Planning For Legacy, Not Just Wealth: Kotak’s Gautami Gavankar On Why Succession Conversations Are Crucial For Every Indian Family

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’s 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.

Law opened the conversation by pointing out how legacy battles—whether over property, business or finances - can fester for decades. “Death is not accepted,” he noted, “and that’s where the difficulty comes.” Gavankar agreed, observing that families often prefer to assume “everything will go well,” rather than proactively plan for the inevitable.

COVID-19 Changed Everything

Gavankar recalled how the pandemic shattered this illusion. Families who lost loved ones without a will or succession plan found themselves in financial chaos. “Covid made us realise how sudden everything can be,” she said. That shift in mindset pushed more families to think about long-term planning - beyond just wealth creation.

Succession Planning ≠ Just a Will

Many believe that writing a will completes their duty. Not true, said Gavankar. She broke succession planning into four broad asset categories:

• Real estate

• Financial assets

• Family businesses

• Valuables like jewellery or art

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.

Wills Can Be Contested - And Often Are

“Disputes don’t begin after a will,” Gavankar explained. “They begin long before—but the will brings them out.” She shared how many families, regardless of size or wealth, fall into litigation over inheritance. Disputes can run for decades. That’s because wills are often contested on grounds like mental competence, undue influence or authenticity - none of which the deceased can defend.

Do It While You’re Alive: Ownership vs. Control

Law made a powerful case for acting early: “Do what you want to do with your money while you’re alive - not after you die.” 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.

She also touched upon a recurring theme in Indian business families - the “third-generation curse,” where legacy businesses crumble because values are not passed down or the business isn’t professionalised. “Nobody wants to let go of control,” she said, “but letting go at the right time is key.”

Why Trusts Offer More Security Than Wills

For those concerned about control and future protection, Gavankar offered a practical solution: Trusts. Unlike wills, trusts can be activated during one’s 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.

Business Succession and the Role of Professionals

Gavankar stressed the need for professionalising family businesses. Bringing in CEOs or external managers is becoming essential - but only if they’re given the freedom to operate. “You can’t say ‘My business, my way’ and expect a professional to thrive,” she cautioned. Importantly, she emphasised that daughters today are just as capable of running family businesses - a shift from older, male-centric traditions.

Philanthropy as Legacy: Lessons from the Wealthy

Finally, Gavankar shared wisdom from India’s 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.

The Takeaway: Think Legacy, Not Just Wealth

For anyone building wealth, Gavankar had a simple but powerful message: “Succession is not about dying. It’s about continuity.” Whether it’s protecting your assets, securing your children’s future, or avoiding disputes - you need to plan now, not later.