On this International Day of Families, the best gift one can give the family is to create a well planned estate tool so that one leaves behind not only wealth but a clear roadmap along with peace and harmony in the family. The true measure of success of estate planning is not how wealth is transitioned but whether relationships survive the transition.

Whether it’s a small estate or a large one, there should be an appropriate estate planning tool depending on the needs and welfare of the family. Simplistic estates could best be devolved through Wills or Gift Deeds while Trust maybe best suited for families with dependants or special need individuals as well as for achieving certain defined objectives for family welfare. In recent years, for complex estates including large family-owned businesses there is rise in the Family Constitution/Arrangement and structured Family Offices which provides clarity for leadership, governance, succession, capital allocation and preserving multi-generational wealth.

Harmony amongst family members carries the emotional wealth that is priceless and hence it is the responsibility of each person to ensure that the same is not eroded in disputes over assets like family home, property, business empire, investment portfolio and savings.

Live responsibly and do the estate planning today because ‘family is not an important thing, it’s everything’!