एस्टेट योजना के साधन · NISM-Series-X-B: Investment Adviser (Level 2) Certification Examination
What this chapter covers
The tools of estate planning: wills (types, capacity, registration, revocation, codicils), succession certificates, executors and probate, gifts, joint holding and nomination, family settlements and family-business succession, joint tenancy, asset protection, private trusts (law, types, taxation, perpetuity, stamp duty, offshore trusts), guardianship and powers of attorney.
एस्टेट योजना के साधन — वसीयत, प्रोबेट, उपहार, नॉमिनेशन, पारिवारिक समझौता, ट्रस्ट और पावर ऑफ अटॉर्नी।
What to master before the exam
- Registering a will is optional and it is written on plain paper with no stamp duty; a later will or codicil revokes or alters an earlier one; a codicil is executed and attested like a will; losing a will does not by itself revoke it.
- Probate is mandatory where the will is made in, or covers immovable property in, Kolkata, Chennai or Mumbai; probate follows a will, while a succession certificate (from a district court) is issued when there is none.
- A nominee holds the assets as a trustee for the legal heirs and a will prevails over a nomination — except for beneficial nominees under the Insurance Act (spouse, parents, children); SEBI now allows up to 10 nominees.
- A family settlement is neither a transfer nor a gift, so there is no capital gains tax and no clubbing; a gift of immovable property must be registered and attracts stamp duty.
- Trusts avoid probate and stay private; a discretionary trust is taxed at the maximum marginal rate, a revocable trust's income is taxed in the settlor's hands, and a transfer to an irrevocable trust is exempt from capital gains under Section 47(iii).
Exam tip: The longest chapter in Module 10 (20 marks). Focus on will versus trust, probate versus succession certificate, the nominee's position and trust taxation — tested both as facts and inside caselets.
Sample questions from this chapter
Five of the 60 questions in our free bank. Open the answer to see the explanation — every question in the mock test has one, in English and Hindi.
Question 1
As per the workbook’s classification, which of the following is an estate planning tool used post death of the individual (the others being used during the lifetime)?
वर्कबुक के वर्गीकरण के अनुसार, निम्न में से कौन-सा एस्टेट प्लानिंग टूल व्यक्ति की मृत्यु के बाद उपयोग होता है (बाकी जीवनकाल में उपयोग होते हैं)?
- Nominationनॉमिनेशन
- Giftगिफ्ट (उपहार)
- Power of Attorneyपावर ऑफ अटॉर्नी
- Family settlementफैमिली सेटलमेंट
Show answer & explanation
Answer: A — Nomination
The workbook lists Will and Nomination as tools used post death, and Family Settlement, Trust, Guardianship, Joint Holding, Gift, Power of Attorney and Mutation as tools used during the lifetime.
वर्कबुक Will और नॉमिनेशन को मृत्यु के बाद उपयोग होने वाले टूल, तथा फैमिली सेटलमेंट, ट्रस्ट, गार्जियनशिप, संयुक्त धारिता, गिफ्ट, पावर ऑफ अटॉर्नी और म्यूटेशन को जीवनकाल में उपयोग होने वाले टूल बताती है।
Question 2
Section 2(h) of the Indian Succession Act, 1925 defines a “Will” as:
भारतीय उत्तराधिकार अधिनियम, 1925 की धारा 2(h) “Will” को किस रूप में परिभाषित करती है?
- A copy of a testament certified under the seal of a courtन्यायालय की मुहर के अंतर्गत प्रमाणित वसीयत की प्रति
- An instrument explaining, altering or adding to an earlier testamentपूर्व वसीयत की व्याख्या, परिवर्तन या उसमें जोड़ करने वाला दस्तावेज़
- The legal declaration of the intention of the testator with respect to his property, which he desires to be carried into effect after his deathवसीयतकर्ता की अपनी संपत्ति के संबंध में इच्छा की कानूनी घोषणा, जिसे वह अपनी मृत्यु के बाद लागू कराना चाहता है
- A transfer of property made voluntarily and without consideration during one’s lifetimeजीवनकाल में स्वेच्छा से और बिना प्रतिफल के किया गया संपत्ति हस्तांतरण
Show answer & explanation
Answer: C — The legal declaration of the intention of the testator with respect to his property, which he desires to be carried into effect after his death
Section 2(h) defines a Will as the legal declaration of the testator’s intention about his property to be carried into effect after his death. The other options describe a probate (Sec 2(f)), a codicil (Sec 2(b)) and a gift.
धारा 2(h) Will को वसीयतकर्ता की संपत्ति संबंधी इच्छा की कानूनी घोषणा के रूप में परिभाषित करती है, जो उसकी मृत्यु के बाद लागू हो। अन्य विकल्प प्रोबेट (धारा 2(f)), कोडिसिल (धारा 2(b)) और गिफ्ट का वर्णन करते हैं।
Question 3
A person who prepares (makes) the Will is called the:
जो व्यक्ति Will तैयार करता (बनाता) है उसे क्या कहते हैं?
- Executorनिष्पादक (Executor)
- Testatorवसीयतकर्ता (Testator)
- Legateeलेगेटी (Legatee)
- Administratorप्रशासक (Administrator)
Show answer & explanation
Answer: B — Testator
The person making the Will is the testator. The person named to receive a portion of the estate is a legatee, and the person named to administer the estate is the executor; an administrator is appointed by the court where there is no executor.
Will बनाने वाला व्यक्ति वसीयतकर्ता (testator) है। एस्टेट का हिस्सा पाने के लिए नामित व्यक्ति लेगेटी है, एस्टेट का प्रबंधन करने के लिए नामित व्यक्ति executor है; executor न होने पर न्यायालय administrator नियुक्त करता है।
Question 4
The person who is named in a Will to receive a portion of the deceased person’s estate is known as a/an:
जिस व्यक्ति को Will में मृतक की एस्टेट का हिस्सा पाने के लिए नामित किया जाता है, उसे क्या कहते हैं?
- Executorनिष्पादक (Executor)
- Testatorवसीयतकर्ता (Testator)
- Doneeडोनी (Donee)
- Legateeलेगेटी (Legatee)
Show answer & explanation
Answer: D — Legatee
The workbook defines the legatee as the person named in the Will to receive a portion of the deceased’s estate; the executor administers the estate, and a donee is the recipient of a gift.
वर्कबुक के अनुसार लेगेटी वह व्यक्ति है जिसे Will में मृतक की एस्टेट का हिस्सा पाने हेतु नामित किया गया है; executor एस्टेट का प्रबंधन करता है, और डोनी गिफ्ट पाने वाला व्यक्ति है।
Question 5
Which is the most basic legal instrument of all estate plans?
सभी एस्टेट प्लान का सबसे मूलभूत कानूनी दस्तावेज़ कौन-सा है?
- Power of Attorneyपावर ऑफ अटॉर्नी
- Trust deedट्रस्ट डीड
- WillWill (वसीयत)
- Gift deedगिफ्ट डीड
Show answer & explanation
Answer: C — Will
The Will is the basic instrument: the workbook says that, at a bare minimum, an estate plan should contain a last will and testament, and that a Will specifies who inherits one’s assets and in what manner, including appointment of guardians for minors.
Will मूलभूत दस्तावेज़ है: वर्कबुक कहती है कि न्यूनतम रूप से एस्टेट प्लान में अंतिम वसीयत होनी चाहिए, और Will यह तय करती है कि संपत्ति किसे और किस प्रकार मिलेगी, जिसमें नाबालिगों के अभिभावक की नियुक्ति भी शामिल है।
Aumsetu
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