Chartered Trust and Estate Planner

Conflicts relating to succession are almost as old as recorded history. Most famous Indian epics have an undertone of problems related to, and the importance of succession. Problems in succession planning take many forms – ‘The Aurangzeb syndrome’ is a classic case of the potential heirs of the family fighting over the succession of the family estate – something that recurs fairly regularly in corporate India. The number of affluent Indians has doubled over the past decade and many of them are entering or have already transitioned into retirement. Estate Planning is becoming increasingly necessary for these individuals to ensure a planned succession, avoid family feuds leading to disintegration of businesses and lengthy court battles. Also, if Estate Duty is reinstated in India today or in the near
future, Estate Planning may turn out to be the best tool to minimize the Estate Duty. Even today, many of India’s wealthy do not even have a Will, which can lead to a number of issues at the time of succession of assets on the demise of the individual. When questioned, most ultra HNIs admitted to knowing what estate planning is, but we found that their familiarity, comfort and interaction with professional estate planners was low. With the changing education paradigm in India, ultra HNIs are making way for the next generation in their enterprises quite early on. Successors are being inducted in businesses at an early age; they are getting involved across functions to understand nitty-gritties, and to build relationships with key people in an organization.

Estate Planning services are provided by Wealth Management Divisions of Banks, Leading Law Firms, Family Offices and specialized organizations floated for Estate Planning Services.