More Indians of all ages have begun to write a will.
PUNE: Writing a will, a financial planning activity that wasn't on the list of people as something that needs to be done for a long time, is being actively sought now, financial planners have said.
More citizens of all age groups have started writing the document that distributes their assets now more than ever.
On Sunday, Mumbai-based WillJini, a web portal that helps people write their wills online, held their first independent webinar on how to write one. WillJini started operating in 2014. Several people, many of them young, participated in the engaging hour-long session.
“We have held some seminars in the past for our partner firms and for wealth management professionals. This is the first time we've done it on behalf of our own portal, as there was around three times more traction throughout March, said Jatin Popat, founder of WillJini.
According to a Pune-based wealth management expert, most people in India write their wills only in their old age. “Abroad, it is different. It is part of estate planning in all age groups, he added.
At the webinar, the audience sought to know how to distribute joint ownership, what good is a will when making nominations for insurance and bank accounts, and what happens when a beneficiary dies before the execution of a will.
I was thinking about that for a while. We learned it the hard way (with probate certificates, etc.) after my mother's disappearance and now we are starting to write separate wills as a family, Aditya Kumar, 35, a Pune resident. said.
His friends are also writing it after they discussed it during the video call last week, where much of the discussion and jokes focused on Covid-19 and the resulting problems.
If 100 people wrote a will before, the number has now increased to 170-180, said Vijay Pal Dalmia, founder of the Delhi-based MakemyWill.in and practicing lawyer at the Indian court.
People often mistake a nomination with which they have fenced off loved ones in the event of an eventuality.
Proponents and financial planners say that, in the event of a dispute, a succession law nullifies the nomination in court.
When it comes to inheritance law, property is generally divided equally among all living heirs of the deceased and takes much longer, Popat said, while explaining why a will is an important document in financial planning/
The only time a person has to go to court, even if there is a will, is when the agency/institution insists on legalization, he said.
An estate is a court order that a will is appropriate, final and uncontested. In India, a will can be written on white paper and signed by two witnesses to be valid.
Registering a will is not important in India and it is a simple statement of a person's desire to distribute the assets accordingly. However, it is just an additional layer of security to do it, ”said Popat.
Since it is written in different ways and is not registered, a national image about the writing of the will is opaque. However, according to revenue officials, less than 2% of all recorded documents are wills.