India is a complicated country, parents may not get along with their children, yet they want to leave their property to their children.

Estate planning is not only about big bunglows or palatial palaces. It also means whatever small real-estate or other assets one has, that needs to be sorted out before one kicks the bucket.

Though I have very limited knowledge about investments and succession planning, one thing I know that is, if the documents are not in place then it is going to be a harrowing time to get what is legally yours. This is more prevalent in the rural areas.

I always propagate the concept that elders should not hand over their assets to the children while they are alive, because then one is at the mercy of children.

Having said that, it is very important to have a clear cut registered Will which can avoid most disputes. In my limited understanding even a registered will can be disputed, that is where “Probate of Will” comes into picture.

Getting back to the larger issue, how important is succession planning? Though even a hand written document holds good in our country yet at the same time even a registered document can be disputed. I have seen many cases which have got under dispute just because the Will was not registered or it was not clearly divided.

I think our seniors need to start thinking about their own welfare and enjoy their hard earned money rather than leaving it for their next of kin, unless the children are dependent.

Wills and legacies have not taken the driving seat in India but I am sure as the Nation matures, senior living sector will also mature.

Pankaj Mehrotra