Legal Question in Bankruptcy in India
I and my wife live in UK and we are PIO's. My wife works in a high liability profession, where litigations and compensation claims occur frequently.
Im concerned for the future in case I'm not alive, when my wife inherits my assets. What is the best way to protect these assets in India - Pune (Apartment, NRE bank accounts etc) from any potential overseas creditors she may have to face (from any professional practice claims)?
2 Answers from Attorneys
Create a family trust, and bestow all the assets in that trust. The trust will look after you and your family including your wife until you are alive. After you the trust will look after your wife and children. After your wife, the trust property manager/trustee may distribute the assets to your family or let it continue to take care of your children and larger family.
In continuation to my aforesaid answer I opine that you may also take a limited risk cover insurance. There are underwriters perhaps in India or abroad who insure such risks.
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