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While Indian law grants individuals absolute freedom to bequeath self-acquired property, blindly dividing assets equally among children is often irrational and can spark decades of family litigation. "Equal" distribution rarely equates to "equitable" distribution. Testators must thoughtfully consider complex family dynamics, such as varying financial needs, unequal contributions to family wealth, and the caregiving responsibilities assumed by specific children or daughters-in-law. Chartered Accountants, acting as trusted family advisors, are uniquely positioned to guide this process. To prevent legal challenges, testators should distribute assets equitably and clearly document the rationale behind their distributions in the will.
INTRODUCTION
A Chartered Accountant is respected as a friend, philosopher and guide of his client families because he is well-positioned to know inter-se family relations, besides financial health of a family and all its members and is often called upon to guide a testator making his/ her WILL or while resolving family disputes.
WHAT IS INHERITANCE?
Inheritance, at its core, is transfer of assets, rights, obligations, or characteristics from one entity to another, typically spanning generations. While commonly understood as the passing of m
