Will these mutual funds help me to leave a legacy for my children?

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I am 73 years old and am investing every month to leave a legacy for my children.

Axis Focused 25 Fund: Rs 5,000
HDFC Small Cap Fund: Rs 2,500
L&T Midcap Fund: Rs 2,500,
PPLT: Rs 5,000
Tata Equity PE Fund: Rs 5,000
Invesco India Contra Fund: Rs 5,000

Besides, I am also investing around one lakh in ELSSs. Kindly suggest improvement for maximum returns taking into account the uncertainty of my remaining life. My goal is clear. Being a pensioner, I don't need my investment back in my life. My sole objective is to maximize the returns so that my children get as big a legacy as possible. Horizon is, of course, uncertain. Being 73, god willing, I hope to live another five to seven years.
-- Suraj B. Singh

Raghvendra Nath, MD at Ladderup Wealth Management, responds:


Investment in equity tends to be volatile in the short term but delivers the best returns in the long term. So with the time horizon available, you should be able to accumulate decent wealth over the next 5-7 years. I would recommend you to replace PPLT with Kotak Standard Multicap fund. Considering the mentioned SIP and ELSS contribution, you should be able to accumulate close to Rs 80 lakh in next seven years if equity markets continue to perform well.

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