Are you a fan of Succession? Do you love watching the wealthy and powerful fight over who gets the biggest slice of the inheritance pie? Well, you may be surprised to hear that estate planning isn't just for the elite – it's an essential consideration for everyone, especially in India. Fortunately, you don’t have to go it alone. And, unlike the characters on Succession, you don't need a qualified estate planning lawyer on speed dial to create a solid plan.

Here are some lessons you can learn from the show, how it relates to the average Indian in matters of estate planning, and how Yellow can help.

The Importance Of A Will

One of the most important aspects of estate planning is determining who will inherit your assets after you're gone. In Succession, the patriarch of the family, Logan Roy, does not have a clear Will in place. This creates confusion and conflict among his children as they vie for control over the family business. Similarly, many Indians do not have a Will or estate plan in place, and this can lead to uncertainty and disputes among heirs.

You may not have a media empire to pass down (or maybe you do!), but it is likely that you have a house, a car, some investments, and maybe a few sentimental items that you want to leave to your loved ones.

Of course, estate planning isn't just about who gets what. It's also about making sure that your wishes are carried out after your passing. Maybe you want to donate some of your assets to charity, or ensure that your children are taken care of if something happens to both you and your spouse by assigning a Guardian. Whatever your goals may be, Yellow can help you create a plan that reflects your wishes and values.

Trusts And Estate Planning

In Succession, the Roy family uses trusts and other estate planning techniques to protect their assets and control the direction of their company. Here too, many Indians can benefit from using trusts and other estate planning tools to protect their assets and ensure that their wishes are carried out after their passing. Simply put, a trust is a legal arrangement in which a trustee holds and manages assets on behalf of a Beneficiary. Trusts can help protect assets from creditors, minimise taxes, and provide for the long-term management of assets. Yellow offers a range of estate planning tools, including trusts, that can be customised to meet the specific needs of each user.

Family Dynamics

Succession portrays the complex family dynamics that can arise when wealth and power are at stake. Though this show is certainly over the top, the reality for some Indian families may not be so far off.  It is common for many Indian families to struggle with issues related to inheritance and succession, such as disputes among siblings or tensions between in-laws. Estate planning can be an effective way to address these issues by setting out clear guidelines for the distribution of assets and reducing the potential for conflict. Yellow's platform includes features that allow users to involve their loved ones in the estate planning process, fostering open communication and collaboration. By using Yellow, users can ensure that their estate plan reflects their wishes and addresses any potential conflicts head-on.

Taxes And Estate Planning

Succession also touches on the tax implications of estate planning and the importance of considering taxes when making estate planning decisions. Likewise, many Indians may need to consider the tax implications of their estate plan, such as estate tax, gift tax, and capital gains tax. Taxes can significantly reduce the value of an estate, so it's important to consider tax planning strategies when making estate planning decisions.

Yellow gives you access to estate planners with 50+ years of experience, protecting more than Rs 42,000 crores worth of assets for Indian families. Our experts can help you understand the tax implications of your estate plan and make adjustments as needed, so that you can minimise your tax liability and maximise the amount that goes to your loved ones.

Digital Estate Planning

In Succession, the Roy family's media empire is primarily digital, highlighting the importance of digital estate planning. These days, many Indians have digital assets, such as social media, email, digital wallets, and online banking accounts that need to be accounted for in their estate plan. Yellow offers digital estate planning tools that allow users to specify how their digital assets should be handled after their passing, ensuring that their digital legacy is also preserved and protected.

The Bottom Line

In conclusion, estate planning can seem overwhelming, but it's a necessary step in securing your future and providing for your loved ones after you're gone. Succession may depict an extreme example of the complications that can arise when it comes to estate planning, but the truth is that even everyday people like us need to have a plan in place.

With Yellow, estate planning can be made easy and accessible for all Indians. Whether you have a vast digital empire or just a few assets to your name, Yellow can help you create a comprehensive estate plan that reflects your wishes and values. From specifying who will inherit your assets to providing instructions for how your digital assets should be handled, Yellow has you covered.

So, don't wait until it's too late. Start planning for your future today with Yellow. By taking the time to create a clear and comprehensive estate plan, you can ensure that your loved ones are taken care of after you're gone, and that your legacy lives on for generations to come. And who knows? Maybe one day, your estate plan will be the subject of its own hit TV show – without all the drama and backstabbing, of course.

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