A legacy worth savouring

In our previous segment, we delved into tailored investment strategies for individuals aged 60 to 70. Now, we will see how succession planning is crucial for everyone above 40. Even the not-so-rich. Meet Anand Gaikwad, a 72-year-old retiree with substantial accumulated wealth. His life is marked by the tranquillity of retirement. But beneath the contentment, a concern nags at him. He worries about his family's future in his absence. Memories of a bitter family dispute over inheritance after his father's passing away still haunt him. Mr Gaikwad's wealth, built over decades, is like a carefully curated thaali: a substantial portfolio of mutual funds, the comforting security of his home, and a significant tract of ancestral land. So, he turns to his young friend, Anoop, a seasoned wealth advisor, as they relish a bowl of kheer. Anand: Anoop, you know I built my wealth through a lot of hard work and planning. But I worry about what will happen to my family when I'm not around... Anoop: I am glad you're considering estate planning. Lakhs of crores of rupees are lying as unclaimed money in India simply because people are unaware of their family's legacy. Thankfully, your money would not add to this pile. In your (Mr Gaikwad's) case, you will be governed by The Hindu Succession Act 1956. Buddhists, Jains, and Sikhs also follow this Act. Anand: And how would my assets be distributed as per the law? Anoop: The Act is a little complicated. But in your case, broadly, your s