Estate planning is the organization of an individual’s affairs in such a manner which ensures that the assets of the individual are properly managed and distributed in the event of his death or incapacitation. Estate planning involves two broad aspects:
- Planning of bequest of assets of the individual to this legal heirs / nominees
- Establishment of a succession structure by way of a trust or other framework for management of the assets of the individual after his lifetime.
Devolvement of assets in accordance with testamentary or succession laws is inefficient - as it results in fragmentation of the family wealth, and dispute prone, as the contents of the will often come as a surprise to family members.
Modern day promoters desire to keep the family wealth intact even after the lifetime of the leading members of their family members and institute a mechanism for ensuring smooth transition of power to the next generation.
PRA Law Offices advises high net worth individuals, business houses, promoter families among others on various facets of succession planning including: