Estate Planning

Estate planning is the act of preparing for the transfer of a person's wealth and assets after his or her death. Assets like life insurance, pensions, real estate, cars, personal belongings, valuables, etc. are all part of one's estate. Estate plans which include making of WILL must be written, signed, witnessed and preferably registered.

Estate planning is for everybody, not just the wealthy. Without an appropriate estate plan, friends and relatives can spend a lifetime (and their life savings) battling over the assets of the deceased.

With the global tax scenario becoming dynamic as ever and governments getting keener to shore up their fledgling tax kitties, it is of utmost importance that one remains aware that certain scenarios can attract Estate or inheritance taxes and plan in advance for the same. We are listing below a few situations in which one should be more careful and rule out the applicability of any of these levies, or alternatively, plan towards most efficient pay-outs:

  • You have, or plan to acquire the citizenship of some other country
  • You propose to buy a property in other country
  • You desire on doing business in some other country
  • Your spouse or children have a foreign citizenship
  • Your children are studying overseas and may settle down outside their home country
  • You are employed in overseas
  • You are likely to inherit property from someone who is staying overseas
  • You wish to bequeath your property to someone who is staying overseas  
  • Your legal heirs are settled outside your home country
  • You propose to settle overseas while continuing to be a citizen of your country