All your assets, movable or immovable, in legal terms are known as estate. And when you plan about what will happen with your assets after your death, it is known as estate planning. In this blog I have covered 5 common mistakes that Indians make in not planning their estate.
Mistake1: Failing to plan
Covid-19 had initiated the talk about financial planning but people still don’t plan their estate, which also forms a part of it. And this is because 65% people think that it is for wealthy people to plan. You need to ask yourself a question- Why are you earning by working so hard for your family? And we know your answer; it is to secure their future!
Mistake 2: Thinking your finances are too simple for estate planning
You may assume that your financial situation of wealth management practice is very straightforward. But you will be surprised to know in 2021, the average household wealth in India was ₹9,83,010 per adult, and it is sufficient to give a kick start to your estate plan.
Mistake 3: Not discussing it with your family
Discomfort, anxiety and the taboo around estate planning hold back most of the Indians to initiate a conversation about it with their family. But everyone needs to understand that times have changed now. Your family also need to make a shift about this thought that it is not a retirement plan that needs to be discussed only after in your 60 but it is more about that you never know when will you be retired forever. Be the hero in real sense.
Mistake 4: Forgetting about your digital assets
Since past 3 years, digital assets are the hot topic. Because people have started investing more, they talk about it more and more but they might not be aware of the fact that it also forms a part of their estate and this also needs to be included.
Mistake 5: Forgetting to update your Will, in case you have one!
Congrats if you have already taken the first big step i.e. writing your Will. But always keep in mind that whenever you have a big change in your life like marriage, child, divorce etc. keep updating your Will. It is for your’s and others’ peace of mind, without any challenges.
How can you plan your estate with AasaanWill?
This is how we at AasaanWill help you plan your estate:
- We offer 15 minutes free consultancy calls to clear all your doubts and help you take your big step.
- Write your Will with us online, which is legally vetted and valid, easy and affordable at just ₹4999 .
- We provide you all list of assets to choose from, so that you don’t miss out on any of it.
- And lastly, we offer free updates in your Will for the first 5 times.
Do the smart work today and plan your estate. Initiate your Will writing process with us at AasaanWill. Zaroori Hai!