Over the last five years, I have noticed a remarkable change in the way people think about writing a Will.
Earlier, whenever I brought up the topic with clients, I could almost predict their reaction. Some would immediately change the subject, while others would politely say, “Let’s discuss this later.” Many of them believed that a Will was something which belonged to old age. Some even felt that talking about a Will was inauspicious or invited bad luck.
The pandemic became a turning point. It reminded many of us that while life is uncertain, planning for our loved ones is very much within our control. Planning ahead is one of the greatest responsibilities we can fulfil for our families. People have become far more open to discussing Wills and estate planning because they have realised this important truth after the pandemic.
In my view, discussing a Will should be a part of every financial planning conversation, irrespective of the size of your assets. Whether you own a house, have investments, maintain bank accounts, or have just started building wealth, a Will is relevant.
Before We Begin, Let’s Clear Up a Common Confusion
Terms like Will, Estate Planning, and Succession Planning are often used interchangeably, but they are not exactly the same.
Estate Planning is the broader process of deciding how your wealth, assets, and financial affairs should be managed and eventually passed on.
A Will is one of the most important tools used in estate planning. It records your wishes and helps ensure that your wealth is passed on in the manner you intend.
Succession Planning, on the other hand, is generally associated with transferring the ownership and management of a business to the next generation or chosen successors.
For most individuals and families, writing a Will is the first and most important step in estate planning.
Let’s Bust Some Common Myths About Wills
Over the years, I have come across a few misconceptions repeatedly.
“I am too young to write a Will.”
A Will is not about age. It is about responsibility.
If you have started earning, have investments, own assets, or have people who depend on you, you can consider writing a Will.
“I don’t have enough wealth.”
A Will is not meant only for wealthy families.
It is about ensuring that whatever you own, whether it is a savings account, mutual funds, insurance policies, or a house, reaches to the people you want.
“My family will manage everything.”
Perhaps they will.
But not without additional stress, paperwork, delays, and sometimes disagreements.
A simple Will cannot take away the emotional pain of losing a loved one, but it can certainly save your family from unnecessary confusion, paperwork, and difficult decisions during that time.
What Is a Will?
A Will is a legal document that records how you would like the wealth and assets you have built over your lifetime to be passed on to the people you care about.
It clearly states:
- Who should receive your assets
- Who will take care of your minor children, if applicable
- Who will be responsible for carrying out your wishes, known as the executor
Without a Will, the distribution of your assets is governed by the applicable succession laws. While the law provides a framework, the outcome may not necessarily reflect what you would have wanted.
It is also important to remember that a Will is not permanent.
As you progress through different life stages, you go through lot of events. You get married, welcome children into your family, buy a home, start a business, acquire new investments, and your financial situation will also change.
Your Will should evolve with these changes. It can be updated whenever needed, and if circumstances change significantly, you can even write a fresh Will.
Why Is a Will Important?
Most of us believe our family members understand our wishes well enough. And in many cases, they probably do.
The difficulty is not about understanding our intentions. It is about dealing with legal processes, paperwork, and deciding who receives what when nothing has been documented clearly.
A Will removes this uncertainty and gives your family one less thing to worry about during an emotionally difficult phase of life.
- It Reduces Family Conflicts
Money can become an emotional subject after the loss of a loved one.
A clearly written Will minimises confusion and reduces the possibility of disputes among family members.
- It Protects Your Loved Ones
If your spouse, children, parents, or anyone else depends on you financially, a Will gives you the opportunity to decide how they should be looked after and ensures your wishes are clearly documented.
- It Saves Time and Effort
Without a Will, your family may have to go through lengthy legal procedures and complete several formalities before certain assets can be transferred.
Instead of leaving your family to figure everything out, you make those decisions yourself. That clarity can save them considerable time, effort, and uncertainty.
What Should Your Will Include?
A good Will should provide sufficient clarity so that your family can easily understand your wishes.
- A List of Your Assets
Prepare a comprehensive list of your assets, such as:
- Bank accounts
- Mutual funds
- Shares and other investments
- Insurance policies
- Properties
- Gold and jewellery
- Lockers
- Business interests
- Goodwill associated with your business
- Intellectual property such as patents, copyrights, trademarks, or royalties, wherever applicable
- Digital investments and online financial accounts
- Nominees and Legal Heirs
This is perhaps one of the biggest misconceptions in financial planning.
Many people believe that once they have added a nominee, their work is done.
In reality, a nominee is generally responsible for receiving or holding the asset on behalf of the legal heirs. The nominee is not necessarily the person who ultimately inherits that asset.
A Will is what clearly establishes who should receive the asset in the end.
- Jointly Owned Assets
If you jointly own a properties or bank accounts or any investments, ensure that your Will aligns with the ownership structure and your intended distribution.
- Digital Assets
Today, many of us own online investment accounts, digital wallets, cloud storage, social media accounts, and other digital assets.
These should also be considered while preparing your Will.
How Can You Make a Will?
Many people postpone writing a Will because they assume it is complicated. In reality, preparing a basic Will is often much simpler than they expect.
Here are the broad steps:
- Prepare a clear list of your assets.
- Decide who should inherit each asset.
- Appoint an executor who will carry out your wishes.
- Sign the Will in the presence of two witnesses.
- Store it safely and inform a trusted family member or the executor about its location.
While a simple Will can often be prepared without legal assistance, seeking professional guidance is advisable if your family structure or financial situation is more complex.
When Should You Review Your Will?
A Will is not something you write once and forget about. As life changes, your Will should change too.
Review the Will whenever there is a significant life event, such as:
- Marriage or divorce
- Birth of children
- Purchase or sale of major assets
- Changes in your financial position
- Any significant change in your family circumstances
Even if none of these events occur, reviewing your Will every few years is a good habit to develop.
What Happens If You Don’t Write a Will?
When someone leaves behind assets without a Will, the law decides how those assets are to be distributed. While the legal process provides a framework, the outcome may not always reflect what that person would have wanted.
This can sometimes lead to:
- Longer legal procedures
- Additional documentation and visits to various authorities
- Delays in transferring assets
- Confusion among family members
- Distribution of assets in a manner different from what was intended
A Will allows you to make these decisions yourself instead of leaving them entirely to the legal process.
A Final Thought
Building financial security is a journey that takes decades.
We work hard, save consistently, invest patiently, buy our homes, educate our children, support our families, and gradually create wealth over many years.
If we pause and reflect on this journey, we realise something interesting. For many of us, a significant part of the wealth we create is never actually consumed during our lifetime. It remains with us in the form of investments, properties, savings, businesses, jewellery, and other assets.
Beyond its monetary value, this wealth often gives us something much deeper. It provides a sense of security, confidence, and peace of mind. It reminds us of years of hard work, discipline, sacrifices, and thoughtful financial decisions. That feeling is difficult to measure and even more difficult to replace.
One day, however, this wealth will naturally move on to the next generation or to the people we care about the most. A Will simply allows us to decide how that transition should happen.
To me, writing a Will is not just about preparing for the end of life. It is about taking responsibility for everything we have built over the years. It is about ensuring that our wealth reaches the right people in the right manner, while also passing on the values and financial discipline that helped create the wealth.
If our wealth has grown beyond what our family’s future needs may require, we can also consider setting aside a part of it for a charitable or social cause. Whether this supports education, healthcare, environmental initiatives, animal welfare, or any cause close to our hearts, such a gesture allows our wealth to continue creating a positive impact long after we are gone. More importantly, it keeps alive the spirit of giving and encourages future generations to value compassion alongside prosperity.
A well-written Will is one of the most thoughtful gifts we can leave behind.
It quietly tells our loved ones, “I have taken care of things for you.”
Disclaimer: This article is published by Ara Financial Services Pvt. Ltd. (ARN-76035), an AMFI-registered Mutual Fund Distributor, for investor education and general informational purposes only. It is not investment advice or a recommendation to buy, sell or hold any investment product. Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Please consult your financial and tax advisors before making any investment decision.
Shreedhara is the Founder & Director of Ara Financial Services Pvt. Ltd. He has an experience of over 2 decades in Financial Service Industry with majority of it in guiding individuals and institutions on their investments requirements.
