Is your Succession Planning in place???
As Human being we all place special emphasis on our family and get involved in all aspects of each matter. "In the last few years, there have been a lot more cases of families facing disputes over transfer of wealth. This is making people aware about issues that the heirs may face if there is no succession planning. The family may have to face a financial turmoil in the absence of proper succession planning, especially if the deceased was the sole breadwinner.
As time goes by, with the growing wealth & increase in family members with children’s marriages & grandchildren becoming a very important part of the family, your personal & family circumstances change, your priorities may also change & your focus shifts from accumulating wealth to passing on & protecting it for future generations. So if you belong to the majority who haven’t planned their succession yet, it’s time to collect your thoughts and start planning for it, to avoid disputes within the family and making sure that your wealth is well protected while you are there and then passing it on to your legal heirs in the most appropriate way.
With no Estate Plan:-
- A court will decide who will be making financial and healthcare decisions for you.
- A court will decide who will raise your children
- Your assets may not go to children of different marriages as you may have wished.
- Your estate could be subject to unnecessary delays and fees, and will become a matter of public record.
- Your personal property and assets may wind up in the hands of a child’s spouse in the event or a divorce.
- A child or other family member with special needs may be put at risk.
- Your spouse or children may not be able to enjoy a secure financial future since you would have made no provisions to protect assets.
- Your estate will get pass on to heirs according to law of succession, with no protection that a trust can offer and perhaps to someone you don’t want receiving your assets.
- Your family business may be put in jeopardy since you have not created a succession plan that would create a smooth transition.
"The first step of succession planning would be to start building a thought process around it. The decision on ways to implement your desires through use of wills, trusts, etc., will depend on various factors, including complexity of family situation, businesses etc. It is best to get professional expertise when it comes to implementation of any succession plan as they would guide on the most suitable solution for each individual's needs.
Do not hesitate to get in touch.
We look forward to hearing from you very soon.