Succession Planning
Explore Your Future with Us
- Advisory – Meeting the clients, understanding their overall family objectives, planning and advising
- Preparing Wills
- Cross border succession with family members residing in another country:
- Structuring and drafting trust deed in compliance with laws of country of residence/citizenship/domicile
- Offshore trust structuring for families holding assets outside India
- Succession for family-owned businesses:
- Succession of business ownership from one generation to another through a trust
- Structuring of trusts involving cross holdings of family members in various holding and subsidiary companies
- Structuring and drafting trust deeds for promoter of listed company as per SEBI guidelines
- Mediation of Family disputes / Family settlements
- Preparing Family Constitutions
- Shareholder agreements etc.
- Charitable Trust formation
- Private trust for specific objectives – asset protection, trust for special children and dependent relatives
- Ongoing administration of the trust post its setup to ensure that the operations of the trust comply with the trust deed and applicable laws
- Assistance in execution of estate after the demise
- Gift deeds, POA, release deeds etc.
Tools for Succession Planning
- Wills
- Private Family Trusts
- Gifts
- Family Constitutions
- Family Settlement, POA, business restructuring etc.
What is a private family trust and why is it an efficient tool for succession Planning:
- A private trust protects the assets from creditor and matrimonial claims
- It offers privacy and avoids the lengthy court process of probate
- Unlike a Will, a private trust cannot be challenged by other legal heirs
- One can plan for inheritance taxes especially for children who are in US, UK
- One can plan for minor children, special children and other dependent relatives
- You can make a provision for your own incapacitation through a Trust
Estate & Succession Planning
It is not enough to create and grow your assets; it is equally, if not more important, to plan for its succession.
Succession planning ensures that your wealth passes to your family as per your wish, without any legal challenges. It consolidates assets for knowledge of your family, avoids property disputes on inheritance and reduces paperwork on transfer of assets after demise.
Our Expertise in this sector includes:
Drafting Wills
Creation of Private Family Trusts
Drafting Wills
Creation of Private Family Trusts
Cross border Succession
Family Business Succession
Cross border Succession
Family Business Succession
Probate and Succession Certificate
A probate is issued by the court, when a person dies testate i.e., having made a Will. A probate is a grant or certificate given by the high court of competent jurisdiction that serves as conclusive evidence that there are no suspicious circumstances like fraud, coercion, among others, surrounding the Will, and that the Will was duly executed by the testator (deceased), and attested by witness.
A probate ensures a seamless transfer of the assets to the beneficiaries of the deceased. The probate authenticates that the Will is the last Will and testament of the Testator, and such a grant by the court is a conclusive proof determining the authenticity of the Will that it was duly executed by the testator in a sound state of mind out of his free will and volition.
A probate is mandatory only if the Will was made in Kolkata, Chennai and Mumbai, or, if the immovable property is situated therein. Else, a probate is optional.
The executor under the Will shall make an application for the probate, along with the death certificate of the deceased and a copy of the Will.
In the absence of a Will or nomination, the legal heirs of the deceased would have to submit several documents to banks, financial institutions, insurance companies, etc, to get assets transferred in their name. Legal heirs would need to obtain a succession certificate from the court. It is a document that gives authority to the person who obtains it, to represent the estate of the deceased, to collect the assets and distribute it to all legal heirs as per the laws of succession. It establishes the authenticity of the heirs and gives them the authority to have securities and other assets transferred in their names.
A person requiring the succession certificate needs to file an application with the district court or high court within whose jurisdiction the asset is located. The name and relationship of the person obtaining this certificate, names of all legal heirs, details about the date and place of death, details of the assets to be transferred should be mentioned in the application. A copy of the death certificate has to be attached. The court typically issues a notice in the newspapers for a given period (generally 45 days). If no one contests the petition, then on the expiry of this period, the court passes an order for issuance of succession certificate.
After obtaining the succession certificate, separate applications should be filed with banks, financial institutions, and insurance companies. This is accompanied by other supporting documents such as death certificate, affidavit, indemnity bond, no objection/release deed from other legal heirs (in case a legal heir has decided to release his share in a particular asset in favour of others) for getting the assets transferred to the legal heirs.