By Hetvi Sheth
Succession planning
has always been a matter of concern in every Indian family irrespective of
religion. Improper or / absence of succession planning has been one of the
major causes for family disputes in India. In many cases, it is the mothers,
daughters and sisters who are deprived of their right to inheritance. Thus it is important that the right and
deserving gets his /her dues.
Today, women at large
are becoming economically independent. Since a woman plays multiple roles, it
is the families and the community at large who are more likely to avail the
benefits of their financial gains. Thus succession planning is important for
every woman.
The Hindu Succession
Act, 1956 which governs the Hindus, Sikhs, Jains and Buddhists in India states
that the wife (or widow of deceased), mother and daughter inherit equally with
other members.
A daughter has a
right in father’s HUF (Hindu Undivided Family) and husband’s HUF. However, in
case of a deceased female Hindu, it is the sons, daughters and husband and the
heirs of the husband who benefit. Her father and mother will benefit only if
there are no heirs from husband’s side. Thus a woman may want to plan a
different pattern of succession of her assets which benefits her needy parents
or siblings.
The Indian Succession
Act, 1925 govern the Christians, Jews and Parsis while The Muslim Personal Law
(Shariat) Application Act, 1937 governs the Muslims. The Special Marriage Act,
1954 governs inter-faith marriages.
As per law, a Muslim
female can Will only 1/3rd property to her relative whereas a Muslim male
inherits 2/3rd share from his father’s property as compared to his female
sibling. Among Christians, all successors of the female will benefit equally
from her self-acquired property.
Thus, irrespective of
the religion, through a proper succession planning, a woman can ensure that her
family and loved ones rightfully benefit from her hard-earned assets in the
future.
A proper planning by
way of a will or / a trust can ensure
that they do not fall under the legal heirs’ bracket under the personal laws. A
right tool can ensure protection of her assets for herself and security for her
legal heirs in the long run and also eliminate future problems.
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