My brother passed away this year, leaving my mother as his nominee instead of his wife due to trust issues. Now, his wife is seeking a succession certificate for herself. We’re concerned about how this will affect my mother and her ability to secure the future of her grandchildren. My mother doesn’t need the money, but wants to ensure it’s used for the children and not spent by my sister-in-law. Could we establish a trust to manage the funds, allowing the interest to be used for the children and the principal amount to be given to them upon reaching 18 years of age?
Indian law allows for the creation of trusts for the benefit of minors. A trust can be established to manage your brother's assets, with the interest used for the children's needs and the principal distributed to them on reaching 18. This could prevent your sister-in-law from accessing the principal while ensuring the children's financial security. Consulting a lawyer is crucial to ensure proper legal compliance and safeguard the children's interests.
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