Estate Planning Test-2

—— of the Insurance Act, 1938 deals with nomination of Life insurance policy.

As per new rule in The Insurance Laws (Amendment) Act, 2015 , death benefit will be paid to Beneficial Nominees and not to any other legal heirs, irrespective of anything.

Even though one can nominate distant relatives or even friends, it violates which principle of Insurance?

Can a nominee be minor in a life Insurance Policy ?

In the case of an irrevocable trust .What is true regarding termination?

If a Private trust is formed through a Will, then it can be revoked…

Where the trustee has discretion to decide on distribution of income and corpus on the trust ?

If trust is created with a written deed, it is.

In case beneficiaries are public at large viz. charitable or religious trust these are

Are Public trust is also covered under Indian Trust Act 1882.

A Non-discretionary trust (having profit & gain from business) will be taxed at

For a special child with disabilities what can be the best way to pass the assets to such child

——-is a legal document that ensures an individual’s remaining assets will automatically transfer to a previously established trust upon their death.

An inter vivo transfer is a transfer of property includes below attributes except

What is the right chronological order of taking money out from the deceased estate after grant of probate and taking inventory and assessment of value. There are the below expense need to be paid out.

A. Wages due to servant,
B. Expenses of probating & other judicial process,
C. Debt due to deceased,
D. Expenses an funeral ceremonies & medical attendant

What is not true about probate?

What is not true about powers of administrator and executor appointed in will?

A, Sunni Muslim has made a bequest to his child who was conceived at the time of his death & child born after seven months of his death. B, Shia Muslim has made a bequest in favor of her grandchild who has been conceived at the time of her death grand child form after 6 months of B’s death which bequest is valid?

What is the legal process to take certified copy of will by the competent jurisdiction to administer the assets of the Testoris?

A & B are cousins having the same paternal grandfather c, who is an Indian ch. If C dies interstate A & B are related to c in what degree of kindred?

A special will made orally by a soldier in an actual warfare is called?

A will which confers reciprocal benefit to each other and becomes irrevocable after death of one Testoris is called?

Which is the will need not to be registered by witnesses to be considered valid?

What is not true regarding attestation of a valid will?

What is not true about appointment of an executor?

Gaurav wants to create a trust where he wants to specify the beneficiaries, their share & simultaneously. He wants to ensure the assets are free from creditor’s claim. What Kindy of trust he shall go for?

What is among not an advantage of creating a private family trust for succession planning?

A settlor may not desire to be a trustee but want someone to have an oversight and control by assuming a position. Who is that person in a trust structure.

What is not true regarding stamp duty charges?

What is not true regarding gift related rules in India?

What kind of legal process is one in which a copy of a will is certified under the seal of a court of competent jurisdiction, and which grants the administration to the testator, thus legalizing the acts of an executor?

Expenses reduce the gross estate, thereby reducing the net or taxable estate. Reducing expenses is almost always a viable estate planning tool. Three potential areas can increase administrative expenses; probate, assessment and evaluation, and litigation. Which of the following statements regarding ways to reduce taxes and expenses at debt is most likely correct?

A, a Sunni Muslim, has made a bequest in favour of his grandchild who has been conceived at the time of his death. The grandchild is born eight months later. B, a Shia Muslim has made a bequest in favour of her nephew who has been conceived at the time of her death. The nephew is born two months later. Which of the above bequests is/are valid?

Your client Z, an Indian Christian executed a Will, appointed B as executor, and under which he has bequeathed his villa in Mumbai to his nephew, A. During the lifetime of Z, A dies in a car accident. What is the effect on the bequest made to A?

Your client A, a Hindu female, wishes to add the name of her newborn granddaughter as a beneficiary under her will. How would you advice A to revise her will in the most legal and efficient manner?

A has attained the age of majority is of sound mind, was not under duress or under influence while signing his will before two witnesses. B is a minor of sound mind, who is forced by his parents to signa will in the presence of two witnesses. C has attained the age of majority, is of sound mind, was not under duress or under influence and was the sole signatory to his will in the presence of all the beneficiaries under the will. D is a minor of sound mind, was not under duress or undue influence and signed his will in the presence of one attesting witness and registered the same. Which person has duly executed his will?

Which religion group in India is governed by their personal religious law in respect of both testamentary and intestate succession?

What type of will is not required be attested by two witnesses to be considered a valid will?

You are executor of A’s will. Which of the following acts do not require the consent of the beneficiaries named under the will?

A and his mother B are both Indian Christian. B suffered from temporary unsoundness of mind. A wants to know if his mother B can make a valid will. What is your advice?

The Hindu succession amendment act 2005 is considered to be a landmark amendment to Hindu law. Which of the following concepts was introduced by this law?

A and B are cousins having the same paternal grandfather C, who is an Indian Christian. If C dies intestate, A and B are considered to be related to C in what degree of kindred?

Which of the following statements regarding estate distribution and transfer tools is most likely correct?

A bequeaths —Which is specific legacy amount four