A couple of assets which present the greatest challenges in succession planning are, 'Real Estate & Business Ownership'.

If clarity of thought can be achieved, Business Ownership succession might not be difficult to manage; but, the Real Estate demon is too big an issue.

Issues of -

Partition (in a suitable way) - we can't split an apartment by giving one bedroom to a successor & the other to the 2nd 😳

Dispute Resolution (within family).

Litigation (external forces).

Regulatory (govt related).

Documentation (😱).

Liquidity (we can't sell one room in an apartment, we have to sell the whole piece).

Illiquidity (we can't sell, when we want to sell).

Cash Components (Parallel Market).

Probate Costs.

Lawyer / Attorney Fees.

Illegal occupation of the property by miscreants.

Rental issues.

Overall Management issues.

& on transmission -

New problems to a successor - 'what should i do with this piece of land / apartment?'

Development?

Sell?

Maintain status quo?

If so, how long can I keep it? Should I keep it?

If selling is an option -

What is the right market price? Can I get all money into a bank? How will I take this money out (NRI)?

Am I getting a good price?

Above all - Own (more than required), Operate, Maintain, Sell or Transmit - TAXES are inevitable in this Asset Class, at each & every stage 🙂....No respite, there.

Real Estate or Reel Estate - having a plan is necessary ⛳