Succession / Inheritance Planning

Succession Planning

Humans are probably the only species in this universe to harbour an intense desire to leave behind a legacy for our beloved ones in particular as also for the society/world in general. Just like animal kingdom, if we were to strive only for our own needs, life would be extremely simple, however that is no where near the hard reality of life. All of us work very hard to ensure sufficient wealth creation which should ensure comforts during our lifetime as well as certain legacy to be passed on to the next generation.

Along with this intense desire for creating a legacy comes an uncertainity… to ensure that our wishes are put into action exactly as per our desires and instructions, without causing any hassels/troubles to our dear ones. The effective implementation of wishes, without inviting legal/social/practical hassels calls for a professional approach towards Inheritance Plan creation. Unfortunately, the legitimate experts dealing with aspect are far too sparsely available. Equally sparsely available is in-depth knowledge about various intruments available to effectively use for this particlular component.

How many of us care about and know the difference between “Nominee” and “Legal Heir”, let alone the consequences? Sure enough, no one of us would ever like to be in a situation faced by Business Tycoon Singhanias.

Various instruments that can be used are  –

• Well Documented Testamentary WILL
• Family Trusts – Different types

• GIFTs
• Insurance Plans
• Married Women’s Property Act

Depending on the complexity of your desires and various other factors, the instrument or the combination of instruments used will have to differ. Let our experts hand hold you through this not so simple yet very essential component of your Planning Process.