Late business tycoon Ratan Tata’s will, estimated to be worth Rs 3,800 crore, will largely benefit two organizations dear to his heart — the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust. Both organizations have been involved in charitable and philanthropic activities and will carry forward the mission that Tata firmly believed in, a recent report in The Economic Times states.
Ratan Tata’s will details
Tata’s last will and testament, signed on February 23, 2022, outlines how his colossal fortune will be shared. Most of his property, including Tata Sons’ shares and other financial holdings, will go to the two charitable foundations. But a major chunk of his assets will also be given to his immediate family members, friends, and close associates.
One-third of Tata’s assets in the form of fixed deposits, art works, and watches worth approximately Rs 800 crore will be divided equally among his half-sisters, Shireen Jejeebhoy and Deanna Jejeebhoy, and Mohini M. Dutta, a retired Tata Group employee who was Tata’s close colleague.
Jimmy Naval Tata, the brother of Tata, will take over some part of the Juhu bungalow of the family. Close friend Mehli Mistry will take over Tata’s Alibaug property as well as his collection of three weapons, which include a .25-bore pistol.
Unlisted assets and their distribution
Along with the major distributions, there is a fourth codicil in Tata’s will that calls for unlisted stocks, shares, and other assets not mentioned elsewhere to be shared equally by the Ratan Tata Endowment Foundation and the Ratan Tata Endowment Trust.
As part of the legal procedure, the executors of Tata’s will — attorney Darius Kambatta, Mehli Mistry, and his sisters Shireen and Deanna Jejeebhoy — have filed a petition with the Bombay High Court. The probate procedure, which should take about six months, will validate the will and sanction the distribution of the estate.
Tata’s compassion for his pets and loved ones
Ratan Tata’s will also provides for his cherished pets to be well cared for after his death. Rs 12 lakh has been provided for their upkeep, with each pet getting Rs 30,000 quarterly.
Tata’s executive assistant Shantanu Naidu will have his student loan forgiven. Neighbor Jake Malite will also get an interest-free education loan as part of Tata’s considerate bequests.
Foreign assets and luxury items
Tata’s overseas assets comprise a Rs 40 crore property in Seychelles, as well as bank accounts in Wells Fargo and Morgan Stanley. He also owned shares in Alcoa Corp and Howmet Aerospace.
The collection of 65 luxury watches, from Bvlgari, Patek Philippe, Tissot, and Audemars Piguet, belonging to the late industrialist, is also included in the estate.
Tata’s Seychelles land will go to RNT Associates Singapore with directions to protect the interests of RNT Associates India and Singapore shareholders. On the other hand, Jimmy Tata will receive silverware and jewelry, as well as half of the family Juhu property inherited from Tata’s father, Naval H Tata. The rest of the property will be divided between Simone Tata and Noel Tata.
Ratan Tata died on October 9, 2024, leaving behind a legacy of compassion, generosity, and a lasting impact on society through his philanthropic efforts.
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