New Delhi: Succession planning including writing a will creating a trust in family and other businesses demands a holistic approach that goes beyond traditional considerations. Empowering women leaders, addressing legal aspects like real estate, divorce, and inheritance, are crucial in ensuring a seamless transition and preserving family harmony.
“Recognize the value that women leaders bring to the family business. Encourage and empower women within the family to take on leadership roles and participate actively in the succession planning process. Involving women as decision-makers can lead to innovative and well-rounded solutions to potential conflicts.” Said Ms
Ms.Vandana Shroff, eminent lawyer and Partner, Cyril Amarchand Mangaldas while speaking at a discussion on ‘From Success to Succession: Legal Legacy Planning for Women’ organised by FICCI ladies Organisation (FLO) .
“It is time to recognise the value that women’s contribution in family upbringing and businesses, encouraging and empowering them within the family to take on leadership roles and participate actively in the succession planning process. Involving women as decision-makers can lead to innovative and well-rounded solutions to potential conflicts.” Said Ms Shroff.
“Succession isd a process not an event, post covid succession has become a major issue from bed room to the board room. For making a succession plan there is no right or wrong time .It should be planned through a will or trust at the happy times” she said.
“The Supreme Court in its various judgements has conferred daughters with equal right to their father’s property. While developments in ancestral laws continue to dominate headlines, the ‘real’ succession plan happens outside these confines. The two main tools at their disposal are wills and trusts. Wills are the bare minimum, every woman needs to execute a simple will, to ensure that her assets are passed on to her loved ones. Trusts are for large business families would require a more complex mechanism of succession planning than just executing Wills. This is to help ensure their wealth is preserved over the future generations and that their assets are sufficiently ring-fenced against creditor claims as well as any unforeseen contingencies.” Said Mr Rishabh Shroff, partner & co-head, private clients, Cyril Amarchand Mangaldas.
“Succession isn’t just for retirement—the best succession plans need to address a range of critical questions to ensure a smooth and effective transition of leadership, assets, and responsibilities. FLO has a dedicated National Initiative for empowering and enabling our members to ramp up their financial awareness and improve women’s management of their personal, household and business finances. This initiative recognizes the vital role financial literacy plays in transforming the lives of women and fostering economic growth.” Said Ms Sudha Shivkumar, National President, FICCI Ladies Organisation (FLO) speaking on the occasion .
“FLO believes in holistic growth and development of existing women entrepreneurs and potential entrepreneurs, so that they can take well informed decisions and become equal contributors to the nation’s economy.When women progress, India progresses, and therefore, it is crucial to prioritise and invest in women’s financial literacy and well-being.”said Ms Shivkumar.
Others who were present on the occasion included Shubhraa Maheshwari , head, FLO Financial Literacy Initiative, Ms Poonam Sharma, Sr vice president, FLO ., Sudha Nallaparaju, Sashimita Yelleni, and Eshika Agarwal.