Warren Buffett and Bill Gates, two of the richest persons on earth, while on a recent visit to India sparked off an interesting debate on the need to plough back personal wealth for the greater social good. However, for the vast multitude of Indians, philanthropy remains nothing more than an intellectually enriching debate.
For most, the wealth that is created during their lifetime, or inherited from previous generations, is only meant to be passed on to their heirs after death. In fact, at times, for those who do not have progeny, be it the moderately wealthy or the super-rich, it is a desperate search for someone within the extended family who can hold the wealth baton.
Though philanthropy as a cause does exist here, the absence of a social safety net and the desire for a better life for the kith and kin, results in discussions on distribution of wealth always revolving around who within the family will get what and how much. But how do you ensure that your wealth is apportioned as per your desires when you are not around?
The best way is to write a will and keep making course corrections according to circumstances as they unfold. However, writing a will does not come naturally to most, perhaps because one needs to deal with the unpleasant issue of death. This mindset is flawed, because if you have accumulated wealth you should ensure that it is apportioned to the people you want to in a smooth manner, instead of it being the cause of family disputes and lengthy court battles. Maybe it could all be willed for a social cause. In the absence of a will, the maze of succession laws takes over, messing it up for everyone the day after. Our cover story is a reminder for you to have a proper succession plan in place.
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