Financial planning incomplete if you haven’t planned succession
Having a Will is very important. We suggest all our clients to compulsorily go for a Will. There are three stages of financial planning—protecting your existing wealth, accumulating it and distributing it. If you miss any of these, your planning will remain incomplete.
Suppose I don’t take protection and don’t have a health insurance or life insurance, and straightaway start investing. Then if I fall ill, whatever I have accumulated will get eroded. If I only protect and accumulate, but don’t make a Will, then my family may end up in a dispute. Similarly, if I only protect and don’t accumulate, what will I distribute after retirement? So, all three are parts that are indispensable, so if you are following finan- cial planning, Will is very important.
Besides, from the transmission perspective, remember that your entire legacy has to go to somebody and what you want to ensure is that the entire legacy with least leakage should go to your loved ones. If a Will is not there, the planner will earn something, the lawyer will earn something, and
Certified financial planner
and founder, Gauravmashruwala.com
then there are government levy and taxes and the family gets the remaining. So to ensure that there should be least leakage, make a Will.
I would also suggest that one should involve a financial planner while making a Will; lawyers know the law they can make brilliant draft, but financial planners know the characteristic of each asset and the way they should be bequeathed.