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Source: Live Mint For most Indians, succession planning for assets like government small savings schemes (SSS), provident funds, insurance policies, bank deposits, and securities feels assured through nomination. Yet, under the Indian Succession Act, 1925, and relevant personal succession laws, a nominee is deemed merely a trustee. The nominee’s legal role is limited to collecting…
Source: Live Mint To address such scenarios, the Securities and Exchange Board of India (Sebi) has rolled out revamped rules that allow nominees to manage the accounts of physically incapacitated investors without requiring a power of attorney (POA). Announced on 10 January, these rules aim to provide families with a financial safety net. However, experts…
Source: Live Mint I am a married man, 35 years old, and have two minor children. Neither my wife nor I own anything substantial at this time, but we have nominees for some bank and demat accounts, PPF, etc. We have been advised to create a will, but we feel we are too young for…
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 I am a 50-year-old Hindu widower with two young (5 and 7 years old) daughters. I want to prepare a Will bequeathing all my assets and properties to them equally. However, I want to include a condition stipulating that my daughters would not be entitled to receive the assets and properties bequeathed…
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 Is it necessary to get the help of a professional estate planner? Engaging a professional estate planner, such as an estate planning attorney with specialized expertise in the field, is extremely important. These professionals provide invaluable guidance through the often complex and nuanced legal and financial aspects of estate planning. Their knowledge…
Source: Live Mint I moved to New Zealand a few years ago and am now a citizen of the country. Before my marriage, I purchased a property in Varanasi with my father as a co-owner. I made all the payments, and the property was registered in our names. Given that I now reside in New…
Source: Live Mint My maternal grandparents have a property valued at close to ₹10 crore. After their demise, ideally, the property should have been distributed among children, i.e., the four sisters and two brothers, including my mother. However, my grandparents’ sons are not keen to distribute the property with the sisters. They are also not…
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…
