Estate & Succession Planning

Estate and succession planning is the process of anticipating and arranging for the disposal of estate during and after one’s lifetime. In absence of a succession plan, the assets of the deceased would be distributed as per the applicable religious laws amongst the legal heirs.

1.Dafting a will

Will is a legal document that comes in play on the demise of the testator. It carries the wishes of an individual regarding distribution of his/her estate.

2.Gifts during lifetime:
Gift is transfer of movable or immovable property, made voluntarily, during one’s lifetime and with- out consideration, by the donor and accepted by donee. If the gift is received from any blood relative, it will not be taxable.

3.Formation of Private Trust:
A Trust is a relationship whereby property is transferred by one party(Settlor) to be held and managed by another party(Trustees) for the benefit of third party (Beneficiaries), governed by the Indian Trust Act, 1882. Some of the advantages of a PrivateTrust are:
•Multi-generation succession and provision for wishes beyond lifetime of Settlor
•Trust can be structured to control the timing and amount of distributions
•Provide for dependent relatives and to provide for ongoing financial management
•Protection of assets from outside claims and from disputes within the family
•To hold the shares of company for business continuity & for delinking ownership from management
•Avoids probate
•Privacy protection
•Inheritance tax planning and avoid forced heirship rules for NRIs

4.Charitable Trust :
CharitableTrust is setup for philanthropy aspirations for the benefit of public at large. It enjoys income tax benefit on the income of the trust and tax benefit to the donors on the donation made by them.

5.Family Business Succession:
Family business succession is the process of transitioning the management and the ownership of the business to next generation of family members. The family component plays a crucial role here and needs to be effectively integrated in the transition process.

6.Obtaining Probate/Succession Certificate:
Probate establishes the validity of a Will in Court. In absence of a Will, a succession certificate is required to be obtained from the Court for transferring the assets of a deceased.
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