How do legal frameworks governing testamentary and intestate succession differ from the role of a nominee in temporarily managing assets until the rightful successor is determined? What should I consider to ensure my estate plan is legally sound, minimises administrative burdens, and prevents potential disputes among heirs? -Name withheld on request One needs to understand … Read more
Most people fear the idea of estate planning or laugh it off thinking they are immortal. Estate planning is about ensuring your loved ones or a third party get access to your assets in a manner that you would want them to. Estate planning at its core is about putting arrangements in place for how … Read more
The active involvement of women in estate planning has always been a grey area. While traditional perceptions are changing, there is still a mind block in the way of giving women a bigger say in estate planning. Let us go back to what the Hindu Succession Act, 1956, says about the property rights of women? … Read more
I have been asked to sign as a witness for my friend’s will. In this legal role, what are the implications and responsibilities that come with being a witness to a will? Are there specific legal obligations or requirements that I should be aware of? —Name withheld on request A will is an instrument of … Read more
How can I ensure that my hard-earned wealth, including business assets, are ring-fenced from the fallout of a marital dispute? —Name withheld on request Though not fool proof, a prevalent practice adopted to prevent value erosion on account of formal separation is via a trust structure. As an effective tool of succession planning along with … Read more
What steps can I take to prevent common estate planning mistakes and ensure that assets are distributed appropriately? —Name withheld on request In estate planning, individuals can take proactive steps to avoid common mistakes and ensure their assets are distributed as intended. Updating beneficiaries is crucial to reflect life changes accurately. For instance, failing to … Read more
I have three sons, all of whom are married and have children. My eldest son and his family, who have been residing in the US, are now returning to India. The relations between all my family members are cordial. I now want to divide my estate (primarily my investments in listed stocks, mutual funds and … Read more