Legacy Creation – informative session on Wills & Trust

After the very successful Wealth Creation workshop conducted in June, a follow up workshop on Legacy Creation was felt necessary. The session was conducted by Mr. Amitabh Lara and Mr.Dilip Balakrishnan from Anand Rathi, Mumbai.

The session started with how personal wealth is exposed to different risks namely Business Risk, Market Risk, Encumbrance Risk and Estate Risk and how these risks can wipe out personal wealth if one is not aware and take measures to prevent them. Examples were cited from many HNI from around the world.

Mr.Lara highlighted the need to protect one’s wealth to de-risk wealth in Business, to cocoon dear-to-life objectives and increase risk taking ability. He mentioned that 92% of his clients in Mumbai did not have a will in place.

Mr. Balakrishnan a qualified company secretary and lawyer further explained how wealth preservation and desired distribution can be achieved through wills and trusts. The need to audit nominations of one’s financial holdings like Bank FDs, Mutual Funds, Stocks etc to be in line with the desired distribution plan.

He emphasized that through the creation of a ‘Trust’ one can ring fence and protect and preserve wealth and business. An effective and well defined succession plan can be developed.

Many members of the audience aired their personal grieviances and legalities faced and sought solutions to overcome the same.