33N/A
Estate & Succession Planning · Mumbai
This professional specializes in estate and succession planning, with a particular focus on Non-Resident Indians (NRIs) and their property in India. The practice addresses various aspects of estate planning, including intestate succession, wills, and trusts, while considering specific issues pertinent to NRIs. Services provided include guidance on creating a separate will for Indian property, understanding the distribution of property in the absence of a will, and navigating requirements for probate or succession certificates.
The professional assists clients with property disposal options such as wills or gift deeds, clarifies tax implications related to property, and advises on the use of Power of Attorney for property management in India. They also provide counsel on establishing family trusts for NRIs and offer insights into living wills. The practice aims to simplify the complexities of managing Indian property for NRIs and their aging parents, addressing concerns about inter-generational wealth transfer and avoiding potential disputes.
The service elucidates the modes of estate planning, including the execution of wills and the establishment of trusts. It details the requirements for a valid will, such as the testator being a major, of sound mind, and acting with free consent, along with the importance of defining properties, heirs, and an executor. For trusts, the professional explains the process of creating both private and public trusts, emphasizing the need for a clear declaration of intent, defined objects, and identified beneficiaries. Additionally, the role of professional executor and trustee companies is discussed as an alternative to appointing friends or relatives, particularly beneficial for NRI children who may require assistance managing Indian assets.
