Estate planning involves a lot of complicated proceedings. Right from the procedure for selling of an inherited asset and repatriation of its proceeds, to ensuring fair distribution of property and choosing correct nominees, estate planning is a specialized area of work. We’ve partnered with top estate planning experts who can help you navigate through the intricacies of passing on your wealth down to your loved-ones and carrying your legacy forward.
Estate Planning refers to a collection of documents that specify the apportioning of your wealth:
For successful inter-generational transfer of family business and wealth, a family constitution is imperative. A family constitution is a formal written document establishing a set of rules based on the values of the family. These rules assist the family in navigating management decisions regarding family wealth.
A will is a necessary document that establishes the beneficiary or beneficiaries who will receive your wealth. A will helps avoid the various legal proceedings your heirs must undergo otherwise. Also, the inability to ascertain an heir without a proper will can cause irreversible family disputes.
Our Estate Planning solutions also includes will execution. Execution of will involves signing of the will. Furthermore, the will shall be attested by two or more witnesses and each witness must see you sign the will. Also, each witness must attest to the will in your presence.
Trust is an arrangement wherein you assign a third party or a trustee the power to hold assets on behalf of the beneficiaries. You can specify the terms of the trust. You can also set up a revocable trust that is accessible to you during your lifetime and designate a beneficiary who will receive the remaining assets.
Estate Planning ensures that your assets are dispersed as intended. You can help your family avoid the disputes that would arise otherwise, with a will.
When you legally place your assets in the name of your family, you leave no room for legal challenges that can potentially lead to greater expenses.
Estate Planning also involves securing yourself when your health prohibits you from making important financial decisions.
Support a charitable cause you believe in by assigning a portion of your wealth to it.
Both Estate Planning and Legacy Planning involve making decisions about how your assets will be transferred and go hand in hand. Estate Planning focuses on the formal processes involved in asset distribution and taxation. Legacy Planning involves attaching a personal purpose to your estate planning, such as providing financial security for your loved ones, charitable endeavours or business succession.
The legal heir receives ownership of the assets while a nominee is an individual authorised to safeguard the asset on behalf of the legal heir.
Probate is the process where the will is certified under the seal of a court. It is mandatory to probate a will to prove the authenticity of the will before apportioning the assets to the beneficiaries.
No, they do not. Per the Income Tax Act, 1961, when it comes to Estate Planning in India, tax will not be levied on movable or immovable assets.
