Legacy Planning and Management - Kotak Bank

Wealth management has gained momentum and how! It is a high-level service, which combines both financial planning and specialized financial services that include legal or tax advice, investment management services, retail banking services etc. The basic aim of managing any kind of wealth is to sustain, optimize and grow long-term.

Importance of Legacy Planning

There's more to legacy planning than a simple process of passing your wealth down to your family members. Legacy planning also includes identifying the core belief of your legacy and preparing your children and grandchildren in a way that they are capable of taking over the reins.

For affluent families who are worried about preserving and managing their wealth, who want to ward off risks and are looking for the best possible way to confer the family wealth upon their children, there’s no better way than legacy planning and management.

Why Should High Net-Worth Families Opt For Legacy Planning?

Over the last few years, High Net-Worth families have been feeling the pressure of the volatile market conditions, and due to reasons ranging from outdated advice, indifference etc. they face innumerable wealth and legacy related issues. However, with time, individuals who initially only wished for a continued increase in their assets, have shifted their focus to wealth preservation, wherein legacy planning and management help them achieve the following goals:

Protection of Assets/ Property

The right kind of legacy planning and management can be fruitful when it comes to safeguarding your assets and property as well as successfully passing it down to the next generation. This is where the right kind of wealth manager guides you with the correct advice, which helps you achieve the desired results. For example, getting your high value home insured is always better, so that even if the market is despairing someday, a legacy plan can help protect your assets, thus allowing you to pass it on to the next generation.

Safeguarding Your Preferred Lifestyle

There are no two ways about the fact that the lifestyle of a high net-worth individual is way different than others. Their choices, preferences, needs and standard of living is exorbitant. In order to protect your exuberant lifestyle, it becomes imperative to opt for legacy planning and manage your wealth. The right and the best kind of legacy planning and management will allow an individual to safeguard their family’s assets in time of crisis like personal injury, property dispute or some lawsuit.

Leaving a Legacy For the Next Generation to Claim

It is very important to leave an inheritance for the next generation with the belief that they would handle it with great precision and care. While there are those who don’t know where to begin when it comes to planning, there are others who have huge assets stored, but are inexperienced about how to manage wealth and plan their child’s future around it.

In such cases, one should opt for a financial expert who is well-informed in the field of legacy planning and management. They can help you realize the purpose and potential of your wealth and how to convert it into a legacy. To know more or about legacy planning and management or to hire an investment advisor get in touch with us.

The mindset and lifestyle choices of the new generation will certainly be diverse. Involving them at an early stage or keeping them in the loop about your legacy planning might turn out to be helpful. The new generation can also bring in their share of ideas and suggestions to the table, which could make legacy planning and management a relatively easier thing. While many people think that legacy planning or passing down of assets is only done at the time of someone’s death, it isn’t true. Legacy planning can be done well in advance by involving your family and friends and making them a part of this process.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.