Property Planning : Two brothers who grew up together in the same house many years ago, completely stopped talking to each other after the death of their father. The reason for that was not the big business disputes between them, but the house that father had built so hard. He earned a lot for his children, but forgot one important task…writing the ‘will’. Within a few months of his death, the brothers climbed the steps of the court, the relations were severed, and the house remained locked. This is not just a story of a family, but the bitter truth that we see around us every day.
Growing wealth.. but no succession planning?
Today’s Indians are financially stronger than ever before, buying houses, investing in mutual funds, and excelling in the stock markets. But the attention shown in creating wealth is not shown in planning how to pass that wealth on to the successors. A study conducted by ‘1 Finance Magazine’ revealed shocking facts in this regard. According to that survey, about 84.8% of Indians do not have a will. Moreover, it was found that 62.5% people had no intention of writing a will, and only 15.2% had written a will so far.
Postponing discussion. Misconceptions in society
Talking about ‘death’ or ‘transfer of property after death’ is considered a taboo in Indian society. Some people think that if they talk about the will, bad things will happen, while others think that their children will take care of everything. But, in modern times, assets are not just cash and jewelry but also insurance policies, digital assets and foreign investments. Transferring them to heirs without proper documents can become a big problem legally.
According to Ashish Nasa, Managing Director, Universal Trustees, there is a strong misconception among people that Wills are only for the rich. But anyone who has assets to protect and dependent family members can write a will. Also, he opined that there is no rule to write a will in old age, it is best to think about this only when one starts earning and starts creating assets. Many people think that the nominee is the owner of bank deposits, but the nominee is only the representative who receives the money, not the legal heir. In such matters complete clarity comes only if there is a will.
It is not just a legal document.. an assurance..!
A will should not be seen as just a property document, it is a family document. It is the greatest gift you can give to your family members after you to avoid any confusion and conflict between them. A will does not remove the grief caused by death, but it certainly removes the doubts that arise about property.
We work hard all our lives and accumulate wealth with the intention of making our children and family happy. But it is essential to write a ‘will’ so that wealth does not divide them. To be sure, the ‘clarity’ that allows them to live together in peace is more valuable than the property you pass on to your heirs. So, before planning another investment, it is very important to think about preparing a will.
