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    Estate Planning: Presented By: Kajal Paliwal Sonu Kumar Joy Banarjee Abhijeet Roy

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    isonu85
    The document discusses estate planning and provides definitions and methods for estate planning including having no will, creating a will, using trusts, and purchasing insurance. It defines estate planning as arranging for the transfer of one's assets to legal heirs upon death or disability. Common estate planning methods discussed are having no will where the law determines inheritance, creating wills, setting up trusts, and purchasing life or other insurance.

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    Estate Planning: Presented By: Kajal Paliwal Sonu Kumar Joy Banarjee Abhijeet Roy

    Uploaded by

    isonu85
    243 views15 pages
    The document discusses estate planning and provides definitions and methods for estate planning including having no will, creating a will, using trusts, and purchasing insurance. It defines estate planning as arranging for the transfer of one's assets to legal heirs upon death or disability. Common estate planning methods discussed are having no will where the law determines inheritance, creating wills, setting up trusts, and purchasing life or other insurance.

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    Presentation on Estate Planning in India. This is a topic Under Wealth Management.

    Original Title

    Estate Planning

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    The document discusses estate planning and provides definitions and methods for estate planning including having no will, creating a will, using trusts, and purchasing insurance. It defines estate planning as arranging for the transfer of one's assets to legal heirs upon death or disability. Common estate planning methods discussed are having no will where the law determines inheritance, creating wills, setting up trusts, and purchasing life or other insurance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    243 views15 pages

    Estate Planning: Presented By: Kajal Paliwal Sonu Kumar Joy Banarjee Abhijeet Roy

    Uploaded by

    isonu85
    The document discusses estate planning and provides definitions and methods for estate planning including having no will, creating a will, using trusts, and purchasing insurance. It defines estate planning as arranging for the transfer of one's assets to legal heirs upon death or disability. Common estate planning methods discussed are having no will where the law determines inheritance, creating wills, setting up trusts, and purchasing life or other insurance.

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    You are on page 1of 15

    ESTATE PLANNING

    Presented By:
    Kajal Paliwal
    Sonu Kumar
    Joy Banarjee
    Abhijeet Roy
    Big Fights

    • Mukesh Ambani v/s Anil Ambani


    • Indira Gandhi v/s Maneka Gandhi
    Answer

    EST TE
    PL NNING
    Defination

    • Estate planning refers to the process by which an


    individual or his/her family arranges the transfer of
    assets to the legal heirs in the event of death or
    disability of the individual. It includes the
    distribution of the real and personal property of an
    individual to his/her heirs.
    • Estate =Real Property (real estate)
    +
    • Personal Property (cars, household items,
    shares,units, and bank accounts. )
    Methods

    • No Will
    • Will
    • Trust
    • Insurance
    No Will

    • When a person dies without having made a


    Will (intestate)
    • His property is then inherited by his legal
    heirs in accordance with the law of
    inheritance applicable to him
    • Legal process called probate.
    • Legal heirs means close family members
    such as one’s spouse, children, parents,
    brothers and sisters.
    Laws of Inheritance

    • Hindus, Buddhists, Jains and Sikhs


    – Hindu Succession Act, 1956
    • Christians
    – Indian Succession Act, 1925
    • Parsis
    – Indian Succession Act, 1925
    • Muslims
    – Indian Succession Act, 1925
    Will
    • It is testamentary instrument by which a
    person makes disposition of his property to
    take effect after his death
    – Ambulatory
    – Revocable (Section 63 of the Indian
    Succession Act, 1925 )
    Advantages Of Will
    • Estate owners can prepare a will on plain paper
    • No need to pay stamp duty or buy stamp paper
    • The estate owner can write anything or any
    condition he/she wishes to have before and after
    his death
    • No confusion amongst the family members and
    relatives regarding distribution
    Types of Will

    • Privileged and Unprivileged Wills


    • Conditional or Contingent Wills
    • Joint Wills
    • Mutual Wills
    • Duplicate Wills
    • Concurrent Wills
    • Holograph Wills
    Trust

    • English concept.
    • A vehicle under which property is alienated
    from the original owners and held by a
    trustee for the benefit of others.
    • Creating a trust is a long process.
    • Governed by Indian Trust Act.(1882)
    Common Types of Trust

    • Public Charitable or Religious Trusts


    – Income from these trusts is applied to charitable or religious
    purposes.

    • Private Trusts
    – Income from private trusts is available to specified
    beneficiaries and not the public at large.
    – In some cases, the shares of the individual beneficiaries are
    fixed or ascertainable, according to the provisions of the trust
    deed.
    – In others (discretionary trusts), the trustee has the power to
    apply the income among a class or group of beneficiaries in
    proportions determined entirely at the trustee's discretion
    Benefits of Trust

    • Money collected through a trust gets tax


    benefits.
    • Trust is mainly to handle, and not manage,
    wealth.
    • Ensures higher confidentiality
    • The trust comes into being when the estate
    owner is alive
    Insurance
    • Premium Financing
    -When you finance an insurance premium, you enter into a
    contract with a lender to obtain a loan. You make a down
    payment usually at least 15-20% of the total premium and the
    lender agrees to pay the insurance company the balance of the
    premium. You agree to repay the lender in installments according
    to an established schedule for the amount of the loan (principal),
    plus interest and any fees.
    Premium financing is not an insurance policy, but a means of
    financing the purchase of insurance. There are other costs
    associated with the purchase of premium financing such as
    interest charges, late fees, cancellation fees, and broker fees. The
    contract exists between the borrower and the lender, not the
    policyholder and the insurance company. Repayment of the loan
    is made directly to the lender by the borrower. This means that
    you'll be expected to repay the loan even if you have a dispute
    with the insurance company and/or the broker.
    THANK YOU

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