Wills aren’t just for the old. Here’s why you should have one too
Published by India Today
Abhishek Kumar's role: Quoted
Abhishek Kumar said people should make a will once they own significant assets or have dependents, include digital assets through a digital executor, and review it every three to five years or after major life events.
What Abhishek Kumar said
Why do many Indians put off making a will?
Religious beliefs lead many people to feel that planning for death invites bad luck, so the subject causes anxiety and discomfort. With clients, I try to understand those feelings without judging them, and I stress that a will is about protecting loved ones, not inviting misfortune. Awareness, and real examples of families caught in disputes because there was no will, can help change this mindset.
When should I make a will?
Make your will as soon as you own significant assets, such as a house or investments, or have dependants like a spouse or child. Estate planning is not paperwork meant only for older people; I see it as part of building wealth. A will makes clear how assets are to be shared out, which reduces family disputes and helps your dependants get the financial security you intend.
How should a will deal with digital assets?
Through your will you can name a digital executor with the legal authority to reach and transfer assets such as crypto holdings, demat and online investment accounts, and UPI wallets after your death. Give your heirs clear instructions on how to access these assets, but never put private keys or passwords in the will itself, because a will becomes public during probate.
How often should I update my will?
I suggest looking at your will again as a routine every three to five years, and straight away after a big life change: getting married or divorced, having or adopting a child, acquiring a major asset, setting up a business, or losing a beneficiary or an executor. To update it, either write a fresh will that cancels the earlier one or, for minor changes, attach a codicil.
In our words, from what he said in the piece. General information, not personal advice.
More of Abhishek's views on money management
The article argues that a will is a financial planning tool for people of all ages, not only the elderly. It covers why many Indians avoid the topic, when to write a first will, its role in avoiding family disputes, how to include digital assets, and how often to update it.
Publisher source
Wills aren’t just for the old. Here’s why you should have one too