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February 22, 2021
With the growth of the Indian economy and consequential private wealth generation, protection and preservation of personal and family assets, cannot be ignored anymore and needs adequate attention.
Personal laws in India were originally governed through customary practices and over time while some have been codified, they still vary for each person depending on community, religion and past customary practices.
Realising the same, the Firm has a dedicated team of professionals advising Clients on all their personal laws and draws upon its prowess in other areas of laws, (such as real estate, commercial laws etc.) to give holistic advice to their clients.
The Private Client practice of the Firm comprises of, (a) division and preservation of family assets, and (b) estate and succession planning and (c) general overall advice on matrimonial disputes in context of asset protection or division, in India and overseas.
A well thought out and drafted will essentially ensures that upon demise, there is smooth transition and succession of assets between the heirs, thereby negating the possibility of unnecessary disputes over assets and ensuring harmonious family relations. The Firm understands that executing a Will is often procrastinated but is of utmost importance, as it comes into operation only after demise, with no possibility of any revision. Thus, it is prudent that a Will should have total clarity and complete lack of any ambiguity, whatsoever and that is where our proficiency lies.
Since decades, we have advised several individual and families, in settling internal family differences, entering into complex family arrangements, in setting up of private family offices, drafting family constitutions, family governance, succession planning for private family owned businesses, estate and succession planning for individuals, setting up of public and private trusts, estate & succession planning, drafting of Wills, guardianship and financial well-being of dependents.
Our Clients are individuals, professionals, business owners, large joint family businesses, high net worth individuals, non-resident Indians and foreign nationals having assets in multiple jurisdictions including India.
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FAQS
What is Estate and Succession Planning?
Estate means all the assets standing in a person’s name. Estate and Succession Planning is the method planning administration of a person’s assets and their transfer to specific named beneficiaries’ post demise. It is a dynamic process that needs to be reviewed at regular intervals to account for any changes that might happen in your life or in the legal system.
How is Estate and Succession Planning achieved?
It can be achieved in multiple ways, depending on the nature of the assets and the objectives of the person. Primarily it is achieved through execution of a will and naming the beneficiaries therein, or by way of private family trusts, establishing specific power of attorneys, setting up of other special purpose entity or through a combination of them all.
What are the main objectives of Estate and Succession Planning?
The main objectives are (a) ensure smooth transfer of assets from the deceased to the named beneficiary, (b) avoid conflicts between beneficiaries/family members, (c) protection of family assets and (d) appointment of guardians of minor children and ensuring financial security for them.
What is a Will, Codicil and Probate?
A will is legal document in which you specify how and to whom your assets are to be distributed after your demise.
A codicil is a document which acts as an amendment to the will, modifying or deleting certain clauses of the will
Probate is the legal process through courts which establishes the legal validity of the will.
At what age should people consider estate and succession planning?
Life is quite unpredictable and the earlier one plans the better it is. However once a person has dependents i.e. wife and kids, estate and succession planning should be done irrespective of age. In fact, you can change your estate and succession planning with time on an ongoing basis.
Do I have to pay Stamp duty on a will? Does a will need to registered?
There is no stamp duty payable on a will. Legally, a will is not required to be registered but a registered will strengthens it authenticity and validity.
What happens when a person dies without leaving a will?
A person who passes without leaving a will, is legally referred to as intestate. In such a scenario, the estate is divided and transferred to the beneficiaries according to the laws of succession applicable to the concerned person, without any discretion.