Succession PLANNING

Presented by Advocate Dr. Sunil Gokhale

Why Plan for Succession

Life is Uncertain – Succession is InevitableThe wealth accumulated during your lifetime cannot be carried after death but will remain with the successors to enjoy.

Wealth moves Inter-GenerationalThe course of the wealth is from one generation to another. Like you inherited from your ancestors so would your children. Wealth cannot remained locked or stagnated with the preceding generation.

Plan Wealth. Plan Succession.When you decide to invest in any instrument which would accumulate wealth, also make a decision on its succession – or at least start thinking of what would happen after me.

Why Plan for Succession

My Wealth. My Wish.The self-acquired wealth is earned through your efforts, through your intellect. You have the right to distribute that self-acquired wealth according to your wishes.

Death should not become a cause of a Family FeudDo not create a situation where you’re the distribution of your wealth after your death becomes a cause for a family feud. You would not have liked it.

Legal TransferEnforce your position of inter-generational transfer by a legal document. The next generations would pay high respects for such an act.

Properties for Succession

Immovable Properties The immovable properties will include land, plot, flat and/or shop.

Movable PropertiesThe movable properties will include investments in any form, gold, silver and other ornaments, intellectual property

Ancestral PropertiesYou can distribute only your share in the ancestral properties that you get either from your father or mother.

Donation of Body PartsYou can make a wish of donating a body party, but they need to be registered with the appropriate authority.

Making a Will

Will – An Instrument of Succession PlanningYou can distribute your property by your wish and need to be the force of the law.

Will – Not about Death but about SuccessionWill does not mean that you are thinking about death, it means you are thinking about succession

Will – Mandatory RequirementsYou can distribute the property that you own (your ownership documents), the names of the people or organizations to whom you want to distribute, two witnesses.

Presented by Adv. Sunil GokhaleTuesday, October 22, 2013