Estate Planning and Succession Planning
Estate Planning is about laying down clear and specific processes for management and disposal of your estate in your lifetime or after death when you are no more. This means you pen down your wishes as to who gets what part of your legacy and why and bring strategies and tools like nominations and Will so that there remains no confusion afterward. There are many aspects considered when you are planning ahead. These are such as income tax on your legal heirs, the cost involved in the transfer of assets etc. Contrary to this If you die without planning distribution of your estate then in India the Indian Succession Act decides who takes what but mind you its equal for rich and not so rich. So whether you have rich assets or not does not really matter for the law. What matters is whether you have indicated anywhere how your assets should get dissolve. Apart from this estate planning is also about building a legacy for your family.
Estate planning is the process of managing the disposal of your personal assets to your loved ones. In addition to this Succession planning also includes the process of identifying new leaders who can succeed you probably in your business when you are retiring or no more. In succession planning process you nurture these leaders and then when the time arises they succeed you to take care of your business legacy. How they will succeed, what structure be followed, the cost etc. is what succession planning is all about.
To make you understand take an example of a business of a proprietor. It has taken years to build it and now the time has come where it needs to be passed on to the next generation. But proprietor businesses do not get transferred. So whether to form a partnership, create a private ltd company or move the business to a trust structure with a successor as trustees is what succession planning will include.
Estate planning is important because if not planned well, your family will suffer later. But many of us do not think beyond creating a nominee in our financial assets. It is thus necessary that you prepare a will for yourself which you can upgrade and review periodically.
How to get Estate and Succession Planning through DiLSEWiLL-
- Please do connect to our Customer Care Executive at 9830648068/8017053224. You may also mail your queries to [email protected]. Live chat is functional on our website from 10:30 am to 7:00 pm on weekdays.
- A quotation shall be emailed to you after taking all necessary information from your end
- After approval of the quotation, the agreed charges will need to be deposited by you.
- The procedure for The Estate and Succession Planning will then be initiated.
