Daughters Are No Longer “Dependents”.

Today’s daughters are doctors, entrepreneurs, CEOs, and decision-makers. They are managing their own finances, buying homes, investing in mutual funds, and building wealth, often on par with or ahead of their male counterparts.

The reality is that daughters are not just beneficiaries; they are often financial contributors. In dual-income households, they share expenses, support ageing parents, and sometimes even run the family business. Treating them as secondary heirs is not just outdated, it’s financially unfair.

The Legal Reality: Equal Rights Are Already in Place

What many people don’t realise is that the law in India already supports daughters as equal heirs. The Hindu Succession (Amendment) Act, 2005 made daughters equal coparceners in ancestral property, meaning they have the same birthright to family wealth as sons, whether or not they are married.

This legal recognition is important, but it’s only the first step. The bigger challenge is social and behavioural families must actively update wills, nominations, and succession plans to reflect this equality.

Steps Families Need to Take 

Parents need to be the flagbearers to provide equal rights and opportunities to daughters. As far as estate planning goes, parents must: 

• Write or update a will: Set clear asset distribution rules to ensure daughters are recognised equally. 

• Assess nominations: Avoid conflicts by aligning mutual fund, bank, insurance, and demat account nominations. 

• Talk openly: Discuss inheritance, duties, and family finances with daughters to reduce conflict. 

Parents Role in the Evolution of Succession Planning 

Updating Estate Plans to Match Modern Family Dynamics 

Many old wills were written assuming only sons would inherit. This can lead to disputes and accidental exclusions. Updating your estate plan to reflect today’s realities and including daughters as equal beneficiaries ensures clarity, fairness, and smooth wealth transfer.

Teaching daughters financial management 

Succession is not just about money, it’s about responsibility. Daughters should be financially aware and confident in managing assets. Involve them in financial decisions early and teach them the basics of budgeting, investing, and planning. This empowers them to preserve and grow family wealth.

Mutual fund nominations matter 

A common misconception is that nominees automatically inherit mutual funds. In reality, a nominee only holds the investment until the legal heir is determined. For example, if a father names his daughter as nominee but his will names the son as heir, the son will receive the units. To prevent conflicts, ensure nominations and wills are aligned.

Final Thoughts

India’s wealth story is changing and so must our inheritance story. Daughters today are not bystanders; they are active participants in building and managing wealth. It’s time succession planning caught up with this reality. Because when we empower our daughters, we’re not just securing their future, we’re strengthening the financial future of the entire family[RJ3] .

Source: https://www.bajajfinserv.in/what-is-ancestral-property