Inheritance Planning

Step by step guide on how India for NRI provides end-to-end solutions for Inheritance Planning for NRIs

Major components of Inheritance Planning:

1

Immovable Property - Residential, commercial, agricultural properties

2

Movable properties - Jewellery, furniture, paintings, vehicles

3

Financial assets - Bank balance, Shares, Mutual funds, AIFs, PMS, Insurance policie

4

Intellectual property - Trademarks, Copyrights, Royalties

5

Business Interest - Ownership/ profit in a business

6

Digital assets - Cryptocurrencies, social media accounts

1

Identify assets and evaluate liabilities. This can include real estate, financial assets, business interests.

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2

Estate audit to ascertain the current inheritance status of all the assets and liabilities. This involves indepth evaluation of assets under multiple circumstances and recommendations for a more preferrancial planning.

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1

Gather all financial & Non financial assets

2

Detailed analysis of Nominations and inheritance as per the applicable laws.

3

Report with our recommendations.

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3

Finding the correct jurisdiction where the estate planning needs to be done. The NRI might have assets in India as well as in foreign countries.

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4

Determining the beneficiaries to the estate planning exercise. These can be family members or relatives or friends or pets or charitable organizations or business concerns.

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  • 1. Beneficiaries or Assets in multiple jurisdictions
  • 2. Business ownership
  • 3. Partition of undivided property
  • 4. Dual citizenship
  • 5. Intellectual property
  • 6. Matter on ice
  • 7. Special child needs
  • 8. Blended families
5

Finding the correct vehicle - Will, trust or HUF based on the legal, family, taxation and personal requirement.

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6

Once the legal document is drafted, it needs to be registered with the local sub registrar to make it legally robust.

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  • Draft Power of Attorney (POA).
  • The POA is then apostilled in your country.
  • Send the POA by post to India.
  • The POA is registered with the SDM office.
  • Once this entire process is complete, register your will with the Sub-Registrar.
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1

Keep the document safe & secure

2

Communicate your plans to family members

3

Periodically review and update to reflect changes.

7

After drafting and registering an inheritance document, there are some crucial steps to be taken care by the client.

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