I and my wife live in UK and we are PIO's. My wife works in a high liability profession, where litigations and compensation claims occur frequently.
Im concerned for the future in case I'm not alive, when my wife inherits my assets. What is the best way to protect these assets in India - Pune (Apartment, NRE bank accounts etc) from any potential overseas creditors she may have to face (from any professional practice claims)?
2 Answers from Attorneys
Create a family trust, and bestow all the assets in that trust. The trust will look after you and your family including your wife until you are alive. After you the trust will look after your wife and children. After your wife, the trust property manager/trustee may distribute the assets to your family or let it continue to take care of your children and larger family.
In continuation to my aforesaid answer I opine that you may also take a limited risk cover insurance. There are underwriters perhaps in India or abroad who insure such risks.
Related Questions & Answers
Salam sir due to my mistake I had paid late installment but I settled my loan three... Asked 12/15/21, 2:42 am in India Bankruptcy Law
I worked 6 months as sales executive in tractor showroom, and I left from company... Asked 10/31/21, 6:41 pm in India Bankruptcy Law
Can medical equipments like x ray, scan machine possessed under sarfaesi act. Asked 6/10/21, 11:45 pm in India Bankruptcy Law
Whether promissory note of investment given by the company to the creditor would... Asked 6/07/21, 2:10 am in India Bankruptcy Law
I have given loan to person 5 or years back but till now he is not paying interest... Asked 5/20/20, 4:58 am in India Bankruptcy Law