Common Inheritance Planning Techniques That NRIs Can Use
The number of NRIs (Non-Resident Indians) has grown significantly in the past few years. This has made various NRIs become concerned about estate planning and succession planning. There are various cross-border tax laws and other kinds of laws that they have to comply with, making the processes and transfer of funds for NRIs even more complex. Thus, proper estate planning is very important for NRIs, or they might incur hefty fines from both countries involved. In the following blog, we are going to explain the different estate planning techniques that NRIs can use. Creating a Will One of the most basic things you can do as an NRI is to create a legally valid will. It will allow you to clarify your heirs and how you wish to divide your assets that are located in India. Setting up a Private Trust Setting up a private trust or investing in private trusts for NRIs provides an alternative to making a will. This can be easily done with the help of a lawyer, and all the key indivi...