How To Protect Your Property And Wealth?

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How To Protect Your Property And Wealth?
Mar 2018
In Home-grown News!
Some of the rich families in India run a family
business. Also, we are aware of the differences
that at times creep up when the families manage
their big business. The difference in investment
strategies, ideologies, marriage, etc., can
actually affect the way assets are being treated.
Thus, how do the wealthy households' manager
their property and assets? The concepts,
especially in the west like prenuptial
agreements, are valid and common. Such isn't the
case in India. Here is a look-
Resorting to trusts
An estranged wife or husband cannot claim
advantages from assets registered with the trust.
In this way, assets do remain within the
bloodline and can't be divided among others. The
trustor provides the trustee the right to
actually hold the property owners and assets for
advantages of the beneficiary. Such trusts
legally protect the assets, cuts down the
paperwork as well as the effort as inheritance
and estate taxes while the trustor's wish when it
comes to the distribution of the prioritized
wealth. Trusts could be revocable, irrevocable,
funded or non-funded.
The will to the rescue
Of course, the more the wealth, more pressure to
resort the will. Especially, when it comes to the
divorces, the industrialists at times ensure that
the consequences of the divorce don't upset the
financial interests. Thus, a will may name the
grandchild but not the daughter-in-law. This
certainly, in no way means that she is
discriminated. Instead, there are numerous cases
where the nontransferable life interest in the
real estate assets made for daughter-in-law
especially in case of troubles. Similarly,
sons-in-law may also be protected. What actually
goes wrong in a HUF? If the wealthy families
resort to the succession as it is done in case of
the Hindu Undivided Family, there are chances of
the fall-out. Reportedly, there have been cases
where daughters demand her share in the property.
This erodes the business interests as well. Thus,
wealthy families seek guidance from the legal
advisors who chalk out the plans to make sure
that family wealth is not violated or usurped in
the case of the early fall-out of the marriages.
Care is of course taken that kids born in such
wedlock have a lot of protection. What happens to
prenups? It is still rare in India. Prenuptial
agreements aren't valid in a court of law in
India. Also, note that violated the agreement,
however, has been stamped as well as notarized
constitutes fraud and could be the ground for
divorce. Generally, the prenups agree upon the
alimony as well as the maintenance to be provided
to either the spouse in case marriage fails. The
custody of the children, distribution of
responsibilities, liability if these happen to
have the kids out of the wedlock and other
financial aspects are put down in the prenuptial
agreement.
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