New Delhi, Aug. 4 -- In the ever-evolving world of startups and traditional family-run businesses, one quiet but crucial question shapes the future: Who's next?

Succession planning isn't just the domain of large corporate boardrooms. It has everyday relevance-impacting families, their financial security, and intergenerational harmony.

Succession planning involves more than deciding who inherits what. It's about protecting wealth, avoiding conflict, and ensuring a smooth transfer of responsibility and ownership. Several legal instruments can help with this: wills, gifts, trusts, Hindu Undivided Families (HUFs), and family arrangements. Here's a look at how each works-and where each may fall short.

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