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CII-IWN West Bengal Curated an Interesting Session on Planning Succession

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News Desk, News Nation 360 : CII-IWN, West Bengal curated an interesting Session on "Planning Succession" to deliberate on some important topics like basic tenets of succession planning, critical necessity of succession planning in today’s scenario, methodologies of planning individual and business succession and legal framework for its execution. In this time of the pandemic, when one is asked ‘How are you?’, the answer really is full of apprehension, almost suggesting ‘surviving’ as they speak, but really don’t know how the near future can be. The session discussed the technicalities of Individual Succession and Family Business Succession. A succinct presentation was given by Subhashree Pani, Senior Associate, AQUILAW on the need for ownership succession planning and management succession planning showcased the details of Wills, Trusts and Probates. S.N. Mookherjee (Gopal Mookherjee), Senior Advocate deliberating on whether registration is compulsory for wills, said that wills are registration is not compulsory under the Registration Act, a will is revocable and the successive will, will have full play irrespective of the fact that it has been registered or not. Speaking of the testamentary succession for women, S.N. Mookherjee said that change has been there in the Hindu Succession Act, which is welcome legislation. Gender neutrality is coming into play now. Girish Vanvari, Founder, Transaction Square while speaking on the structure of corporate succession said that business Planning does not depend on age but the passion of the individual Succession planning ideally should happen below 40 years. Sucharita Basu, Chairperson, IWN, West Bengal, Managing Partner, AQUILAW said that it is heartbreaking to be forced to be so pessimistic and so apprehensive about their survival and living under the constant fear of mortality. All of them

have lost many dear friends, loved ones and even many whom they did not know but their souls cried for their sudden untimely demise leaving behind helpless families. Hence, while they are healthy in body and mind, it is incumbent upon them as parents of young children and as children of elderly parents or many times being the only earning member of the family, to ensure that in the unfortunate event of their losing their lives or becoming incapacitated, their dependents are not left uncared for, grappling with financial difficulties resulting in their living under severe constraints. Perhaps the only way to ensure that our dependents are well looked after and assisted in living life and achieving their aspirations is by planning the individual inheritance through Wills and Trusts.

Pic : Courtesy

Report : Anustup Kundu