New Delhi, Sept. 5 -- For most Indian households, succession planning is closely tied to real estate. The property bug usually bites early because the ultimate aim is to ensure that you at least leave your kids with a roof over their heads. And accumulating property becomes a proxy for saving for the next generation. Well-intentioned as this may be, it is slightly misguided.

Real estate demands money, time and physical effort for its upkeep and all of this can become increasingly painful and tiring with age. Worse, an asset intended to provide security can turn into a succession nightmare when children have settled elsewhere, have no plans to return and must manage or sell the property remotely.

Some seniors are recognising this early. ...