Importance of Succession Planning
03 Aug 2023
Usually, there are One or Two members in a family managing the finances with most members in the dark on the state of financial affairs. This hinders successors from taking over the financial reins in case of any exigency.
Why succession planning
- Financial security of successors
- Minimize tax liabilities
- Prevention of disputes
Steps to succession planning
- Prepare a detailed list of money that you own and money that you owe i.e. assets and liabilities.
- Maintain an account of your assets that is easily accessible for your family
- Ensure all your deposits and investments have a nominee
Tips to succession planning
- Start Succession planning at the earliest
- Prepare a registered will / succession document
- Online will drafting may be considered by clients for easy and standardized succession planning
- Clients with higher asset values may consult a succession planning professional
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