How trusts can help in succession planning
A Will is not just for the big and wealthy business families. These entities, in fact, are gradually moving to family Trusts to ensure filial peace and business continuity
Some of the biggest business conglomerates in India were started by families, such as: Birlas, Tatas, and Ambanis. Also, many of the top businesses holding companies such as HCL Corp. and Mahindra Group continue to be family-led. Over the decades, all these families—and their businesses too—have grown in size and strength. But in some cases family-led businesses have found themselves mired in ugly spats over succession and control of business units. Whether it is a 3 BHK or a Rs3 trillion firm, inter-generational asset transfer can be fraught with family disagreements.