We've all been there, haven't we? A family gathering in the living room, where the men of the family are leading the conversation while the women are gathered in the kitchen or huddled in a quiet corner, whispering as if some crisis is about to break open. It's a scene that's all too familiar, one that we've all witnessed at some point. This isn't just any family gathering—it's about dividing up the inheritance from our elders, a moment filled with anticipation, anxiety, and the unspoken tensions that lie just beneath the surface.
1.1 The Battle of Inheritance
Humans are known to be social beings. For thousands of years, earning resources for survival and building wealth for the upcoming generations go hand in hand. However, we sometimes fall into traps of unjust aspiration to judge what is fair and justified for everyone and engage in by all means to grab wealth that is not rightfully ours. The war of inheritance is silently fought between loved ones; no matter who wins, relations always lose.
1.2 The “Why”
Like any other monetary decision, succession plans are also essential to our overall financial hygiene. A large part of the Western population has understood its importance and is very proactive to have a succession plan in place. A well-thought succession plan not only helps in protecting your loved ones, but it also aids in discovering your assets and debts, avoiding family disputes and distress over wealth distribution, and ensuring a smooth transition of generational wealth.
“Money conversations are often avoided in our homes because they are difficult. They shouldn’t be, because not sharing information or avoiding conversations will lead to more chaos. And solutions can be found to most problems once conversations are had.” Radhika Gupta, MD & CEO Edelweiss
An official report states that 70% of the total civil cases in India are property disputes, most of which are family disputes. It’s disheartening that the wealth accumulated by generations over decades is either stuck in legal battles or wasted due to family indecision. The reason: we never thought about it, we never planned, and we never discussed it. Succession planning is no longer a taboo but a proactive step toward a safer future. The most difficult part of any financial matter, including drafting a succession plan, is taking the first move. Lack of financial literacy, lack of awareness, and procrastination are among the many reasons that prevent us from drafting our first succession plan.
1.3 The most important question
So, here goes the most frequent question. What is the right time to draft my first Will and how can I do it ?
Legally speaking, once someone reaches the age of 18, they can create their Will. However, the right time to create a Will is when you start accumulating wealth and have dependents, such as parents, children, or a non-earning spouse. Indian law has made writing a Will easy and straightforward. You can draft your Will on your own, on a plain piece of paper, and update it as many times as you wish. However, it is advisable to seek the help of a legal expert to avoid errors and make informed decisions.
We could not stop ourselves but sharing this beautiful interview that we posted a few months back on YouTube explaining the need to have a succession plan and the consequences in the absence of it.
1.4 The Conclusion
Before we sign off, here is a summary of our discussion. The battle over inheritance is not worth it for many reasons and could easily be avoided through open conversation. Life is unpredictable; should we be? Many families have suffered because they were reluctant or shy to plan and discuss what should be done in case of a mishap. Though it can be emotionally heavy at times, it is both proactive and practical. Let’s give our families what they deserve, even when we are not around.
Are we prepared to take that important step?
My Legacy Box (“formerly Oiconomos”) is an end-to-end solution for personal finance legacy management. It simplifies succession/inheritance planning and management by building on financial hygiene and best practices. Innovative segments like facilitation of one click Will creation which is considered to be one of the most effective tools for inheritance management in the judiciary system, make us stand out. With the help of tech, we make succession management accessible, affordable, and secure for the families of Bharat.
