Next-gen wealth planning now a boardroom priority

AS BUSINESS FAMILIES prepare for generational transitions, wealth planning is evolving from a legal formality into a strategic imperative. The focus is increasingly on building institutional frameworks that ensure continuity, control and clarity across generations.

- The writer is partner and co-leader, Private Tax, EY India. Inputs from Vinay K, tax partner, EY India

Governance structures

Increasingly, families are formalising their internal dynamics through family charters — documents that articulate the shared values, decision-making rights and protocols for capital deployment. Advisory boards, often comprising independent professionals, are being set up to bring strategic oversight for managing assets. Families are now defining who manages operating businesses, who oversees investments and who steers philanthropic initiatives. Mediation protocols or third-party arbitration are being embedded early to prevent disputes from escalating.

Succession planning