Estate Planning
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Estate Planning

Estate planning is the creation of a definite plan for managing your wealth while you???re alive and distributing it after your death. These assets may be owned by you separately or jointly with others. It is accomplishing your personal and family goals and easing the management of your financial and legal affairs, as well as minimising taxes if your estate is large enough for taxes to be of concern. When we talk about an estate, we mean all assets of any value that you own, including real property, business interests, investments, insurance proceeds, personal property and even your personal effects.

A well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in the manner you???ve chosen. You can be rest assured that your family won???t have to endure the public process and costly matter of probate. The government won???t be able to take what you???ve spent a lifetime building. But you need to be aware of the many options that exist in estate plan.

Estate planning can be accomplished through a variety of methods, including:

Revocable Living Trusts
Last Will and Testament / Probate
Lifetime Gifting
Joint Ownership
Beneficiary Designations
Life Estates

Relevance of an Estate Plan for NRIs

NRIs own real estate and / or financial assets in India which are held individually and are managed by their relatives on an informal basis.While you may have formulated an Estate Plan in your country of residence, you may need to create a separate plan for India. To solve this purpose, Integritas has appointed legal advisors and tax consultants who can execute your

A few considerations you might need to make while creating you Estate Plan for India:

  • If the person currently managing your assets in India was not there, how do you plan to manage these assets?
  • Are you or the children likely to return to India? If not, who will manage the assets?
  • Did you know that the inheritance of real estate is also governed by the country where such real estate is situated?
  • Would the execution of your Global Estate Plan be held up due to difference in laws in your adopted country and India?
  • Is there an Estate Duty / Inheritance Tax in your country of residence?
  • What happens if the Foreign exchange regulations in India restrict your children???s ability to take their inheritance outside India? How would this affect them in case they had to meet an estate duty liability?

How we can assist you?

  • We can help you examine your ownership documents for assets in India and assist you with title clearance.
  • We can set up your objectives for the estate plan.
  • We can harmonise your estate plan in India with home country tax and other regulations.
  • We can suggest whether a Will or Trust is suitable for you.
  • We can assist you in drafting of Wills, Trust Deeds and constitution documents of other entities.
  • We can act as your Co-Executor and Co-Trustees.
  • We shall review any changes that take place in your list asserts and modify your estate plan on a regular basis.
  • We will keep you informed about developments in laws related to inheritance of real estate, financial assets.
  • We shall also help to sell or maintain assets that you have inherited and do not wish to continue to hold.