Navigating Succession and Estate Planning!

Episode Duration:
70 minutes

Episode Background:

There is a preconceived notion that making an estate plan is either for the old or for the rich. The reality, however, is far from it. In fact, an estate plan defines how assets / properties would be owned, managed, and preserved during an individual’s lifetime and disbursed after his / her death. A well thought of estate plan helps in, inter alia, : (i) smooth inter-generational transfer; (ii) Mitigating familial discord; (iii) better legal and tax planning; & (iv) Asset protection from third party claims / ring-fencing personal wealth from promoter / founder indemnity claims.

What shall the episode cover?

Against this backdrop, Taxsutra in conjunction with premier law firm Khaitan & Co is delighted to present to you an episode on “Navigating Succession and Estate Planning in the Indian Context”. In this episode, Ms. Aditi Sharma (Partner - Direct Tax and Private Client Practice Groups, Khaitan & Co) provided insights and the set out the best practices in relation to the two most often used structures for estate and succession planning – Wills and Trusts.

Key Highlights:

1. How to draft a Will and Settle Trusts? -  Key Recommendations and good to have clauses / practices, execution formalities etc.
2. Tips on how to choose trusted advisors, i.e., executors (for Wills), trustees (for trusts) and guardians (for children).
3. Trust Structures – Key Features & Advantages, Types of Trusts, Parties to a Trust Deed/Structure, Identification of assets and onward settlement in a trust, Typical trust structure
4. Comparison - Wills v Trusts v Lifetime gifts.
5. Discussion of practical situations by way of case studies and the steps that should be taken in such cases, for putting in place a comprehensive estate and succession plan