Our death is not an end if we can live on in our children and the younger generation. . . " goes a famous quote by Albert Einstein. So, that is one reason why succession planning is essential. It ensures your assets are distributed as per your wishes after you die. Yet, despite proper planning, disputes can still arise among your heirs, especially if the assets thus distributed do not meet their expectations. Here is what you can do to avoid such disputes: A comprehensive will: Succession planning or inheritance planning is a process by which you can pass on your property, assets, and other possessions to the next generation. A will is a legal document that summarises your choice of distribution of your property and assets after your death by appointing beneficiaries, and guardians for minor children as the case may be. So, leave behind a clear and detailed will, or testament, that outlines your decisions. TRENDING STORIES See All Premium Forget chatbots, this is how US companies are using AI Premium Horoscope Today: Money astrological predictions for 2nd . . . Premium Marico, RP differ over FRL insolvency Premium IBC experts push for creditors’ standards Proper communication: It is absolutely critical to discuss your will with your heirs while you are still alive and also explain your rationale behind all your decisions. This is crucial to avoid any misunderstandings after your demise. Vikas Soni, a Supreme Court advocate and senior advisor with M V Kini & Co. Advocates and Solicitors, says, “Assets should be equally distributed among all shareholders with complete fairness lest it leads to animosity and disharmony in the family. The contents of the will should be discussed with the beneficiaries. Only when everybody is okay with the division and distribution, should the will be written. " Leave nothing to chance: Ensure that all your assets are thoroughly documented and accounted for, and make sure to update your will regularly to reflect any changes. Soni says, “You must consider all major life events such as births, deaths, marriages and divorces. These should reflect in the will. In the absence of a Will, the assets are governed and dealt with by the laws of the State. " The executor: After your demise, the responsibility of executing the will vests with an executor hitherto selected by you. Hence, it’s essential to pick someone honest, dependable, and competent enough to be a executor. Bharat Phatak, director of Scripbox, says, “The executor appointed should be a reliable and trustworthy person who has the necessary knowledge and skills to take care of the estate. " Professional advice: Consider using a professional Will-writing service to ensure that your testament is legally sound and that your intentions are clear. Phatak said, “Consult a financial advisor or an attorney to prepare a comprehensive succession plan. They can provide valuable guidance on structuring your estate and ensuring your wishes are fulfilled after your death. " MORE FROM THIS SECTION See All Premium Premium Do debt markets present a better opportunity now? Premium Premium How to create a debt portfolio that can fetch 8% plus r . . . Premium Premium Which are the top most risky mutual funds in India: A b . . . Premium Premium The economics of thinness All these measures can help minimize the risk of disputes among your heirs. ABOUT THE AUTHOR Navneet Dubey Navneet Dubey is a personal finance writer and artist. Over the past decade, he has written feature stories on insurance, financial planning, lending and borrowing. Read more from this author Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less OPEN IN APP.