Succession Planning

Subscribe to Succession Planning
Search by Succession Planning
Source: HBO.com

“I’m not saying I’d make a better CEO. That’s unsaid.” – Connor Roy

At the time of publication, we are just a few days away from the release of the final season of HBO’s highly acclaimed family business drama, Succession. For many viewers in India, the show’s portrayal of the perils and tribulations of running a family business hits uncomfortably close to home. Many would say this show is an example of art imitating life. Others may see it as a docudrama about their family business. It is a poignant example of what can happen without a clear succession plan, and it packages together many common issues faced by many Indian family businesses – such as an aging founder who is unwilling to cede control or induct his middle aged children, a failure to modernize (as seen in many older media houses that are going through similar existential dilemmas), siblings squabbling for the CEO role, and a founder family & business enthralled in multiple full-blown crises.…

Continue Reading HBO’s Succession: Reel-to-Real life lessons for Indian Family Businesses

Untangling the legal heirship certificate conundrum in Tamil Nadu

A legal heirship certificate is an essential document, sought by the legal heirs of a deceased individual for processing intestate succession related application in government offices. The process of applying for and obtaining a legal heirship certificate is by itself an arduous process and is riddled with a plethora of unresolved questions. The most significant of them is the issuance of legal heirship certificate to Class II legal heirs when there are no surviving Class I legal heirs.
Continue Reading Untangling the legal heirship certificate conundrum in Tamil Nadu

How is property divided if any of the heirs die after a will is made
Source: Livemint.com

The following article was first published in the Mint newspaper on 18th October, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My grandfather left a will in the name of my father in 1996 for one-third share in his property. My father died in 1997 leaving me, my sister and mother behind. My grandfather died in 2008 leaving behind his three children and a wife (my grandmother). As per my knowledge, the will isn’t registered with the sub-registrar. In 2022, the land was divided into five equal shares, with the will not coming into consideration. 

I want to understand whether the will is valid considering that my father died before my grandfather? Can the will leave its content to me, my sister and my mother since we are heirs of my father ? If yes, will my father’s share be considered in the two-third of the land that doesn’t show up in the will?

—Name withheld on request…

Continue Reading How is property divided if any of the heirs die after a will is made?

Do FDs accrue interest after owner’s death
Source: Livemint.com

The following article was first published in the Mint newspaper on 4th October, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My parents died and I am their nominee in the various fixed deposits (FDs) they left behind. The FDs will mature on different dates in the next two years. Can I withdraw an FD at the time of maturity? What would be rate of interest payable on these deposits from the date of death of parents till the maturity date. Also, is it compulsory for the nominee to withdraw all FDs after the death of the holder?

—Name withheld on request…

Continue Reading Do FDs accrue interest after owner’s death?

How to deal with claims on a property when there is no will.

The following article was first published in the Mint newspaper on 10th August, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My great-grandfather had two sons and three daughters. He had purchased a property in 1980 but died without leaving a will. Recently, both his sons and a daughter died. The other two daughters are claiming a share of that property from my father and uncles. The property has been maintained by my grandfather, my father and uncles for the past 35 years. The two had been given a fixed amount of cash along with some jewellery by my grandfather but that is not recorded anywhere. What can we do in such a situation?

—Name withheld on request…
Continue Reading How to deal with claims on a property when there is no will

Can you contest for any changes in a will made by your father
Source: Livemint.com

The following article was first published in the Mint newspaper on 3rd August, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My father has in his will made long back stated that his property should be transferred in the name of my elder brother in the unfortunate event of his death. I am married now but as his only daughter, can I contest for changes to be made in the Will and thereby get a share in his property?

—Name withheld on request …

Continue Reading Can you contest for any changes in a will made by your father?

Property Law
Source: Livemint.com

The following article was first published in the Mint newspaper on 14th June, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I am an Indian, but my brother settled down in Bangladesh 30 years ago and is now a citizen there. He wants to gift me the property that he inherited here after the demise of our father. What is the process for this transaction?

— Name withheld on request…

Continue Reading Can my brother living in Bangladesh gift me land inherited here?

How is the gifting of money or property to a relative taxed
Source: Livemint.com

The following article was first published in the Mint newspaper on 7th June, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I want to gift money to my elder brother. What will be the tax implications. Can I also gift immovable property to my brother?

— Name withheld on request…

Continue Reading How is the gifting of money or property to a relative taxed?

Can my mother who is not a coparcener be karta in HUF
Source: Livemint.com

The following article was first published in the Mint newspaper on 25th May, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

My father, who was the karta of our HUF (Hindu undivided family), with my mother, elder sister and I as members, died two years ago. Thereafter, the bank where the HUF account is held is insisting on transferring it only to my elder sister.

Under the circumstances, is there any possibility for my mother to become the karta of the HUF? What is the relevant legal section that needs to be quoted for necessitating a transfer to my mother’s name? Additionally, will there be a change in the PAN (permanent account number)  after transfer of the HUF? Will it also lead to a change in the name of the HUF? 

—Name withheld on request …

Continue Reading Can my mother who is not a coparcener be karta in HUF?

Can I show my rental income in HUF account
Source: Livemint.com

The following article was first published in the Mint newspaper on 16th May, 2022. The same was written by our Private Client team at Cyril Amarchand Mangaldas, who frequently publish their comments and opinions in the Mint. The online version of the article can be found here.

I am the karta of a Hindu Undivided Family (HUF) firm. My coparceners are my wife and son. I am retired and only have rental income from a house inherited from my mother through her probated will. 

Can I show my rental income in my HUF bank account? And, as and when I sell that house, can I show the sale proceeds in the HUF account? For this, do I need to transfer the  house to HUF? If yes, then what is the procedure? Isn’t the property automatically treated as HUF property, as I am also the karta of the HUF? 

What process is required to be followed in case the property is to be bequeathed after the demise of the testator which is as per the registered Will in Delhi after the mutation has been done in the municipal records. It needs to be further clarified whether the process of probate is also to be followed in Delhi or if a succession certificate is sufficient and who would issue the same?

…
Continue Reading Can I show my rental income in HUF account?