Amicorp Trustees (India) Pvt. Ltd.
NOV
18 Amicorp Trustees (India) Pvt. Ltd.
TRUST MANAGEMENT & ESTATE / SUCCESSION PLANNING SERVICES
www.amicorp.com
Amicorp Trustees (India) Pvt. Ltd.
www.amicorp.com
Amicorp
o Founded in 1992
o Currently 40 offices, in 27 countries
o Over 650+ employees worldwide
o Amicorp Group A.G. is a Swiss company
o Started India operations in 2007
o In 2012 Amicorp established its Estate & Succession
Planning company “Amicorp Trustees (India) Pvt. Ltd.”
www.amicorp.com
Amicorp Trustees (India) Pvt. Ltd.
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Estate & Succession Planning
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What is Succession Planning?
Succession planning - is the process of anticipating
and arranging for the disposal of estate during and
after your life time
An succession plan includes:
o Estate management
o Estate preservation and
o Estate legacy
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Who needs Succession Planning?
o Business Houses, Entrepreneurs & Professionals
o Nuclear family or Joint family
o Family with no legal heir or with special child
o Family with beneficiaries across globe with different residential status
o NRI family with assets in India
o Family looking at generation skipping
o Multiple marriages
o Inheritance tax planning
o Muslim Families
o Person looking to protect his / her assets against unforeseen events
o Person who would like to distribute his assets as per his or her wish
and not as per the governed law
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Advantages of Succession Planning
o Asset protection from litigation
o Avoid claims, fights and litigation from within or outside the family
o Seamless & smooth asset distribution
o Safeguard interests of the dependents
o Efficient and uninterrupted management
o Asset protection during divorce & separation
o Medical emergencies
o Old age
o Care of special child
o Wealth preservation
o Demarcation of personal & business income
o Appointing a guardian for a minor
o Consolidation of assets
o Tax planning
o Philanthropic aspirations
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Consequences of not having a Succession plan
If one dies intestate, his wealth gets distributed among
his natural legal heirs as per personal succession laws
o It can be a lengthy process with undesired results
leading to family disputes
o Legal heirs may have to go through long drawn out
legal battles to claim their rights
o Business built over generations may split
o Business may pass over to person who does not have
the right skills to manage
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Will or
Trust
Succession Planning in India can be established in two ways:
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WILL
o Will is a Legal document that comes in play on the
demise of the testator
o It carries the wishes of an individual regarding his /
her estate / assets, i.e. Distribution of assets,
Guardian for the children, etc.
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Who can write a Will?
Eligibility:
o Should be a major
o Indian National/ NRI/ PIO/ OCI
o Should be of sound mind
o Should not otherwise be debarred from
making a Will
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Will Versus Nomination
Often there is confusion between a Will and a nomination.
A nomination is not a Will.
The nominee merely acts as the Trustee or Guardian for
that asset
A Will supersedes all Nominations
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Trust
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Private & Public Trust
PRIVATE
TRUST
PUBLIC
TRUST
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What is a Trust?
Private Trust:
o A Trust is a relationship whereby property (real or personal,
tangible or intangible)
o Is transferred by one party (Settlor)
o To be held by another party (Trustee)
o For the benefit of a third party (Beneficiaries)
o Governed by the Indian Trust Act, 1882
Public Trust:
o When a trust is formed for the benefit of the public or any
section of the public, religious or charitable purpose includes
a temple, any other religious or charitable endowment
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Parties to a Trust
Investment Portfolio
Business ,
Inherited
Assets
Real Estate, Bank Acc,
Art, Etc
Settlor : (One who transfers the assets in the
Trust, either direct or through the letter
of Wishes)
Protector :
(Protects the interest of the
Beneficiaries. Keeps a check on
the Trustees)
Trustees :
One who holds the Trust property in
the Trust for the benefit of others Trust Assets
Administrator / Managing
Trustee : (One who actually does the trust
Job in terms of Filing Returns or
Investment for the Trust)
Wife Parents Charity Children Settlor
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Assets that a Trust can hold
Beneficiaries
Family
Trust
Investments
Portfolio
Business/Inherited
Assets
Real Estate
Bank Accounts Art & Jewelry
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Different Trust Structures
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Trust for Investments
Mutual Funds Equity
ART / FD / Bank Acc
Others
o Trustees: Amicorp / Customer
o Managing Trustees: Amicorp /
Customer
o Investment Advisory board.
Investment Trust
o Beneficiary: Settlor or family members
Trust Objective:
o Investments
Settlor
Administrator:
Amicorp or Customer
Customer
Investment Advisory
Board
Customer /
Family Members
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Trust Through a Will
Bank Acc, Art, Etc
Settlor
Registered Will
Administrator:
Amicorp or Customer
Children
Family Trust
Wife
Trustees – Amicorp and/or Family
members?
Assets
Secondary Beneficiary
Primary Beneficiary
Investment Portfolio
Business
Inherited
Assets
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Independent Trust for ABC Family
Trust 2 for
Daughter
(Minor)
Trust 1 for
Son (Minor)
Investment Portfolio
Business ,
Inherited
Assets
Real Estate, Bank Acc, Art,
Etc o Trustees: Amicorp
o Managing Trustees: Amicorp
o An Advisory board would be
set up for ABC Family Trust.
Trust 3 for
Wife
ABC
Family Trust
o Beneficiaries: Trust 1 Son (Minor)
o Beneficiaries: Trust 2 Daughter (Minor)
o Beneficiaries: Trust 3 Wife
o On the demise of the Wife, Trust 3 would be dissolved and the assets would be distributed to
Trust 1 and Trust 2 in equal proportion
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Direct Trust for XYZ Family
Investment Portfolio
Wife Parents Child 2
Mr. XYZ seeks options for the protection of his family and
himself against any unforeseen event.
Business,
Inherited
Assets
Real Estate, Bank Acc, Art,
Etc
XYZ
Family Trust
Child 1 Mr. XYZ*
o Trustees: Amicorp
o Managing Trustees: Amicorp
o An Advisory Board was set up
for XYZ Family Trust
o *Mr. XYZ will be the beneficiary
to the Trust only in special
cases i.e. when hospitalized
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Our Expertise
Amicorp Trustees (India) Pvt. Ltd.
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Estate / Succession Planning Services Will
o Drafting of Will
o Registration of Will
o Safe custody of Will
Executorship Services
o Identifying assets of the Testator
o Obtaining letter of administration /
probate from the court
o Recovering dues
o Paying debt, duties and expenses
o Distributing the assets to the
beneficiaries
o Co-ordinating the preparation of tax
returns
o Filing final statement with the court
Trust’s Formation
o Drafting of Trust Deed
o Registration of Trust
o Management of Trust as
Trustee / Managing Trustee
Document Preservation /
Custodial Services
o Safe custody of Will / Trust Deed
o Safe custody of property
documents mentioned in a Will or
held under a Trust
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Amicorp as Trustees or Managing Trustees
As Trustees or Managing Trustees Amicorp will strictly
abide and follow instructions defined in the Trust deed
Scope of work:
o Property management
o Transferring movable (i.e. shares) and immovable
assets (i.e. real estate) to the Trust
o Pay rent or collect rent on behalf of the Trust
o Payment of tax return and audit for the Trust
o Conducting board/shareholders meetings where the
Trust holds shares in a company
o Family welfare and maintenance in reference to
medical or any other requirements
Amicorp Trustees (India) Pvt. Ltd.
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Amicorp India Team
o Trust Specialists: 12 members
o In-house Legal Team: 17 members
o Back-office Operations: 60 members
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THANK YOU Amicorp Trustees (India) Pvt. Ltd. # 63, Maker Chambers VI
6th Floor, Nariman Point
Mumbai 400 021
Mob: +91 9870500786
Tel.: +91 22 2204 9894 / 95
Fax.: +91 22 2204 9893
Email.: [email protected]