According to Kanchi Gandhi, Managing Director of Kotak Mahindra Trusteeship Services, families with assets in multiple countries face significant challenges when relying solely on Indian wills. "Relying only on an Indian Will can lead to procedural delays and uncertainty for heirs," Gandhi explains, highlighting that different countries have their own succession laws, probate processes, and tax regimes which can be lengthy and onerous. The USA taxes US persons on their worldwide wealth and taxes non-US persons on their US situs wealth, with US situs assets subject to estate tax at rates that can seriously impact family wealth. For the UK, Gandhi notes that the country adds layers of complexities through its inheritance tax regime, with recent changes significantly altering tax implications for people who have moved to the UK.
According to reports from Mint, a will is a legal document through which an individual, known as the 'testator', declares how their assets should be distributed after their death. The document comes into effect only after the testator's death and can be amended, changed, or revoked at any time during the testator's lifetime. In India, wills are primarily governed by the Indian Succession Act, 1925. Section 2(h) of the Act defines a will as the legal declaration of the intention of a testator regarding their property, which they wish to be carried into effect after their death. Section 59 elaborates on 'Persons capable of making wills', stating that the testator must be at least 18 years old, mentally sound, and acting voluntarily without coercion, fraud, or undue influence.
As reported by Mint, Section 63 of the Indian Succession Act lays down formal requirements for executing an unprivileged will. The will must bear the signature or mark of the testator and be attested by at least two witnesses, who must sign in the presence of the testator. The document must be drafted in simple, clear language to avoid ambiguity and legal disputes. Once completed, it must be properly signed by the testator and witnessed by at least two people who sign in each other's presence. For additional legal credibility, it is recommended to register the will under the Registration Act, 1908.
According to Gandhi, "Local Wills address procedural nuances and reduce the need for foreign courts to interpret a global document." However, coordination is critical as separate wills must include clear clauses confirming that they govern only specified assets and jurisdictions. "When done properly, this approach improves execution without adding complexity," Gandhi explains. For families with cross-jurisdictional exposure, trusts are very useful for US-based families and can help both estate tax protection as well as asset protection. Gandhi suggests that "a phased transfer of wealth as a viable solution," where economic interests such as dividends can be shared early while voting rights and managerial control can be transferred later through trust structures with clearly articulated roles. The key is alignment, with each document working in harmony without revoking or contradicting others.
According to Mint, a will ensures that assets are distributed according to the testator's wishes and helps prevent family disputes, misunderstandings, and damaging relationships. It can reduce legal complications and lengthy court procedures associated with succession laws. The document must clearly list all movable and immovable assets, specify beneficiary details including full names and relationships, and appoint an executor to manage debts and asset distribution. A handwritten will is valid in India, requiring only a testator and attestation by two witnesses, though it's recommended to use a formal draft to avoid legal disputes. Gandhi emphasizes that "effective wealth transfer during one's lifetime requires a careful balance between foresight and restraint," with families benefiting most when ownership, control, and economic benefit are thoughtfully separated and transferred in stages.
According to Gandhi, families must treat succession planning as an "ongoing process, revisited after major milestones such as relocation, monetisation events, or changes in family circumstances." Some families underestimate the importance of reviewing plans after changes in residency, citizenship, or asset composition. "Early integration and periodic review are therefore critical," Gandhi advises, noting that postponing transfers indefinitely can lead to its own set of problems. When planning is delayed, families end up depending only on testamentary documents like a Will, which can lead to disputes and procedural holdups right when clarity is most needed. "Execution risk increases if successors are unfamiliar with asset structures or if assets span jurisdictions," Gandhi explains, making lifetime structuring with a well-maintained Will essential for reducing uncertainty.
