Estate planning is the process of determining what will happen to your estate after your passing. Your estate comprises all the rights, interests, and titles you hold in the property you own.
An estate plan outlines the orderly administration and disposition of your property after your death.
Estate planning involves making arrangements for the transfer of your estate after your passing. Your estate includes all the property you own, such as cash, clothes, jewellery, cars, houses, land, retirement and savings accounts, and more.
Who wouldn't want their loved ones to remain financially stable even after their passing? The future is uncertain, and leaving questions unanswered about the fate of our wealth can make life more difficult for our loved ones. Therefore, estate planning is essential for everyone who owns any kind of movable or immovable properties, gold, insurance policies, etc.
We have a specialized and dedicated team of professionals, including lawyers, company secretaries, and chartered accountants, to help our clients tailor a structure to articulate and implement their vision for the succession and continuity of family wealth during their lifetime.
Trusts can be established to facilitate the transfer of assets to heirs. With the right set-up, assets in a trust can avoid probate and taxation, passing immediately from the original owner to the heirs.
There are two types of trusts:
- Private Trust
- Public Trust
Private trusts are governed by the Indian Trusts Act, 1882, while public trusts are divided into charitable and religious trusts.
Planning for your child's future is never easy, especially when you are not around, and even more so if your child has special needs or a disability, or is suffering from a major illness. How can you ensure that your child will be taken care of when you are not around?
A special needs trust is designed for beneficiaries with disabilities, whether physically or mentally challenged. There are legal advantages to using a trust to hold and manage property intended for the benefit of the beneficiary if the beneficiary lacks the legal capacity to handle their own financial affairs.
