‘I Hereby Bequeath My Family…’

Sudden, unexpected loss of life or job and displacement due to the Covid pandemic has, of late, brought into sharp focus the need for succession planning. Experience shows that while people attach a lot of importance to wealth creation by focusing on one’s career or business, succession planning of that wealth is very often taken lightly. In the present scenario, when life has become so uncertain, it is critical for people to have conversations on wills, passing of wealth, etc with family members, and to plan suitably for unexpected and sudden life-altering events. Planning for and leaving a safety net for our loved ones must be taken up on priority. A quick guide for families to plan the smooth transmission of their wealth includes creating and maintaining an assets register, having joint holdings and nominations in all investments where possible, having a will in place...