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Inheritance and Succession Planning

Inheritance and succession planning is the culmination of your journey of wealth management. All your life you work hard to earn wealth and establish business. You will definitely aspire that your money is used in the righteous way in the future and your business continues to flourish after you cease to be a part of it. Inheritance and success planning guides you towards harmonious transfer of your treasure and responsibilities. Let us explore further!

What is inheritance?

Inheritance stands for transferring your wealth and assets to your chosen beneficiaries. It allows you to control the distribution of your wealth as per your preference in the way you want to. For instance, you can decide who can benefit from your money, to what extent and if you want to fix an amount for regular donation. You can also select the execution method like creating a trust, drafting a will, gifting assets during your lifetime, etc. Your inheritance plan impacts the taxes levied on your estate and is crucial to avoid conflicts or disruptions in the family.

What is succession Planning?

Succession planning manifests foresight and vision for your business to undergo the key phases of transition seamlessly while progressing on the path of growth and success. It involves developing the talent and skills in suitable candidates to assume leadership positions in a business organisation. It can be the future generation of your family members whom you aspire to hand over the governance of your venture or existing employees with lengthy experience and competency. As higher positions account for greater responsibilities, it is imperative to train the successors to improve their capabilities.

More about Inheritance and Succession Planning

Inheritance and succession planning is necessary to secure the future of your family and business and shape a lasting legacy. It is essential to consider the personal financial requirements before building an inheritance plan. On the other hand, if you are at the receiving end of the inheritance, you will be liable for the devised taxation. You can reflect upon a number of strategies to transfer your wealth in a tax-efficient manner like creating a trust or gifting assets. Legal complexities are an intrinsic part of inheritance procedure. Slightest fallacy can cause major legal conflicts. Hence, it is sensible to consult an inheritance planning firm who can take up the responsibility of passing along your treasure systematically.

If you pass away without distributing your wealth, it is regarded as intestate which means that your financial division will be done according to the state law. Inheritance planning goes beyond building a will. It contains the aspects of retirement planning, managing taxes on your property, insurance, passing of pension, etc. There can be different types of assets like physical, financial and digital. Each of them have unique distribution propositions. Besides, it is mandatory to follow the inheritance rules of your country and the place where your assets are situated. All of such complexities make inheritance and succession planning a time consuming and challenging process. Here is where Poshway can assist you.

Advantages of inheritance and succession planning:

Power to control the distribution of your earnings

Smooth and secure transfer of wealth to the coming generation

Preparing the successors to take over the reigns of business

Avoiding any obstacles that may arise during transitions

Ensures long term stability of your venture

Poshway’s Inheritance and Succession Planning Services

At Poshway we have a specialised team of financial planners who possess extensive experience in the financial sector. We can guide you in constructing inheritance and succession plans that are tax efficient and legally sound. Devising a will, creating trusts, opting for insurance policies to pay taxes and gifting assets while you are alive are some of the methods used in the inheritance process. Based on your needs, we can advise the most effective mechanism to transfer your possessions. Further, we provide counselling to the inheritors about taxation and other vital elements to ensure that the process is completed in a secure manner.

Acquiring the business reins can be very challenging for the young members of a family. It is necessary to educate and train them professionally so that they can proceed with confidence and emerge as successful leaders proficient in taking the organisation to new heights. We train the successors, impart essential skills and enrich their abilities to prepare them for shouldering the great responsibilities.

With 15+ years of presence in the industry and longstanding trust of the clients, Poshway can lead your way in establishing an everlasting legacy.

Inheritance and Succession Planning Process

Our inheritance planning process consists of the following stages:

  • Identify your assets and beneficiaries

    Our expert team studies your assets carefully and helps you in determining your beneficiaries. The main idea is to understand your goals and wishes concerning inheritance. There can be various purposes behind an inheritance plan like securing the life of a spouse, children's education or charity. Our researchers scrutinize your needs extensively.

    We also analyse the amount you need to sustain yourself, examine the taxation and review your debts and insurance. Then we delve into relevant policies that can be utilized for effective and smooth transfer of your estate.

    Step 1

  • Develop an inheritance plan

    Based on the rigorous research, we begin crafting a plan to distribute your hard-earned wealth. Drafting a will, creating trusts, philanthropy, gifting plan and insurance (if required) are deliberated at this stage.

    Step 2

  • Consultation

    The inheritance roadmap is presented before the client and discussed elaborately. The queries are addressed and opinions are sought before finalizing the plan.

    Step 3

  • Execution and Further Support

    We assist and guide your heirs during the legal inheritance procedure known as probate. It comprises the following steps if the deceased person has left a will that contains instructions about how the wealth is to be distributed and used.

    1. The custodian takes the will to the court or executor (named in the will) for approval.

    2. The court assesses the authenticity of the will and bestows legal powers on the executor to act on behalf of the deceased.

    3. The executor pays off the taxes, debts or other obligations that the deceased owes to other people or banks.

    4. The executor also files the final income tax returns on behalf of the deceased.

    5. The remaining wealth and estate are then distributed by the executor among the beneficiaries.

    Step 4

Inheritance planning allows you to determine how your assets and finances will be used after your death. It is not meant for wealthy individuals only but for all those who want to secure the lives of their loved ones and utilise their money thoughtfully. Succession planning ensures that your young family members or suitable employees are equipped with the required skill set to take on management and advance the organisation on the path of success. Together, inheritance and succession planning will provide your family and business an enduring and rewarding legacy.