For the most of our lives, we have we have worked hard to build Wealth that can sustain us & our families. Have you ever wondered what would happen to all this Wealth after you…?
Mortality is unavoidable! Death is certain, no matter what. And the best thing you can do for your family is to have a Succession Plan in place!
Well, Succession Planning is passing down the Assets from one generation to another. It is wrongly interpreted that it is meant only for the Rich Class. In fact, it is essential for everyone irrespective of how much wealth one has!
The Basics of Succession Planning are as follows:
- Make a Will Immediately
The most important thing is to make a Will. Old age comes with several physical & mental illness, so it is advisable to prepare a Will when you are in a sound condition. You can keep on changing the Will as Time passes by & your Assets change. A Will can be registered or unregistered….but is better to have the Will registered.
- Discuss your Finances with the family
You need to adopt a free culture in your house wherein you sit & talk out your personal lives together. Similarly, you should discuss your Finances with your parents & kids. Your family should be aware about your finances. Your family needs to be aware of all your debts, and a plan must be in place to repay the debt. In case of any unfortunate situation, they must know a way out!
- Keep all the Financial Documents together
Always keep your Financial Documents together in one place. Inform your Spouse about it. Moreover, keep all Login IDs & Password in a secured place.
- Inform your Nominees
Make sure that you inform your Nominees that their names have been put as Nominees. Many a times, the Nominees are not aware which creates a big problem!
Thus, make it a hassle free process of inheritance for your loved ones after your demise!