India’s uber-rich go well beyond the will

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Subscribe to enjoy similar stories. Succession planning among India’s wealthy is a subject that extends far beyond simply naming heirs and dividing assets. 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 endeavour. 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. Further, 74% of UHNIs have already initiated family discussions on succession planning, compared to 64% of high-net-worth individuals (HNIs). The figures indicate that awareness of the need for succession planning is high, particularly among India’s wealthiest.

Despite this, a gap still exists between awareness and execution. While 86% of UHNIs have either started or completed their estate planning—formally or informally—there remains significant room for improvement in translating intent into action. The wealthy in India prefer three primary models of succession planning: wills, family trusts, and foundations.