I am a Hindu father with two daughters and a son, living in Mumbai. I own a house and some land in my hometown. I’ve heard about the changes made by the Hindu Succession (Amendment) Act, 2005, but I’m not sure how they apply to my situation. How can I plan my estate to ensure an equal and fair distribution of my assets among my children according to the latest changes?
—Name withheld on request.
As a Hindu father with two daughters and a son, the Hindu Succession (Amendment) Act of 2005 ensures that your daughters have equal rights to your property as your son. This amendment abolished gender discrimination in inheritance laws, making daughters coparceners in joint Hindu family property. To ensure an equal and fair distribution of your assets, you can create a will clearly stating your intentions.
If you pass away intestate (without a will), your assets, including the house and land, will be divided equally among your three children and your wife (if she survives you) under the Hindu Succession Act, 1956. By drafting a will, you can specify how your self-acquired (non-ancestral) assets should be distributed, appoint an executor to manage your estate, and minimize potential disputes among your heirs.
Additionally, you may consider setting up a family trust to manage and protect your assets, ensuring a smooth transfer according to your wishes.
I am a Christian woman living in Kerala with properties both in my name and jointly with my husband. I want to know more about how the Indian Succession Act, 1925, will affect the distribution of my assets if I do not have a will. What should I be aware of to ensure that my intentions for asset distribution are taken care of?
—Name withheld on request.
As a Christian woman living in Kerala, the Indian Succession Act of 1925 governs the distribution of your assets. If you die intestate (without a will), the act stipulates that your property will be distributed among your legal heirs, which include your husband and children.
According to the act, your husband will receive one-third of your estate, and the remaining two-thirds will be equally divided among your children. If you do not have children, your husband will inherit half of your property, and the other half will go to your next of kin. To ensure that your specific intentions for asset distribution are respected, it is advisable to draft a will.
A will allows you to designate beneficiaries, specify for the distribution of your assets, and appoint an executor to manage your estate. Additionally, consider joint ownership arrangements and nominations for financial assets, which can help streamline the transfer process and reduce potential legal complications.
Aditya Chopra is a managing partner and Amay Jain is a senior associate at Victoriam Legalis, Advocates & Solicitors.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
More
Less
Published: 21 May 2024, 04:48 PM IST