India's uber-rich go well beyond the will

Succession planning among India's wealthy is a subject that extends far beyond simply naming heirs and dividing assets.

- Girish Venkataraman

Preserving family wealth and ensuring business continuity across generations is intricate and involves legal, financial, and strategic considerations. Recent survey insights reveal a growing appreciation among affluent Indian families for the importance of this essential endeavor.

Succession planning is not merely about deciding who inherits what; it is a multi-layered process involving several complex aspects, such as asset protection, conflict resolution and the preservation of family heritage.

According to The Wealth Index by 360 ONE Wealth, in association with CRISIL, 72% of respondents acknowledged the importance of a formal succession plan. This sentiment is even stronger among ultra-high-net-worth individuals (UHNIs), with 78% considering it critical.