The following Q&A was first published in the Legal 500 and Legal Business Magazine on 8th March, 2024. The same was written by our Private Client team at Cyril Amarchand Mangaldas. The online version of the Q&A can be found here.Continue Reading Private Client Year Book 2024: Q&A India
The following article was first published in the Mint newspaper on 5th March, 2024. 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.Continue Reading Does unregistered codicil alter the terms of a registered will?
The following article was first published in the Mint newspaper on 28th February, 2024. 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.Continue Reading How to ensure fair distribution of assets in an estate plan?
The Private Client team at Cyril Amarchand Mangaldas shares their comments and opinions in an article, which was published by the Outlook Money on 1st April, 2022 and the online edition of the same can be found here.
Intestate succession planning laws in India are unfavourable for women. So, women must use the tools available and become the decision-makers in how their assets are transferred. The Covid pandemic has shown that life is fragile, and tragedy can strike any time. In the course of conversations with clients, we find that most women do not undertake succession planning, and even fewer understand the need for an estate plan. This is mainly due to lack of awareness, and because they usually tend to look to their husbands and/or other family members to deal with their assets. This needs to change, especially at a time when women are becoming wealth creators in their own right and are increasingly running large family businesses. Many women today are also inheriting valuable portions of the family business.
One can execute a Will just by signing it and having it attested by two witnesses. There is no requirement for having the Will mandatorily registered in India
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
Continue Reading What happens to the FD account if the deposit holder dies?
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 07th July, 2021 and the online edition of the same can be found here.
My father and mother passed away after they came down with covid. My father had made a registered Will in 2015. According to that document, my nephew has been named the claimant of all his liquid assets. However, after 2015, my father declared me as his nominee in almost all his bank accounts. Under these circumstances, who is the rightful claimant of my father’s liquid assets, my nephew or myself?
—Name withheld on requestContinue Reading The rights of a legal heir supersede the rights of a nominee
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 April, 2021 and the online edition of the same can be found here.
My father passed away at the age of 79 in February. In his will, he has mentioned 50:50 share to both the sons. My mother passed away seven years ago. These are the queries…
Continue Reading A nominee is obligated to hand over the assets to the legal heir
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 31st March, 2021 and the online edition of the same can be found here.
I got married to a widower with an adopted girl, who is now 25 years old. The property is in the name of my husband, who’d told me that he had explained to the daughter that I would get the property after his death and then to her as she is the only child. The house we stay in is in his name, with the nominee being his daughter. He is not taking initiative to discuss or make both of us secure. Please advise the best course of action. She neither wants to get married nor take up a job.
— Name withheld on request
Continue Reading Inheritance in absence of will creates co-ownership rights over assets
The complex nature of estate and succession planning requires careful assessment of myriad considerations, such as the nature of estate (composition and location), family type (nuclear, joint or hybrid), and potential cost outlay (taxation and stamp duty) in order to achieve the objectives in an efficient manner.
However, while determining the costs associated with planning, an oft-overlooked factor is the court fees that may be payable when the components of the succession plan are set into motion post demise. If not evaluated when devising the estate plan, court fees might come as a rude shock to heirs seeking to implement the succession plan of a deceased family member.
Continue Reading The Estate and Succession Planning Consideration That (Almost) No One Discusses
Lawyers are generally very conservative – so it may sound a bit alarmist to hear us say “the world is ending!” At the time of writing, India is coming to grips with the terrifying ‘Severe Acute Respiratory Syndrome Coronavirus-2 (“COVID-19”)’ virus. There is something primal and scary about an airborne threat that can kill you – from something as simple as coming close to an infected person, or touching a door handle, etc. It makes us think about the fragility of life, and the need to protect our loved ones. Some people may believe the steps being taken at present are an overreaction – but are they?
As per the WHO, COVID-19 appears to target the elderly and individuals having underlying illnesses. The WHO mission to China found that 78% of the cases reported as of February 20, 2020 were in individuals between ages 30 and 69. In a matter of barely three months, COVID-19 has infected over 185,000 individuals, resulting in nearly 7,200 deaths, covering 157 countries and territories around the world. The Diamond Princess cruise ship harbored in Yokohama, Japan— was among the lone case involving an international vessel. In India, at the time of writing, 110+ individuals tested positive for the virus, with three fatalities. The virus knows no boundaries, gender or net worth, targeting poor and rich alike. Pandemics are an equalizer in society.Continue Reading Estate & Succession Planning during the Coronavirus Pandemic