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Ratan Tata’s Rs 3,800 crore wealth is largely allocated to charities. He passed away on 9 October 2024. His will distributes assets among family, friends, and charities.
Who Will Inherit Ratan Tata’s Wealth? Here’s What His Will Mentions
Ratan Tata’s Will: The majority of the Rs 3,800 crore wealth of the former chairman of Tata Group, Ratan Tata, has been allocated to charities, including the Ratan Tata Endowment Foundation, a Section 8 company, and the Ratan Tata Endowment Trust, for philanthropic and charitable purposes, according to a report by Economic Times citing court papers.
Ratan Tata, the legendary businessman and former chairman of Tata Group, had passed away on 9 October, 2024 after battling from old-age related illnesses in Breach Candy Hospital Trust, Mumbai.
The ET report stated that Ratan Tata left one-third of his other financial properties, which include bank FDs, financial instruments, and physical assets like watches and paintings, estimated at ₹800 crore, to his half-sisters Shireen Jejeebhoy and Deanna Jejeebhoy. Another one-third was left to Mohini M Dutta, a former Tata Group employee who was close to Tata.
Juhu Bungalow To Jimmy Naval Tata
A share of the Juhu bungalow is designated for his brother Jimmy Naval Tata, 82, the sole living heir, while his close friend Mehli Mistry will receive the Alibaug property and Tata’s prized possession of three guns, including a .25 bore pistol, as per ET report.
The executors of the will have filed a petition in the Bombay High Court for the probate of the final will, incorporating the fourth codicil, as reviewed by court papers ET. The will, dated February 23, 2022, has four codicils, which are legal documents to modify a will after it has been signed and witnessed.
Probate is a legal process where a court validates a deceased person’s will, confirming its authenticity and granting the executor the authority to manage and distribute the estate according to the will’s instructions.
The last codicil clarifies that other listed stocks and shares of unlisted companies in which Tata had invested, along with assets not specifically mentioned elsewhere, would be distributed equally to the Ratan Tata Endowment Foundation and Ratan Tata Endowment Trust, the report stated.
Lawyer Darius Kambatta, Mehli Mistry, Shireen, and Deanna Jejeebhoy are the executors of the will. The distribution of wealth will only occur after court certification, a process that could take six months.
Corpus For Beloved Pets And Waiver Of Student Loan On Naidu
According to the will, a corpus of ₹12 lakh would be created for his beloved pets, each receiving ₹30,000 every quarter. A student loan to Shantanu Naidu, Tata’s executive assistant, along with an interest-free education loan to neighbor Jake Malite, would be waived.
Tata’s Foreign Assets
The court papers indicate that, besides cash in hand of just over ₹4 lakh, funds in local bank accounts and FDs amount to around ₹367 crore. Ratan Tata’s foreign assets, worth around ₹40 crore, include land parcels in Seychelles and accounts with Wells Fargo Bank and Morgan Stanley, as well as shares in Alcoa Corp and Howmet Aerospace.
The asset list includes 65 watches from brands like Bvlgari, Patek Philippe, Tissot, and Audemars Piguet.
