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In a recent survey conducted by Knight Frank, 30 per cent of the Indian ultra-high networth individual (UHNI) respondents said transferring wealth to the next generation is among their top three priorities.
While UHNIs place a lot of importance on estate planning, every individual with assets should undertake this task, especially in the backdrop of the pandemic.
Estate planning refers to how a person wants her wealth and other possessions to be distributed after demise. Niraj Kumar, partner, DSK Legal says, “This can be done by executing legal documents such as a will, power of attorney (PoA), etc, and through acts such
