Importance of Succession Planning

03 Aug 2023

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Usually, there are One or Two members in a family managing the finances with most members in the dark on the state of financial affairs. This hinders successors from taking over the financial reins in case of any exigency.

Why succession planning

  • Financial security of successors
  • Minimize tax liabilities
  • Prevention of disputes

Steps to succession planning

  • Prepare a detailed list of money that you own and money that you owe i.e. assets and liabilities.
  • Maintain an account of your assets that is easily accessible for your family
  • Ensure all your deposits and investments have a nominee

Tips to succession planning

  • Start Succession planning at the earliest
  • Prepare a registered will / succession document  
  • Online will drafting may be considered by clients for easy and standardized succession planning
  • Clients with higher asset values may consult a succession planning professional
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    The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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