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Source: Live Mint Estate planning is essential for ensuring the well-being of loved ones and safeguarding wealth for future generations. While many perceive it as a task for the wealthy, having a robust estate plan is crucial for anyone who wishes to secure their family’s future. Wills and private family trusts are two primary tools…
Source: Live Mint Preserving family wealth and ensuring business continuity across generations is intricate and involves legal, financial, and strategic considerations. Recent survey insights reveal a growing appreciation among affluent Indian families for the importance of this essential endeavour. Succession planning: An imperative Succession planning is not merely about deciding who inherits what; it is…
Source: Live Mint I want to prepare my will and donate everything to charity instead of leaving it to my children. I am 68 years old and a divorcee, with four children who are all well-off. Is there anything I should consider? —Name withheld on request We assume that the assets and properties owned by…
Source: Live Mint When tragedy strikes, the complexities of inheritance laws add another layer of hardship. This unexpected reality, often rooted in religious laws, underscores the importance of estate planning. For instance, a young Muslim widow may be left with just a fraction of her husband’s estate under Muslim inheritance law (Muslim Personal Law (Shariat)…
Source: Live Mint What legal mechanisms can parents consider in estate planning to protect the financial interests of their children with special needs? Estate planning goes beyond simply drafting a will; it allows you to plan comprehensively for your child’s future, including their financial security and care. This process is crucial for families with special…
Source: Live Mint That’s where a conditional will—one that lets you define how, when and under what circumstances your wealth is passed on—can make all the difference. Families are increasingly using such wills to ensure their plans hold firm even when life takes an expected turn. Conditional wills As the same suggests, a conditional or…
Source: Live Mint I am a 64-year-old widower with three adult children. One of them has a mental disability. I take care of her financial needs but worry about her future after my death, as she cannot manage finances independently. Can I create a structure during my lifetime to protect her interests when I am…
Source: Live Mint My father, a Hindu, passed away last month. In his will, he left some real estate in Mumbai and Nashik to my sister and me. I understand that a probate is required for the property in Mumbai, but I am unsure if it is needed for the Nashik property as well. Could…
Source: Live Mint The date of acquisition for the property inherited by you from your father will be the date on which your father had purchased the property. The cost and date of acquisition for a capital asset acquired under a will or as a gift, will be the cost and the date for which,…
Source: Live Mint I’m in my 50s and looking to draft my Will. I expect to inherit some assets from my parents, which may include their flat and financial holdings, after their passing. Can I include these future assets in my Will now, or will I need to make a new Will after I inherit…
