The British empire has been a point of fascination for the common public, and so is their succession plan. We often sought interest in how Queen Elizabeth’s properties will be passed onto her legal heirs and what will happen when the Queen dies because death doesn’t come with a warning.
But if you must have observed through the media, the exact moment her eldest son became King Charles III, few can fail to be impressed by how smoothly the succession took place from mother to son. That is because the Queen had her succession plan ready decades ago with no details overlooked. There was no panic, chaos, uncertainty or confusion in carrying out the arrangements for her death and execution of her succession plan.
We know what most of you must be thinking, you need to be rich like the Queen to have a succession plan in place. Well, this is a high-level misconception because, in India, 60% of the civil cases in courts relating to property disputes between family members because the deceased didn’t write a Will in his/her lifetime. Therefore, the situation is quite evident that you really don’t need to be rich to write your Will, there will eventually be a fight for your accumulated wealth whether it is bank accounts or a house.
Therefore, the following lessons can be learned from the Queen's succession plan and how they are relevant in our lives.
1. Preparation is the key:
The specific reason for the smooth execution of the succession line by King Charles III without any chaos and uncertainty was that it was decided way earlier than we think. Preparing a written succession plan helps your family to carry out things smoothly and it makes everything easy for people who are left behind.
2. Who will handle your business?:
If you have a family business or a company, it is very important to choose a successor and a next in line who will take care of the business because your business won’t stop but without a chosen successor, it will surely go into loss. Over time, people have understood the value of a family business and its continuity.
3. What about your investments?:
To have a succession plan, your investments do not need to be in crores. Whatever you have, be it your home, land, bank account, insurance policy, mutual fund or any PF shall be successfully transferred to your family because you don’t want to get it unused or misused. Your family will remember you fondly for all your contribution.
4. Make it personal:
You can leave behind notes, for your family to understand why you are allocating your assets in a certain way. A letter, a video or recollection of fond memories always helps make the grieving process easier.
5. Appoint an executor:
Unless you tell someone about your Will, nobody will know it. That’s what an executor does, he executes everything accordingly that is written in your Will deed. By appointing an executor, you could literally die in peace, because your trusted person is looking out for you.
At AasaanWill, our legal experts will guide you about everything regarding succession planning and Will writing.
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