Estate planning is more than just distributing wealth—it’s about securing your family’s future and ensuring your hard-earned assets reach the right hands without confusion or conflict. Unfortunately, many families are left in distress when they cannot trace important documents, insurance policies, or investments of the breadwinner after an unforeseen event. From bank deposits and mutual funds to real estate and liabilities, the absence of a clear plan can create financial and emotional turmoil.
That’s where estate planning steps in. By consolidating assets, nominating beneficiaries, and documenting your wishes clearly, you create a roadmap that protects your loved ones. Among the many methods, writing a Will remains the most common and effective in India. But while it may sound simple—just listing assets and naming beneficiaries—there are important nuances, legal terms, and structured steps that make the process smooth and reliable.
Before diving into the finer details, let’s first understand the key concepts and terminologies around a Will.
Estate Planning
It is the process by which a person bequeaths his assets to intended beneficiaries. The Estate Planning process includes Estate Consolidation, selecting the ‘Mode of Estate Planning’, deciding beneficiaries and other stakeholders who are to be part of the process. Needless to say, ensuring nomination in all investments is a basic requirement. At the same time, it is important that the family members know the location of all important documents and the means of reaching them. We have practically seen situations where the family members aren’t aware of the details of the investments made by the breadwinner. In case of an unfortunate event to the investor, family members have no clue about his insurance policies, investments (across post office, banks, Mutual Funds, stocks, PMS, AIF, and real estate). The situation cannot get worse if there is an unknown liability.
WILL
It’s the most prominent method followed in our country. All that one needs to do is compile all his assets and name the beneficiaries of those assets. Is it all that easy? Or can the process be made easier? One – When there is a step-by-step solution to any issue, it can be resolved. Two – Professionals or domain experts can do the work for you.
Before we get into finer details, let us first understand various terminologies relevant to a WILL.