HNI wealth · Family Office
Succession at HNI scale: wealth transfer without estate duty
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Facts
India has no estate duty currently (abolished 1985). But succession of large wealth is still complex, family disputes, property mutation, business handover, and potential future legislation.
Provisions and law
- Hindu Succession Act 1956 | Indian Succession Act 1925 | IT Act, no estate duty
Analysis
HNI succession tools: • Will + Probate: Essential baseline. Must cover all asset classes explicitly. • HUF: Property in HUF bypasses probate, next Karta takes over. Fastest succession tool for family property. • Private Trust: Discretionary trust holds wealth, no probate, professional management, controlled distribution to beneficiaries over time. • Life insurance (in trust): Large term policy in an irrevocable trust, pays directly to family outside estate, outside Probate. Risk to plan for: India may reintroduce estate duty. Wealth above ₹10Cr is the likely threshold if reintroduced. Trusts and structured gifting are the primary planning tools.
Conclusion
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