Estate & Succession Planning

“Estate Planning is an important & everlasting gift you can give to your family. And setting up a smooth inheritance plan isn’t as hard as you might think”. Suez Orman

Astonishing yet true; the value of unclaimed financial assets in India stands over ₹ 01 Lakh crore & increasing by the day. With India poised to become a USD 10 Trillion economy by year 2033/34 (almost 2.5 times of the current size), millions of Indians will become wealthy. And without estate planning, their assets may face risks.

With correct approach, strategy and planning, wealth transitions can be a smooth experience. These transitions can be executed through numerous tried and tested customary practices like a Will which takes centre stage in most inheritance plans, followed by, Family Constitution and Governance, HUF, POA, Gift Deed, Nomination, Assignment, Beneficiary Designations, Life Insurances and other commonly followed customary modes of inheritance planning.

Coping with inter-generational transfers, working in silos, which when combined with Contemporary Mechanisms like Trusts, can provide holistic and end-to-end Estate and Succession Planning solutions, as per need & suitability.

There is more to Inheritance Planning than just listing down and distribution of assets. Thinking ahead of time is a millennial need, from securing wealth right from the levels of creation to complete transition, identifying wealth protection and preservation goals to passing on a legacy for the benefit of generations. With millennials and generation next in the fray, re-working our approach from traditional methods of inheritance planning is key.

Due to proliferation of technology, Wills & Trusts also need to include Digital Assets ranging from social media, emails, online accounts & other digitally held documents and information.

Medical Will is a new addition to the dimension of Inheritance Planning which has started to receive more attention in India now. In practice, it is to be treated if not as an embodiment of an estate plan, a definite extension of the Inheritance Planning process.

In the fast changing world today; where incomes & assets of individuals, families are rising and so are the complexities of life, Inheritance Planning is inevitable. Timely inheritance planning brings following advantages: –

Clear record of assets & net worth.

Adequacy of compliances

Sound future planning of family legacy

Freedom from ambiguity or doubts

Clear & law bound action plan for beneficiaries

Keeps away manipulation / misappropriation

Builds synergy and power of the family

Joyful & hassle free transfer of assets

Renascent Wealth through its customised solutions has been simplifying this complex subject for its Clients & helping them achieve greater real life returns.