urge the relevant authorities to take immediate action and address this critical issue.