Identifying and appraising the assets and liabilities of the former couple is a crucial step in this process. This may seem like a simple task. However, if it is a family business or a trust, things can quickly become much more complicated. Under these conditions, it can be difficult for a separated couple to reach an agreement without independent legal advice. The comparison should be made with the aim of resolving family property disputes and competing claims through a fair and equitable distribution of property among different family members. This rule was adopted by the Supreme Court in 1976 in Kale v. Dty. Director of Consolidation (see here). Those who sign the deed must also bear in mind that the settlement instrument also has the force of res judicata and that all parties who approve the terms must comply with it. It would also be transmitted to the relevant authorities, which will facilitate the transfer of ownership and distribution, in accordance with the conditions set out in the agreement. The parties are also required to issue a certificate of no objection and other documents relating to the transfer of immovable property. The Shia sect of Islam follows this method of distributing family property. Such a method of distribution remits the estate of the deceased in equal shares to any member belonging to the same branch as the deceased.
The deceased member`s share is then distributed on a pro rata basis among its beneficiaries. If a separated couple has agreed on custody of their children or a financial agreement, Amica can help the couple make a decision: a family comparison agreement is useful because it is an amicable solution between the parties and does not take as long as a court. Note that the transfer of property or assets under this agreement should not be considered a gift, nor is it a transfer of rights. There can therefore be no question of a capital gains tax. In 1998, the Madras High Court ruled against AL Ramanathan in the Commissioner of Income Tax case. Perhaps the most frequent dispute is when the will does not adequately provide for certain eligible beneficiaries under the applicable family care legislation. These claims are especially prevalent when there is a mixed family. While it is not always possible to avoid a claim, it is possible to minimize the risk with proper planning. know who has the right to assert a right; knowledge of the financial situation of potential candidates; have an assessment of the likely outcomes of a potential claim; and receiving advice on how to deal with the risk is essential when writing the will.
Not all assets are estate assets. For example, assets held as joint tenants; Superannuation; and the trust will not necessarily fall into the estate, and it may be possible for the testamentary maker to organize his affairs in such a way that he reduces the size of his estate. . . .