Gautami Gavankar, President Banking Solutions Kotak Mahindra Bank, dismantles myths and fears around succession planning and explains why it matters now more than ever.<\/p>\n\n\n\n
In Indian society, money is often discussed but death, rarely. That cultural discomfort leads to families and businesses avoiding critical conversations around succession, often until it\u2019s too late. In a recent episode of the Simple Hai! podcast, Vivek Law and Gautami Gavankar, President, Banking Solutions Kotak Mahindra Bank and a veteran in succession planning, explored this crucial yet neglected topic.<\/p>\n\n\n\n
Law opened the conversation by pointing out how legacy battles whether over property, business or finances can fester for decades. \u201cDeath is not accepted,\u201d he noted, \u201cand that\u2019s where the difficulty comes.\u201d Gavankar agreed, observing that families often prefer to assume \u201ceverything will go well,\u201d rather than proactively plan for the inevitable.<\/p>\n\n\n\n
Gavankar recalled how the pandemic shattered this illusion. Families who lost loved ones without a will or succession plan found themselves in financial chaos. \u201cCovid made us realise how sudden everything can be,\u201d she said. That shift in mindset pushed more families to think about long term planning beyond just wealth creation.<\/p>\n\n\n\n
Many believe that writing a will completes their duty. Not true, said Gavankar. She broke succession planning into four broad asset categories:<\/p>\n\n\n\n
Real estate<\/p>\n\n\n\n
Financial assets<\/p>\n\n\n\n
Family businesses<\/p>\n\n\n\n
Valuables like jewellery or art<\/p>\n\n\n\n
Succession planning, she explained, is about deciding who inherits what clearly and legally. A will is just one part of that. And because a will only comes into effect after death, it is often vulnerable to disputes, especially when the deceased can no longer clarify intent.<\/p>\n\n\n\n
\u201cDisputes don\u2019t begin after a will,\u201d Gavankar explained. \u201cThey begin long before but the will brings them out.\u201d She shared how many families, regardless of size or wealth, fall into litigation over inheritance. Disputes can run for decades. That\u2019s because wills are often contested on grounds like mental competence, undue influence or authenticity, none of which the deceased can defend.<\/p>\n\n\n\n
Law made a powerful case for acting early: \u201cDo what you want to do with your money while you\u2019re alive, not after you die.\u201d Gavankar echoed the sentiment. She said families should not assume their heirs will act fairly. Greed and poor communication, not lack of money, are often the root causes of conflict.<\/p>\n\n\n\n
She also touched upon a recurring theme in Indian business families, the \u201cthird generation curse,\u201d where legacy businesses crumble because values are not passed down or the business isn\u2019t professionalised. \u201cNobody wants to let go of control,\u201d she said, \u201cbut letting go at the right time is key.\u201d<\/p>\n\n\n\n
For those concerned about control and future protection, Gavankar offered a practical solution: Trusts. Unlike wills, trusts can be activated during one\u2019s lifetime. This allows the person creating the trust to maintain control, designate beneficiaries, and ensure their own care in cases of illness or incapacity. Trusts are also more difficult to dispute and can offer tax advantages, particularly for families with global assets or heirs.<\/p>\n\n\n\n
Gavankar stressed the need for professionalising family businesses. Bringing in CEOs or external managers is becoming essential, but only if they\u2019re given the freedom to operate. \u201cYou can\u2019t say \u2018My business, my way\u2019 and expect a professional to thrive,\u201d she cautioned. Importantly, she emphasised that daughters today are just as capable of running family businesses, a shift from older, male centric traditions.<\/p>\n\n\n\n
Finally, Gavankar shared wisdom from India\u2019s wealthiest families. The most enduring legacies, she said, come not just from financial success but from clear purpose, often philanthropic. She cited the Rockefellers and Tata Group as examples of how families stayed relevant across generations by institutionalising purpose, values and social contribution.<\/p>\n\n\n\n
For anyone building wealth, Gavankar had a simple but powerful message: \u201cSuccession is not about dying. It\u2019s about continuity.\u201d Whether it\u2019s protecting your assets, securing your children\u2019s future, or avoiding disputes, you need to plan now, not later.<\/p>\n","protected":false},"excerpt":{"rendered":"
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