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Rishabh Shroff

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Co-Head and Partner in the Private Client Practice at the Mumbai office of Cyril Amarchand Mangaldas. Rishabh specialises in family constitutions and settlements, trusts, wills and succession planning. He can be reached at rishabh.shroff@cyrilshroff.com

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Karta
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 23rd January, 2022 and the online edition of the same can be found here.

My mother is a widow. My father expired 10 years ago. We are two (major) sons and a married daughter. We brothers have created a HUF with an initial capital of ₹50,000 received as a gift in marriage. Can my mother create a HUF being a karta and we two sons as coparcener?

-Pinrani

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Continue Reading Can my mother be the karta of the HUF?

HUF
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 18th January, 2022 and the online edition of the same can be found here.

My father-in-law died of covid on 6 September 2020 and my mother-in-law died on 13 December 2020. My wife is their only daughter. I need some clarity on the following:

a. My father-in-law had some HUF (Hindu Undivided Family) bank accounts and mutual funds. How do my wife or I run the accounts or withdraw the money.

b. My father-in-law has some shares and bank accounts in which his brother or sister-in-law are the nominees. How do I claim those from them?

– Kapil R. Tulsan

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Continue Reading How can I withdraw money from HUF accounts of in-laws?

relinquishment deed
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 17th January, 2022 and the online edition of the same can be found here.

My sister is an OCI (Overseas Citizen of India). Our father passed away recently. He was a resident of India. My sister wants to relinquish her rights to our father’s property in my favor. The property is located in India. Will my sister need to visit India for making the relinquishment deed, or can she do it from abroad?

-S. Sinha

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Continue Reading Can a relinquishment deed be sent from abroad?

Can a Will be written from overseas
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 16th January, 2022 and the online edition of the same can be found here.

Me and my family (wife and son) are NRIs based in Sweden. I have properties and movable assets in India. Can I write a Will on plain paper while I am in Sweden with respect to my assets? Is it okay to get it witnessed by my other NRI friends from India, based in Sweden, for the time being? What are other precautions to be taken when writing a Will from overseas with respect to assets and liabilities in India?

– Narsinh Modani

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Continue Reading Can a Will be written from overseas?

Can I appoint an executor to a Will myself
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 3rd January, 2022 and the online edition of the same can be found here.

I would like to have a legal Will draft format. I want to know if I can register a Will and appoint an executor by myself or do I need a lawyer for the same?

—Name withheld on request

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Continue Reading Can I appoint an executor to a Will myself?

What happens to the FD account if the deposit holder dies
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 8th November, 2021 and the online edition of the same can be found here.

If the first account holder of a fixed deposit dies, who will become the owner of the account? Is it the second account holder or all the legal heirs of the first account holder?

—Name withheld on request

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Continue Reading What happens to the FD account if the deposit holder dies?

If my brother-in-law died intestate, who will be the legal heir?
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 24th November, 2021 and the online edition of the same can be found here.

My brother-in-law passed away suddenly and has not left any Will. He has a house in his name which is under mortgage for a loan. He is survived by his wife, a son who is a major and his mother. The house isn’t an ancestral property. It is a Hindu family. If the house is sold after a few years of the death of his mother, who will be the legal heirs for the money? Will it be my sister and her son only or will the legal heirs of the mother (another son and two daughters) also be a part?

—Name withheld on request

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Continue Reading If my brother-in-law died intestate, who will be the legal heir?

Two witnesses need to be present for executing a gift deed
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 10th November, 2021 and the online edition of the same can be found here.

My father wants to transfer our house to my sister as a gift deed. I’m willing to sign a no objection certificate for the same. My father cannot hold a steady hand while writing or signing and is not able to get up on his own, let alone walk. The house is in my father’s name. My sister has been caring for my mother and father for years now. Somebody said that we should hire a pro for video recording if my father cannot go to the registration office to sign the gift deed. It could cost ₹30,000-40,000. Would his thumb impression taken at home be enough? What is the right process to follow?

—Name withheld on request

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Continue Reading Two witnesses need to be present for executing a gift deed

A will can help in ensuring smooth transition of assets
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The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 27th October, 2021 and the online edition of the same can be found here.

My question is regarding my share in a house built by my father. The said house was built in 1990 and registered in the name of my mother and my elder brother (I was a minor then). My father passed away in 2016 and all immovable assets were transferred in my mother’s name. My mother has always maintained that all her assets, movable and immovable, be shared equally between us brothers. She has not made any Will and I do not feel comfortable asking her to make one either. My question is that in the absence of any Will, what is my share in the said house? Since the house is registered jointly in the name of my brother and my mother, she legally owns half of the house. Will my share amount to half of her share, i.e 50% of 50% = 25% or will it be her complete share, i.e 50%?

—Name withheld on request

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Continue Reading A will can help in ensuring smooth transition of assets

A family settlement agreement offers a hassle-free solution
Source: Livemint.com

The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article in the  following Q&A which was published by the Mint Newspaper on 13th October, 2021 and the online edition of the same can be found here.

We are two brothers and one sister. In the event of our parent’s demise, we brothers stand to inherit some immovable property and we plan to pay some amount to our sister in settlement. What is the right way to execute this?

⁠— Name with held on request

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Continue Reading A family settlement agreement offers a hassle-free solution