I have considerable wealth. My children are ingrates and selfish and treat me very badly, and are only after my money. I am 67 years old and not getting any younger. Is there a full-proof way I can use so that they cannot get their hands on any of my wealth either while I am alive or dead? Only serious replies from advocates and like. Thank you.
2007-04-09 09:24:39 · 6 answers · asked by MCAT 1 in Politics & Government ➔ Law & Ethics
What I suggest the best course for you is to create a trust of all you immovable & movable properties under the Indian Trust Act, 1882, you can create any trust for any lawful purpose. As an author of this trust you can identify the purpose of this trust, name the beneficiaries, and appoint trustees along with you who will manage such a trust & its property. Rights & duties of all the beneficiaries & trustees can be identified by you including disposal of the trust properties for the benefit etc as you may like to declare even after your death. The main benefit of creating such a trust is that you know how your properties are being utilized in you presence as well after you. The trust will be created & will be having legal recognition under the Indian Trust Act, & the best part for such a trust is if this for some charitable purpose it can be registered with the Income Tax authorities for availing the benefits under the Income Tax Act. In such a case a governmental representation in the form of trustee can add to security of this trust. Once a trust is created your children will find it very difficult to challenge the creation of this trust which they may do so when you make any deed of family settlement or will, although registered be able to always be challenged for the validity at the time of execution or probation as the case may be. Hope this will satisfy your quires regarding disposal of your properties.
2007-04-09 18:12:48 · answer #1 · answered by vijay m Indian Lawyer 7 · 0⤊ 0⤋
If your going on India law, I am unsure, but I would assume there is a way to do this legally. Courts there probably have ways to do this, I would go to them, and ask if you are very, very serious. Remember that once you make this legal choice, were you to perish, it cant be undone. You should also find out who would get your finances then. You wouldnt want the government to have them, but you could leave them to a reputable charity, or an animal shelter, or build a shelter for abused women in your country while your still alive . I would just TRY to enjoy it and USE it while I was still alive, charities can be rip offs big time,,many falsely got money for Hurricane Katrina victims and robbed the public blind.
2007-04-09 09:36:57 · answer #2 · answered by fivefootnuttinhuny 3 · 1⤊ 0⤋
Consult a lawyer get it all in writing in a will,If there is anyone you really trust make them your power of attorney, Just make everything legal in writing your lawyer keeps a copy and your power of attorney keeps a copy . Bottom line consult a lawyer
2007-04-09 09:35:38 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Consult a lawyer!
2007-04-09 09:28:24 · answer #4 · answered by chris 2 · 2⤊ 0⤋
get a lawyer
2007-04-09 09:31:00 · answer #5 · answered by Anonymous · 1⤊ 0⤋
will all of your posessions to your servants
2007-04-09 09:27:45 · answer #6 · answered by 00666 3 · 0⤊ 1⤋