How to Plan Succession as a Couple with WILL, TRUST, GIFT in 7 Guided Steps

As a founder of the Richness Academy, I’ve had many heart-to-heart conversations with couples across India — from Gurgaon to Pune, from retired professionals to newly married millennials. And again and again, I find one subject that either gets neglected or causes silent anxiety:

“What happens to our money, home, and legacy… if something were to happen to one of us?”

Succession planning is not about fearing the future. It’s about preparing for it — together. It’s a roadmap for your wealth, your relationships, and your peace of mind. It’s not just about who inherits your assets. It’s about how you transfer them, when, and under what control.

Let me guide you through a simplified 7-step framework I personally use with my clients to help them create clarity using the most powerful tools available: WILL, TRUST, and GIFT.

Step 1: Acknowledge the Emotional Side First

Before we talk documents and legalities, let’s face it — planning for death or incapacity is emotionally heavy. Many couples avoid the topic until it’s too late.

But here’s what I tell my clients: planning succession is not about death. It’s about ensuring life — for your loved ones, for your values, and for your legacy.

It’s about creating clarity over confusion.

So, sit together. Talk not just about who gets what — but why. Align your intentions. That conversation alone can save your children years of conflict.

Step 2: Draft a Basic Will – Even If You Think You Don’t Need One

A WILL is the most basic, yet often neglected, legal document. It clearly states who gets what after you, and appoints an executor who will carry out your wishes.

Here’s what I usually guide couples to do:
        •       Make individual wills for each partner (yes, even if you hold everything jointly).
        •       Clearly name your beneficiaries (including backup names).
        •       Appoint someone you trust as the executor.
        •       Sign it in the presence of two witnesses.

Pro Tip: Keep your WILL updated. A WILL written before your child was born or before a property was bought can become obsolete and legally contested.

 Step 3: Consider GIFTs – But Only With Full Awareness

Many Indian couples try to “gift” property to their children or relatives to avoid taxes or future disputes.

But gifting comes with irreversible consequences.

Once gifted:
        •       You can’t take it back.
        •       You may lose control or rights over the asset.
        •       It might trigger tax liabilities or emotional strain.

That’s why I advise my clients to use gifting only:
        •       For non-core assets.
        •       With legal gift deeds (especially for immovable property).
        •       When there’s a clear strategy and documentation.

Gifting isn’t bad — but it must be done with clarity, not convenience.

Step 4: Explore a TRUST if You Want Long-Term Control

A TRUST is a legal structure that holds assets on behalf of beneficiaries. It can:
        •       Protect your family’s wealth from misuse or dispute.
        •       Help manage the assets if your children are too young or financially immature.
        •       Ensure continuity even if one partner passes away.

In simple terms, you (the “settlor”) give the asset to a TRUST, managed by a “trustee”, for the benefit of a “beneficiary”.

For Indian couples, TRUSTs are especially useful when:
        •       You want to provide for a special needs child.
        •       You want to control how much and when your children access funds.
        •       You’re concerned about future in-laws, divorces, or family disputes.

Note: A TRUST requires upfront legal help and has ongoing costs, but for many of my clients — the peace of mind it offers is priceless.

Step 5: Understand the Power of HUF – But Only If You Qualify

For Hindu, Sikh, Jain, or Buddhist families, a Hindu Undivided Family (HUF) can be a great succession and tax-saving tool.

You can:
        •       Create a family pool of ancestral assets.
        •       Buy new property in the name of HUF.
        •       Claim separate PAN and tax deductions.

But here’s what I remind couples:
        •       The Karta (manager) of the HUF must act in everyone’s interest.
        •       HUFs require books of accounts and are under scrutiny.
        •       If not used wisely, they can cause more disputes than benefits.

So before forming an HUF, assess:
        •       Are there multiple heirs or joint families involved?
        •       Do you have a clear, family-wide understanding?
        •       Is the potential tax benefit worth the complexity?

I help couples explore this with their CA and legal advisor.

Step 6: Revisit Your Plan Regularly – Life Changes, So Should Your Documents

One of the most common mistakes I see?

A couple creates a WILL in 2012, buys two flats, changes three mutual fund folios, marries off their child — and never updates anything.

That’s a recipe for disaster.

Every 3–5 years, or after any major life event (birth, death, marriage, property sale), review:
        •       Your WILL
        •       Your TRUST structure (if any)
        •       Gift deeds
        •       Nominee details across bank accounts, mutual funds, insurance, and real estate

Your wealth is dynamic — your succession plan must be too.

Step 7: Don’t Just Plan Assets — Plan for Legacy, Values, and Peace

To me, succession is not about money.

It’s about honouring the values that built that money. It’s about making sure your children — or any beneficiary — knows not just what they received, but why.

Many couples I work with now write a Legacy Letter — a simple document where they:
        •       Write down lessons they want their children to live by.
        •       Clarify values and vision for family wealth.
        •       Record key details about assets, relationships, responsibilities.

This isn’t legal — but it’s the most powerful emotional document a family can leave behind.

Final Words from My Desk as a CFP®

I’ve seen couples fight in courtrooms. I’ve also seen families weep with gratitude when they receive a well-planned legacy.

The difference? A thoughtful succession plan.

If you’re a couple in your 30s, 40s, or even 60s — don’t delay this.

A WILL costs next to nothing. A TRUST brings peace. A GIFT, when done right, shows intention. And a clear roadmap ensures that your love lasts longer than your life.

Let’s bring clarity. Let’s ensure that your money aligns with your values.

Share This Wisdom

Which of these tools have you already used? Do you have a WILL in place? Drop your thoughts in the comments or message me directly for a 1:1 session.

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