Estate planning · Will
Special Will situations: NRI, joint property, business owner
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Facts
NRI: An NRI should make two Wills, one Indian Will for India-situs assets, one foreign Will for overseas assets. Indian Will should specify FEMA-compliant repatriation instructions. RBI approval needed for some asset transfers to non-residents.
Provisions and law
- Indian Succession Act 1925 | FEMA 1999 | Hindu Succession Act 1956
Analysis
Joint property: If property is jointly held, only your share can be bequeathed. The surviving owner's share passes to them by survivorship, not your Will. Business owner: Specify what happens to your equity stake, buy-sell agreement with co-founders is essential. A shareholder agreement should have a drag-along on death clause.
Conclusion
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