A will is frequently regarded as something to be addressed only in old age. But as people live longer and accumulate assets earlier, delaying this decision until retirement may lead to disputes.
Drafting a will early safeguards personal assets and reduces the chances of confusion or dispute among dependents. Early action offers clarity and security, sparing your loved ones unnecessary complications in the future.
A will helps you decide exactly who gets what, in what proportions, and under what conditions. Here is why you should put pen to paper long before you collect your PF or pension.
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Protection For Your Minor Children
This is perhaps the most critical factor for young parents to prepare a will at a young age. If both parents were to pass away unexpectedly without a will, the court decides who becomes the legal guardian of your children.
Putting a will in place sooner rather than later allows parents to decide who should take responsibility for their children in case of an unforeseen event. It also provides clarity on how life insurance payouts and savings should be handled to support their schooling and overall welfare.
Avoid Family Disputes And Long Court Battles
Property-related disagreements are a frequent flashpoint in Indian families, often stretching into long and costly legal battles. A well-drafted will can sharply reduce the chances of conflict among siblings, in-laws and extended relatives.
By clearly recording one's wishes in advance, families are spared confusion and resentment. In many cases, prolonged litigation arises solely because of the absence of a will, compounding emotional stress and financial stress in the succession process and division of assets.
Protect Your Growing Assets And Future Wealth
Wealth creation in India is typically a gradual process. Many people buy their first home in their 30s or 40s, then expand into mutual funds, equities, fixed deposits and gold, with some acquiring an additional property later in life.
By retirement, this is often supplemented by EPF balances, gratuity, pensions and insurance proceeds. Delaying a will until then leaves families vulnerable to crises. Preparing a will early provides a framework that can be revised as new assets are added over time.
Digital Assets
The definition of "estate" has changed. Unlike our parents, our wealth isn't just in physical forms like gold and land. We have cryptocurrency wallets and NFTs, demat accounts and mutual fund portfolios, monetised YouTube channels or blogs, digital points and high-value subscriptions.
Without a will containing specific instructions, these digital assets could be lost in the ether forever.
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Supports Better Financial Planning
Estate planning is an extension of financial planning. When you document your wishes early, it helps align your investments, nominations and insurance planning with your long-term goals. It also encourages you to organise financial records, making life easier for both you and your family.
To conclude, waiting until retirement to write a will assumes that estate planning only matters at an advanced age. In reality, responsibility, not age, should trigger the decision. If you earn, own assets, or have dependents, you already have reasons to write one.
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