How to do succession planning right: Will, nominee, or trust? 5 experts explain

"Succession planning is not about death. It’s about making sure your family inherits your wealth, not arguments and lawsuits. Yet 85% of Indians have not made a will.At the ET Wealth Expo in Mumbai, a panel of legal, tax and family-office experts shared real-life lessons on passing on wealth the right way: nominees, wills, trusts, inheritance tax and stamp duty.Key takeaways:A nominee is only a custodian; your will and succession law decide who owns the asset.A will on plain paper is valid with two witnesses; registering it costs a few thousand rupees and makes it far harder to challenge.A trust lets you stay in control while alive, protect assets and plan for children abroad or with special needs.India has no inheritance tax today, but gifting property during your lifetime can attract stamp duty.Make a “drop-dead plan”: a list of assets, contacts and passwords, and review your will every 4-5 years.Speakers: Sadia Khan, Partner, Shardul Amarchand Mangaldas & Co Sreepriya N S, Co-Founder & CEO, Entrust Family Office Kanchi Gandhi, Managing Director, Kotak Mahindra Trusteeship Services Badri Narayanan, Executive Partner, Lakshmikumaran & Sridharan Pranav Sayta, Partner & National Leader, International Tax and Transaction Services, EY LLP Moderator: Deepak Ajwani, Editor, The Economic Times DigitalChapters: 00:00 Why succession planning matters 00:35 85% of Indians have no will 01:23 Is a nominee enough? 02:23 Nominee vs legal heir 04:03 Is there inheritance tax in India? 04:54 Gifting property and stamp duty 05:44 Will or trust: When a will isn’t enough 06:36 How to register a will and what it costs 07:53 Your drop-dead plan"