KCC Consulting LLP
Succession planning is the process of anticipating and arranging for the disposal of your estate during and after your lifetime.
Consequence of not having a succession plan:-
If one dies intestate (without a will), assets will be distributed as per the succession laws of the religion the person belongs to, which can be a lengthy process with undesired results.
Advantages of Estate/Succession Planning through Trusts and Wills:
– Avoid disputes within or outside the family
– Smooth distribution of wealth as per one’s wishes
– Safeguard interests of dependents
– Planning for old age/medical emergencies or care of special child
– Demarcation of personal and business income
– Philanthropic aspirations
Succession Planning through Wills:
Will is a legal document that comes in play on the demise of the testator. It carries the wishes of an individual regarding his/her estate/assets i.e distribution of assets, guardian for the children, etc
Will Verses Nomination:
Often there is confusion between a Will and a nomination. A Nomination is not a Will. The nominee merely acts as the trustee or guardian for that particular asset. A Will supersedes all Nominations