Your Succession Toolkit

The Covid pandemic has shown that life is fragile, and tragedy can strike any time. In the course of conversations with clients, we find that most women do not undertake succession planning, and even fewer understand the need for an estate plan. This is mainly due to lack of awareness, and because they usually tend to look to their husbands and/or other family members to deal with their assets. This needs to change, especially at a time when women are becoming wealth creators in their own right and are increasingly running large family businesses. Many women today are also inheriting valuable portions of the family business. An estate planning exercise involves the execution of a properly discussed plan to ensure that one’s personal assets are transferred to the desired beneficiaries. Some assets may be transferred in one’s lifetime, some post death. This would spare the...