Estate planning catching up in India
Estate planning is catching up in India as it is replacing a written “will” – the earlier method adopted to bequeath hard-earned assets while a person is still alive and after he is no more.
It includes the management of a person’s estate during and beyond his lifetime to ensure the estate’s longevity. Through estate planning, the family head can plan, protect, preserve and manage both his movable and immovable assets.
In the context of an increasing number of conflicts around the succession of family wealth and changes in social and family structure, proactive estate planning has become a necessity for wealthy families and owners of substantial wealth in India.
Major players, who offer estate planning services, include Kotak Wealth Management, IL & FS Trust Company, a subsidiary of IL& FS and ICICI Securities.
The level of estate planning services depends on asset size and can include estate plan advisory, preparation of wills, trust formation, trust management and management of complex structures like holding companies.
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