NRI Estate Planning: Wills, Nominees, and Cross-Border Inheritance
Cross-border estate planning is one of the most neglected aspects of NRI financial planning. An NRI with assets in India, the UK, and the US faces up to three separate inheritance tax regimes and needs at least two jurisdiction-specific wills. The consequences of poor planning can mean years of legal battles and substantial unnecessary taxation for heirs.
Nominee vs legal heir: a critical distinction
Indian financial accounts allow you to nominate a person to receive assets upon death. Many NRIs assume the nominee inherits the assets outright — this is wrong. The nominee is a trustee who holds the assets for the legal heirs (as determined by the relevant succession law: Hindu Succession Act, Muslim Personal Law, Indian Succession Act). Without a will, the nominee may have to distribute assets to legal heirs in court-determined proportions.
Why you need two wills
An NRI with assets in both India and their country of residence should maintain two separate wills — one under Indian law governing Indian assets, and one under the residence country's law governing assets there. A single will may not be recognised across jurisdictions, creating probate complications. Seek a solicitor/lawyer with cross-border estate experience.
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