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What is Succession planning law practice?
Succession planning can be considered as a focused subset of the Private Client practice. Succession planning is also referred to as Estate panning practice; whereby the law firm works on the most efficient distribution of the assets of a deceased individual.
Since corporate persons have perpetual existence, they are not covered under succession planning; and have separate laws relating to Winding up, Reorganization and Closure.
Succession planning can be either proactive or reactive. In reactive planning; the law firm works on execution of the will of the deceased person. In the absence of a will, the heirs may opt for a mutually agreeable distribution of the assets, follow the process of Intestate Succession – where the distribution of assets are based on personal laws applicable to deceased. Very often, litigation may be the only option, wherein the law firms represent their clients through the court processes.
In proactive succession planning; which is often done by HNIs, the law firm looks at the most optimum way of distributing the assets after the death of the individual. Factors such as the taxes payable, the court fees applicable and the possibility of litigation are to be considered to decide whether gifting the assets during the lifetime of the individual is more conducive to the preservation of wealth.
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Law firms assist and advise clients on conversion of assets into most tax efficient forms; undertake due-diligence and valuation exercises; guide on setting up of trusts and help with philanthropic objectives. In case of multi-jurisdiction succession planning, the lawyers may need to:
- Account for family members situated across jurisdictions with different tax and succession laws
- Provide allocations for of the assets as per the will or personal laws
- Identify and advise on the most optimum ways of transfer of the assets
- Create checks and balances for the preservation of value of the assets.
Best Law Firms for Succession planning Practice Internship in 2021 for LLB Students
This list of best law firms is sorted in alphabetical order.
- Agama Law Associates – Mumbai
- Agarwal Law Associates – New Delhi
- Athena Legal – New Delhi
- AZB & Partners – Mumbai, Bengaluru, Gurugram, New Delhi, Pune
- Bharucha & Partners – Mumbai, Bengaluru, New Delhi
- Cyril Amarchand Mangaldas – Mumbai, Ahmedabad, Bengaluru, Chennai, Hyderabad, New Delhi
- Desai & Diwanji – Mumbai, Gurugram, New Delhi
- DMD Advocates – Mumbai, New Delhi
- Ezy Laws – Mumbai, Lucknow, New Delhi
- Fox Mandal & Associates – Bengaluru, Chennai, Hyderabad, Pune, Mumbai, New Delhi, Kolkata, Ahmedabad
- Hammurabi & Solomon Partners – New Delhi, Bengaluru, Gurugram, Mumbai, Patna, Ranchi
- HSB Partners – Chennai
- India Law Offices – New Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Kolkata, Goa, Ahmedabad, Pune, Noida, Gurugram
- Juris Corp – Mumbai, Bengaluru, New Delhi
- K Singhania & Co – Mumbai, New Delhi
- Kanga & Company – Mumbai
- Mulla & Mulla & Craigie Blunt & Caroe – Mumbai, Bengaluru, New Delhi
- Sarthak Advocates & Solicitors – New Delhi
- SNG & Partners – Mumbai, New Delhi
- Veritas Legal – Mumbai