The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions shared in an article in the following Q&A which was published by the Mint Newspaper on 28th Jan, 2020 and the online edition of the same can be found at: https://www.livemint.com/insurance/news/it-is-not-necessary-to-appoint-a-lawyer-as-executor-of-your-will-11580203086115.html
Senior Associate Designate in the Private Client Practice at the Mumbai Office of Cyril Amarchand Mangaldas. Varsha specializes in advising on trust structures, family governance and settlements, and succession laws. She can be reached at email@example.com
The Private Client team at Cyril Amarchand Mangaldas is delighted to share, via our Private Client blog, our comments and opinions shared in various leading media publications globally. We hope these inputs help our clients and readers gain a practical perspective into key legal, financial, commercial and other aspects that need to be duly considered in Estate Planning.
The following Q&A was published by the Mint Newspaper on 14 Jan 2020 and the online edition of the same can be found at: https://www.livemint.com/money/personal-finance/trust-made-under-will-works-well-for-bequeathing-assets-to-a-minor-11578997625506.html.
For further information, please contact our Partner & Co-Head of our Private Client team, Mr. Rishabh Shroff, at Rishabh.firstname.lastname@example.org…
Continue Reading Trust made under Will works well for bequeathing assets to a minor
The issue of legatees vs. nominees still seems to be causing confusion in the minds of the public. Even after a number of clear judicial decisions on this topic, confirming that legal heirs are the correct persons to inherit assets (over that of a nominee), a new decision re-confirms this issue.
The National Company Law Appellate Tribunal, New Delhi (“NCLAT”), on November 14th, 2019 had held that nomination does not amount to beneficial ownership to an asset and the nominee holds the asset for and on behalf of the legal heirs of the deceased. The Bench of Justice S.J. Mukhopadhyaya and Justice A.I.S. Cheema, in the case of Oswal Greentech v Mr Pankaj Oswal and Ors (“Oswal”) whilst listening to the question of maintainability of the petition under Section 241-242 of the Companies Act, 2013 (“Act”), decided on the said matter.…
Continue Reading Court Re-Confirms That Legal Heirs Are Preferred Over Nominees