Most people ignore estate planning and do not add it to their priority to-do list. They fail to understand that life is packaged with risks, which can catch you unawares. Changing time and technology have facilitated wealth creation. In India, there has been an interesting shift from inheritors to entrepreneurs and professionals in the past two decades, which has implications on planned succession.
Common excuses against making a Will
We accept life’s uncertainties and related risk and yet tend to procrastinate and postpone decisions relating to possibilities and scenarios surrounding death or incapacitation. Here’s a list of some common excuses that people have to avoid estate or succession planning.
I am not that old: Many people put off their planning for a later stage as they feel they are not that old. Sometimes, they never get the chance. If you own movable or immovable assets, then you need to have a succession plan, irrespective of how old you are. Age has nothing to do with succession planning.
