KOCHI: Financial assets worth Rs 2.11 lakh cr remain unclaimed in banks and financial institutions in India due to a lack of proper, legally tenable documents and inheritance records. The assets that remain unclaimed include bank deposits, insurance proceeds, provident fund, and stock instruments.

Launching True Legacy, a pioneering initiative dedicated to succession planning for individuals, families and business owners, Sreejith Kuniyil, founder of CAPITAIRE, a leading business consultancy firm, said succession planning is as important as wealth creation.

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“Not making a succession plan is a financial crime against the family and dependents. When there is no succession plan, the consequence is that the government then decides one’s legacy based on inheritance laws”, Sreejith said.

Succession planning, an important aspect of wealth protection has been widely neglected and that it should be approached with the same seriousness as regulatory compliance and tax obligations, he added.

He said True Legacy was focussed exclusively on providing structured and transparent succession planning solutions. Sreejith pointed out that more than Rs 2 lakh crore worth of bank deposits, insurance proceeds and investments were unclaimed or inaccessible owing to missing documentation and the absence of proper succession planning.

As part of the launch of True Legacy a Succession Planning Conclave attended by more than 450 business owners from India and the Middle East was held in Kochi.

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Addressing the conclave Group Meeran Chairman Navas Meeran said early succession planning was a necessary aspect for wealth protection of promoter families. He said promoters would be well advised to make such plans and get the next generation to handle business decisions early, so that the promoters would be able to handhold and guide them.

Prominent business leaders and industry experts, including Muhammed Madani K of ABC Group, Nikhil Gopalakrishnan, Vinodini Sukumar and Hamdan Al Hassani, addressed the gathering. They shared perspectives on continuity, resilience and the importance of protecting wealth for future generations. The conclave also featured the release of the book A Journey of an Entrepreneur by Sreejith Kuniyil.