{"id":54540,"date":"2023-04-06T12:41:17","date_gmt":"2023-04-06T07:11:17","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=54540"},"modified":"2023-07-15T14:03:44","modified_gmt":"2023-07-15T08:33:44","slug":"importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india\/","title":{"rendered":"Importance of Will Drafts and Trusts for Same-Sex Couples in India"},"content":{"rendered":"\n<p>The\nmodern world recognises same-sex marriages and treats them equally in terms of\nlegal rights. While the recognition of same-sex marriages may not be officially\nestablished in India, there has been a growing need for same-sex couples to\nprotect their rights in terms of inheritance, property, and succession by\ndrafting wills and forming trusts. Legal documentation is essential for\nsame-sex couples in India to ensure their asset distribution according to their\nwishes and for their partners to avoid any legal tussles or ambiguities.\nTherefore, this essay seeks to determine the importance of will drafts and\ntrusts for same-sex couples in India.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india\/#Wills_Drafts_and_Trusts\" >Wills Drafts and Trusts<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india\/#Importance_of_Will_Draft_for_Same-sex_Couples\" >Importance of Will Draft for Same-sex Couples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india\/#Importance_of_Trusts_for_Same-sex_Couples\" >Importance of Trusts for Same-sex Couples<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india\/#Which_is_better_%E2%80%93_Will_or_Trust\" >Which\nis better &#8211; Will or Trust?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-will-drafts-and-trusts-for-same-sex-couples-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wills_Drafts_and_Trusts\"><\/span>Wills Drafts and Trusts<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Wills and trusts are\nessential aspects of the law that ensure the proper distribution of an\nindividual&#8217;s estate upon his or her death. A will is a legal document outlining\nthe deceased person&#8217;s final wishes, including the distribution of property and\nany other important instructions. A&nbsp;\ntrust, on the other hand, is an arrangement that allows assets to be\ntransferred to a trustee, who manages the assets on behalf of beneficiaries\ndesignated by the grantor.<\/p>\n\n\n\n<p>The importance of\ndrafting wills and trusts lies in their ability to protect one&#8217;s assets as well\nas the interests of the beneficiaries. Not having a draft will can result in\nthe state distributing an individual&#8217;s assets, which may not align with the\nindividual&#8217;s wishes or even benefit the beneficiaries. This also increases the\npotential for legal disputes between family members and other potential\nbeneficiaries due to the ambiguity of the individual&#8217;s ultimate wishes.<\/p>\n\n\n\n<p>Furthermore, trusts\nmake it possible to avoid probate, which is the costly and time-consuming legal\nprocess following a person&#8217;s death. This is because the assets placed in a\ntrust become the property of the trust and are no longer the property of the\nindividual. Therefore, trusts can be administered privately without the need for\na general probate validation process or court intervention.<\/p>\n\n\n\n<p>Wills and trusts will\nprovide a structure to ensure the proper distribution of assets upon one&#8217;s\ndeath. Ensures respect for individual wishes and protection of beneficiaries,\navoiding disputes and potential legal costs.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Will_Draft_for_Same-sex_Couples\"><\/span>Importance of Will Draft for Same-sex Couples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A will is a legal document that specifies the distribution of an individual&#8217;s assets after their death. In India, the succession and inheritance issues of same-sex couples are not protected under personal laws, and they do not enjoy the rights provided under the <strong>Hindu Succession Act of 1956<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Hindu_Succession_Act,_1956\"><strong>[1]<\/strong><\/a><\/sup> (Biswas, 2020). This lack of legal protection can lead to disputes, confusion, and exploitation of the surviving partner. Therefore, a will is essential for same-sex couples to ensure that their assets transfer to their desired beneficiary.<\/p>\n\n\n\n<p>Creating\na will ensures that the wishes of the deceased partner are realised and that\nthe surviving partner is not left with numerous lawsuits to defend against the\nparent\u2019s siblings or other legal heirs who may challenge their inheritance. The\ncreation of a will is also important for same-sex couples who live in a joint\nfamily, where property disputes are quite common. A will can protect their\npartners from the family&#8217;s interference and avoid the discrimination that\ngenerally happens to same-sex partners. Additionally, a will creates legal\ncertainty while ensuring that the surviving partner attains the benefits and\nrights of the assets.<\/p>\n\n\n\n<p>It\nis also important to note that a will can be revised as often as the individual\nwishes, allowing them to change their wishes as their circumstances change and\nensuring that their interests are well protected. While the creation of the\nwill may seem like an unpleasant task, it is a crucial tool for safeguarding\nthe interests of same-sex couples.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Trusts_for_Same-sex_Couples\"><\/span>Importance of Trusts for Same-sex Couples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>A trust is a legal instrument that can be used to protect the interests of a same-sex couple by ensuring their assets are protected from multiple taxation and other legal complexities. <strong><a href=\"https:\/\/corpbiz.io\/trust-registration\">Trusts<\/a><\/strong> are established by an individual (the settlor) who entrusts their assets to a trustee for the benefit of a beneficiary (in this case, their same-sex partner). Therefore, the establishment of a trust is important for same-sex couples since it provides a way to ensure their assets are distributed according to their wishes.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>A\ntrust is an efficient way of avoiding probate proceedings and reducing the\ncomplexity of the administration of the estate. This is a significant advantage\nsince the handling of the probate process can be costly and time-consuming,\nthereby postponing the distribution of assets to the beneficiaries. By\nestablishing a trust, same-sex couples can avoid the time and money-consuming\nprobate process and ensure that their beneficiaries receive the specified\nassets soon after their demise.<\/li>\n<\/ul>\n\n\n\n<ul>\n<li>Trusts\nalso provide tax benefits and financial security to a same-sex partner. For\ninstance, through a trust, a couple can limit their tax burden by transferring\nassets from the settlor to the beneficiary without the need to pay excess\ntaxes. With trusts, same-sex partners can ensure that their assets remain\nwithin the family, and they remain financially stable. Trusts provide them with\na way of retaining control over their assets and ensuring that they are used as\nper their wishes, avoiding any manipulation or interference from the surviving\npartner&#8217;s legal heirs.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Which_is_better_%E2%80%93_Will_or_Trust\"><\/span>Which\nis better &#8211; Will or Trust?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Will\nand Trusts are both legally binding and can be used to distribute assets among\nbeneficiaries However, a trust is more private and allows better control over\nthe assets. It is harder to challenge the decision of a Trust than that of a\nWill.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The\nlegal landscape for same-sex couples has changed significantly in recent years,\nparticularly with the legalization of same-sex marriage. However, a key\nchallenge for same-sex couples remains when it comes to estate planning and\nprotecting their assets. This is where trust can play a critical role. Trusts\nallow same-sex couples to transfer assets to one another while retaining\ncontrol and avoiding certain tax liabilities. They also provide a level of\nprivacy and protection against legal challenges to the transfer of assets after\none partner passes away. Overall, trusts are a powerful tool for same-sex\ncouples looking to ensure their assets are protected and passed down to their\nloved ones.<\/p>\n\n\n\n<p>In conclusion, the <strong><a href=\"https:\/\/corpbiz.io\/will-drafting\">will drafts<\/a><\/strong> trusts, which are essential legal instruments for same-sex couples in India. The establishment of a will ensures that the rights and interests of the surviving partner are safeguarded. It also prevents potential legal tussles with the deceased partner&#8217;s legal heirs or family members. The creation of trusts is also vital for same-sex couples, as it protects their assets from legal complexities and multiple taxations. It also ensures that their beneficiaries receive their rightful assets without any delay. Therefore, same-sex couples in India need to invest in legal instruments such as wills and trusts to ensure that their assets are protected and distributed according to their wishes. Finally, the Indian government must recognise and legally protect same-sex couples&#8217; rights and interests to avoid frequent legal disputes and discrimination.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The modern world recognises same-sex marriages and treats them equally in terms of legal rights. While the recognition of same-sex marriages may not be officially established in India, there has been a growing need for same-sex couples to protect their rights in terms of inheritance, property, and succession by drafting wills and forming trusts. Legal [&hellip;]<\/p>\n","protected":false},"author":76,"featured_media":54546,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[3362],"tags":[],"acf":{"service_id":"287"},"authorName":"Anju S Nair","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2023\/04\/MicrosoftTeams-image-35.jpg","authorDescription":"Anju S Nair is a final year law student at Al-Azhar Law College, Kerala. She was post graduated in English Language and Literature from Mahatma Gandhi University. She was awarded the Certificate of Achievement in Women's Leadership from Career Development College in London. She worked as a research intern at the All India Human Rights Association (AIHRA) and as a legal intern at the Chambers of Senior Advocate Pradeep Rai, Vice President of the Supreme Court Bar Association. She is a hardworking and dedicated person whose area of interest lies in corporate law.","postViews":2298,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54540"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=54540"}],"version-history":[{"count":5,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54540\/revisions"}],"predecessor-version":[{"id":58816,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/54540\/revisions\/58816"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/54546"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=54540"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=54540"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=54540"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}