I am an Indian father, I have two daughters and a son living in Mumbai. I have a house and some land in my hometown. I have heard about the changes made under the Hindu Succession (Amendment) Act, 2005, but I am not sure how they apply to my situation. How to plan your estate to ensure equal and fair distribution of property among your children, in line with the latest changes?
— Name withheld upon request.
As a Hindu father with two daughters and a son, the Hindu Succession (Amendment) Act, 2005 ensures that your daughters will have the same rights to your property as your son. This amendment abolished gender discrimination in inheritance law, making daughters co-owners of the joint Hindu family property. To ensure that your estate is distributed equally and fairly, you can create a will that clearly states your intentions.
If you die without a will, your estate, including your house and land, will be divided equally between your three children and your wife (if she survives) in accordance with the Hindu Succession Act, 1956. By making a will, you can specify how the property you acquire will be divided (non-ancestor), appoint an executor to manage your estate and minimize potential disputes between your heirs.
Additionally, you may want to consider setting up a family trust to manage and protect your assets, ensuring a sleek transfer in line with your wishes.
I am a Christian living in Kerala and I own properties both in my name and jointly with my husband. I want to know more about how the Indian Succession Act 1925 will affect the distribution of my estate if I do not make a will. What should I know to ensure that my intentions regarding the distribution of wealth will be realized?
— Name withheld upon request.
If you are a Christian living in Kerala, the distribution of your property is governed by the Indian Succession Act, 1925. If you die without a will, the Act states that your property will be distributed among your legal heirs, which includes your husband and children.
Under the Act, your husband will receive one third of your estate and the remaining two thirds will be divided equally between your children. If you do not have children, your husband will inherit half of your estate and the other half will go to your loved ones. To ensure that your specific intentions regarding the division of your estate are respected, it is recommended that you create a will.
A will allows you to designate beneficiaries, determine the division of assets, and appoint an executor to manage the estate. Additionally, consider joint ownership arrangements and nominations for financial assets, which can facilitate streamline the transfer process and reduce potential legal complications.
Aditya Chopra is Managing Partner and Amay Jain is Senior Associate at Victoriam Legalis, Advocates & Solicitors.
Posted: May 21, 2024 16:48 EST
