Estate planning is the process of determining how the wealth of an individual is to be preserved, managed, and distributed among the beneficiaries; after the death of an individual. Estate Planning can be done through preparation of a Will and by creating structures like Private Family Trust for effective succession of wealth over generations.
It is important to note that Estate Planning is no longer just for the retirees or the wealthy elites; as it is impossible to predict how long will we live, as uncertainties are part of life and any illness or accident could happen to people of all ages. Estate Planning is therefore essential in creating a well-laid-out plan for the distribution of the individual’s assets in the event of his death. Similarly, a Private Family Trust for NRIs not only helps in the preservation and succession of wealth across generations but also as a tax planning tool in the country of residence of the NRI due to its legal structure.
Making a Will for NRIs having assets in India is of paramount importance as there have been lots of instances where various assets of the NRIs lie unclaimed and unattended due to a lack of knowledge about their presence or ownership to the legal heirs of the NRIs. A Will shall have a detailed mention of all the assets owned by the individual and it shall be very useful to track and claim the assets.
Similarly, a Private Family Trust for NRIs not only helps in preservation and succession of wealth across generations, but also as a tax planning tool in the country of residence of the NRI sue to its legal structure.
We at Ashutosh Financial Services have been advising NRIs for more than 65+ years on matters relating to Estate Planning. Our qualified and expert team will discuss with you in detail various matters that will enable us to make your Will or a structure like Private Family Trust in the way it is intended to be. Our team will ensure that the estate planning is as per the rules under the Indian Succession laws through a process-driven approach in an efficient manner.
Discussion
The first and foremost step is to have a detailed discussion with you regarding your wishes for your Will or a structure like Private Family Trust. We will also collect information about all your assets and how you wish to distribute those assets after your death.
Drafting
Based on our discussion and the details collected, we shall start to draft a Will. At the time of drafting a Will, we shall consider the following points: Your medical condition at the time of preparation of the Will, Provision for executors/witnesses, Details of all the assets. The draft will be prepared keeping in mind all the rules laid out for Will Making as per the Indian Succession Act.
Validation
Once we have completed making a draft of your proposed Will, we will send the draft to you for your reading. Any changes if possible will be made right away. There can be some changes that cannot be made for which appropriate legal reasons would be given.
Finalization
Once we have received your final go-ahead, we will begin the process of getting the will signed, stamped & notarized. All the necessary rules would be followed to ensure that your Will becomes a legally binding document.
Our aim is to become your one-stop solution for your financial needs. Through our expert and qualified team, we try to give you the best advice regarding your investments. We also keep ourselves updated with all the activities happening in the world of finance. We aim to provide you with quality & unbiased services to secure your goals and future needs. We at Ashutosh Financial Services, are committed to continuously providing financial services to our investors to the best of our ability.
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