Securing our family’s future is topmost priority for most of us. Alongside taking insurance policies and making investments, there is a crucial step in this—estate and succession planning to ensure our family inherits our assets without delays, hardship, or confusion. Yet, this aspect is often neglected due to the anxiety and discomfort arising from contemplating … Read more
My brother-in-law passed away in a hospital last year. Before his death, he gave oral instructions on how he wanted his assets divided and asked me to carry out his wishes. He did not leave behind a written will. Now, his mother is claiming a share of his assets, which my sister is contesting based … Read more
What are the key differences between a springing power of attorney, which becomes effective upon incapacity, and a current power of attorney, effective immediately? What important factors should one consider when deciding on which type would best protect one’s assets and meet the estate planning goals? —Name withheld on request One should carefully consider the differences between … Read more
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
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