Why Are Indians Reluctant To Ponder About Succession Planning?
9 Nov, 2022 . 3 min read

Why Are Indians Reluctant To Ponder About Succession Planning?

A recent survey done by AasaanWill about knowing the perspective of Indians on succession planning found that many Indians are reluctant to even talk about it, taking an action for it is a whole other step. And to our surprise, not only the middle class or upper middle class are running from this crucial subject matter but also wealthy people.

Let us list a few reasons related to succession planning of which we are sure that you will definitely relate to:

It will disrupt the harmony and peace in the relationships

  1. It will make our children more materialistic and greedy
  2. I’ll not die anytime soon
  3. It will never solve the issue of property disputes among siblings or other family members
  4. Our values are enough to solve the after disputes among our children
  5. We have nominees for our assets, especially in banks and other investments.

The above-stated reasons are purely myths and nothing else. If not having a succession plan could have saved families then today there must have been no disputes related to property distribution between siblings or children and they shouldn’t have ended up in litigation spending lakhs of money for claiming their rights legally and this is only due to the reason that their parents didn’t leave a Will.

Having a succession plan in place saves a lot of time, money and effort for your children and one of the best ways to do it is by writing a Will. Your few thousand of expenditure today can save your children thousands and lakhs of rupees which they will surely put to better use.

Yes, we agree that a Will can be challenged in a court of law even if it is prepared after keeping all the legal aspects in mind but that doesn’t mean that you should not have a plan. It is just like because obviously, I am going to die someday so I shouldn’t have a life insurance plan. It’s just a vague argument.

How having a Will is helpful for family members?

It helps them to locate all your assets and claim them on time.

  1. Without a Will, it takes a lot of documentation work from the court to claim your investments.
  2. It makes your family respect your last wishes to keep their bond intact.
  3. The nominee is not the same as the beneficiary. Many people don’t even change their nominees after important life-changing moments such as marriage, having children, divorce etc. which is again a huge cause of dispute related to the inheritance of assets among family members.
  4. If you state the reasons in your Will for your certain decisions, especially regarding the distribution of your assets among your family members, it leaves a scope for your family to at least understand and respect it, else there is no way that they will know about it if you don’t tell them personally.

We hope the above points have clarified your doubts or at least will move you to think about writing your Will. You can also book a free 15 mins consultation call with our team of expert lawyers at +91-8764447848 or write to us at [email protected].

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