As India’s startup capital continues to mint new wealth and attract global attention, a quieter but critical conversation is gaining momentum: succession planning. At the recent Bengaluru Chapter of ‘Leading Ladies’, an initiative by Kotak Private Banking, industry voices came together to spotlight the growing need for families and founders to secure their financial legacies.
Despite rising financial literacy, less than 10% of Indians have written a Will, compared to 46% in the United States. The result? Over INR 50,000 crore in unclaimed assets lying idle with the government. In Bengaluru, where startups are scaling rapidly and wealth creation is accelerating, the absence of succession plans poses risks not just to families but to entire ventures.
Recent health scares—particularly among younger professionals—have added urgency to the conversation. From pandemic aftershocks to rising lifestyle-related conditions, many millennials and Gen Z individuals are now considering “drop-dead succession plans”: contingency strategies for sudden loss of a family or business leader. “In the face of life’s unpredictability, having a Will and a clear succession plan is not just a legal formality—it is a responsibility,” said Kanchi Gandhi, MD, KMTSL.
A powerful shift is also underway in how families approach these conversations. Traditionally sidelined, women are now asserting their right to understand and influence decisions around asset ownership, protection, and transfer. Their involvement brings a deeper understanding of financial inclusion and long-term family stability. “Whether you’re a business founder, homemaker, or salaried professional, your financial legacy deserves protection,” Gandhi added.
The discussion also underscored the need for practical action. Families are being encouraged to start with simple steps: listing assets, having open conversations, and ensuring basic documentation like Wills are in place. For those with complex holdings or cross-border ties, more structured planning may be required. But the message was clear—succession planning is no longer a niche concern. It’s a necessary part of financial maturity, especially in a city where wealth is being created faster than ever.
As Bengaluru’s financial landscape evolves, conversations like those at Leading Ladies are helping shift the focus from short-term gains to long-term preparedness—ensuring that the stories of success don’t end without a plan.
Comments are closed.