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Delwar A Parsi who recently passed away intestate had a predeceased son whose widow got remarried during the life time of Delawar.Will she be eligible for a share of her husband out of Delawar Asset
Vishnu has around 10 luxury cars in his fleet. He wants to gift one car to his son.What kind of legacy it is
There are several areas in which a financial planner can assist a client in the preparation of their estate planning including determining constraints to meeting estate planning goals. Which of the following is the least likely way a financial planner can assist their client in meeting their estate planning goals ?
After grant of a probate or letters of administration the executor’s or administrator’s role is ?
What is least likely to be true regarding Executor duties and responsibilities ?
A will by a soldier in a bttlefield is called ?
Why Mutation is necessary in Property ?
As a financial planner, you cannot do an analysis, but when working with a client, you may notice some signs of MCI. If you do, you can suggest to the individual?
Ajay bequeaths his house to Ram on the condition that Ram will pay for the education of her surviving children.What Kind of bequest it is ?
Under the ISA, the devolution of the deceased’s estate which has a movable property will be based on which engligh Principle ?
Which of the following statements are False? A. Sham Wills: These wills are created for an ulterior motive which is not the testamentary operation and execution of the will. B. Duplicate Wills: These wills are the kind of wills in which two people agree to formulate a will on the mutually agreed terms and conditions ?
Which of the following statements are correct regarding will?
Indian Succession Act came into existence in
1. 30 th September, 1905
2. 30th September, 1925
3. 03 September, 1905
4. 03 September, 1925
A will validated by attaching an affidavit in presence of notary is called
Which of the following statements are correct
I. While the legality of the will is the same ,whether it is registered or not,though it is always better to register your will
II. The registration of the will can be done only in the office of sub-registrar
Your Client, A, has approached you and wishes to create a trust during his lifetime, for the benefit of his wife, B and son C. He has decided that B and C will share the income equally. He has also decided that he wants such trust to survive him and therefore does not have any intention of dissolving the trust. Which trust structure would be most suitable to achieve A’s wishes?
In an irrevocable trust, ownership of assets transferred by the settlor vests with the Trust and after such transfer is effected, they are no longer considered personal assets of the settlor. What is the advantage of such a structure?
A has created an irrevocable trust in which he is the ‘protector’. A has reserved the right, as protector, to remove any trustees at his will, and appoint new trustees in their place. A is desirous of appointing himself as a trustee. Can he do this?
A, during his lifetime, wishes to create a trust for the sole benefit of his children, whereby he wishes to expressly reserve the right of re-assumption of the trust property. What is this type of Trust called?
Which of the following statements describing the attributes of trusts is most likely correct?
A simple way to make probate less expensive is to have a well-written, current, valid will that provides all the direction needed to administer the estate. Which of the following statements regarding probate is most likely correct?
Which of the following statements regarding the taxation of trust income is most likely correct?
You are meeting with your client who will be a grantor to a trust. You are helping to asses the specific needs of the beneficiaries and the constraints of trusts to meeting the estate planning goals. Your client wants to give up all right, title, and interest in the trust corpus and wants to know more about the tax implications. Which of the following most likely meets the specific needs of both the grantor and the beneficiaries?
How many years of service required for being eligible for gratuity?
When a power of attorney can be revoked?
What is true regarding functions of special power of attorney?
What is the role of father regarding ancestral properties distribution in Mitakshara school of Hindu law?
Which state in India has a unform civil code?
If a private trust is created after the marriage of the son, i.e., after the daughter-in-law acquires the actual status of a daughter-in-law, then adequate care has to be taken to see from the clubbing of income agngel that the settlor or the donor of such a trust should not be one of the three persons, namely:
What is true regarding condition of chargeability of the Income of a private trust carrying business as per rates applicable to an individual?
Does succession Certificate gives ownership of assets to holder even if there are other legal heirs
What are the disadvantages of the will.
Sumit has saw one of his friend getting brain stroke and due to that friend become incapacitated for such a situation how can Sumit be ready in advance for giving direction to his family member regarding his investments and business transactions ?
A Indian Christian who dies interstate in Russia and was Domicile in Russia at the time of death. On what domicile basis his movable and immovable property will be divided respectively.
The principal of analogy applied in the interpretation of points of Islamic law in the Quran is called?
If a Muslim husband dies interstate,what will be the share of his estate go to her two daughters where there is no son but survived by wife.
A, an Indian Christian has made a will and bequeathed to (a) S his sister two horses (b) T, his brother, INR 2,50,000 on the condition that he walks 20 miles in 1 Hours (c) U, his walks; a right of residence in his villa, in number and (d) V his nephew INR 1,50,000 if he deserts his wife,which bequests are void?
What are the types of domiciles?
Can a person have more than one domicile?
What is Testamentary succession
Person who writes a will is called
Who can write a will ?
What is true about codicil except:
An executor appointed may be
What are the criteria to appoint an Executor?
expedition or engaged in actual warfare
Privileged wills are normally
A normal will satisfying all conditions is also called
An account where there are two account holders each of whom may operate it.is called
If an immovable property above the value of INR ……….is to be gifted the instrument of gift is required to be compulsorily registered.
When the transfer of asset takes place between two living people it is called ?
At the time of making a gift the donor must be
Which are the essentials of a valid gift:
In the case of …………… property gifted Registration in such cases is optional.
Onerous gifts refer to ?
Your Client A has approached you and wishes to create a trust during his lifetime for the benefit of his wife B and son C. He has decided that B and C will share the income equally. He has also decided that he wants such trust to survive him and therefore does not have any intention of dissolving the trust. Which trust structure would be most suitable to achieve A’s wishes?
A received two gifts during the financial year 2019-2020 both by cash deposits in her bank account. Her sister B gifted her INR 200000 and her friend C gifted her INR 38
The original domiciles of a legitimate child and illegitimate child will depend on the domiciles of ………………
A and B are brothers having the same father. How A & B are related to each other.
C and D are cousins having the same paternal grandfather Z. How C & D are related to each other.
If the person died without a will or the will did not appoint executors, Court appoints
………….refers to a copy of the will that is certified by the seal of a court of competent jurisdiction.
To whom Probate cannot be granted?
The critical difference between Probate and Letter of Administration is :
Animus testandi Means ?
The testator bequeaths a property to Arjun. Arjun dies before the testator; the legacy lapses and forms part of the residue of the testator’s property. This is an example of
—– will comes into effect in case of an event satisfying the conditions mentioned
…………….are basically written by a person who has two or more Wills having the instruction about the disbursal of property.
A will generally executed by two husband & wife who mutually agree, on certain terms and conditions, and confer reciprocal benefits upon each other is called ?
If you want your father, mother and spouse to be able to access and operate your bank account then Which is the best option
In which type of account only the second account holder (second applicant) can operate the account only on death of the primary holder (first applicant).
In which type of account, the primary/first account holder can operate the account only on death of the secondary account holder.
In which type of account, all the transactions need to be signed and mandated by all the account holders
KYC requirement for minor bank account includes:
A maximum of ……… a person can jointly hold a single investment account in a mutual fund.
Can Minors be joint holders of units in Mutual Funds.
In case of a joint mutual fund, who will stand to claim the tax benefits if any on the mutual fund investment
A person who creates a trust of property owned by him is called
Which act governs a Private Trust ?
The person who forms a trust determines
Can a minor also become a settlor ?
Who has to manage the property of the trust ?
Private trust in respect of an immovable property can be created
In addition to distributing assets to family members, what is a common desire and need for a decedent to take care of family?
How is movable and immovable property of an intestate dealt with …….?
What is the truth regarding succession certificates except ?
What is the preferred order considered while appointing an administrator under Letters of Administration?
A transfer’s property to X for life and then to X’s unborn daughter absolutely when she attains the age of 25 years. X’s daughter was born in 1950 and X died in 1967. The transfer is void because
A bequeaths her house to X on the condition that X will pay for the education of her surviving children. X refuses to perform this obligation and therefore will not receive the house bequeathed to her
“I give £100 from my current account with X bank to my nephew”. It’s an example of :
”I give my House to A” it’s an
If the intestate has left a widow and lineal descendants under the ISA Act 1925 Other that Parsi’s
What is the difference between bequest and inheritance?
A will which is irrevocable when one of the testators dies and it becomes binding on the other(s)
Wills that are Hand written by the person making the will are called ?
Holographic wills need not to be witnessed or notarized.
If there are no joint holders in mutual funds then units would be transmitted to the
shares of a deceased shareholder are inherited or bequeathed to an heir or personal representative of the deceased shareholder is called
Documents required for Transmission of Shares are?
……….occurs due to Insolvency, death, inheritance or lunacy of the member whereas……………. is done voluntarily
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