Why Estate Planning and Will Making are Essential for Seniors

In a recent webinar hosted by Sukoon Unlimited, the intricate world of estate planning and will making was explored, featuring insights from Mr. Nikhil Varghese, Co-Founder of Yellow, and co-hosted by Ritu, our Sarathi. The session, curated by Vibha, Founder of Sukoon Unlimited, provided invaluable knowledge on how seniors can navigate these crucial aspects of planning for the future. Here’s a breakdown of why estate planning and will making are imperative for seniors, as discussed in the webinar. 

Introduction to Estate Planning 

Sarathi Ritu initiated the conversation by prompting Nikhil to demystify estate planning. Nikhil eloquently articulated that estate planning encompasses far more than just real estate. It involves organizing all assets—everything one owns—and ensuring their smooth management and transfer during one's lifetime and beyond. He emphasized the importance of not merely accumulating wealth but also meticulously planning for its future distribution. 

Understanding Wills and Their Importance 

Nikhil underscored the pivotal role of a will in any estate plan. Describing it as a personal instruction manual for asset distribution after death, he highlighted the risks of not having one—leaving the government to decide asset allocation based on generic laws, which may not align with individual wishes. He provided compelling examples illustrating how different religious and gender factors can affect asset distribution under Indian laws, emphasizing the need for a will to honor one's desires. 

Gifting vs. Making a Will 

Sarathi Ritu raised an intriguing question about whether gifting assets during one's lifetime is preferable to making a will. Nikhil weighed the pros and cons, cautioning against the risks associated with premature gifting, as demonstrated in the Singhania case. His advice advocated for gifting as a part of one's strategy, with a reminder to retain control over essential assets until the opportune moment. 

Registration and Modification of Will 

Nikhil addressed a common query regarding will registration, highlighting its benefits in providing legal assurance and simplifying the transfer process, especially for immovable properties. He stressed the flexibility of wills, emphasizing that they can be updated as needed to reflect evolving life circumstances and desires. 

Creating a Will and the Role of Executors 

Breaking down the will-making process, Nikhil outlined simple steps, including asset identification, beneficiary specification, and executor appointment. Stressing the crucial role of the executor, he advised selecting someone trustworthy. For those with minor children, he emphasized the necessity of naming a guardian. He reassured participants that creating a will doesn’t require a specific format, making it accessible for anyone to draft their own with clear instructions. 

Managing Assets Across Jurisdictions 

For families with assets and heirs dispersed across different jurisdictions, Nikhil offered a practical solution: creating separate wills for each jurisdiction. This approach avoids the legal complexities of validating a single will across multiple systems, ensuring a smoother asset transfer process. 

Overcoming the Fear of Writing a Will 

Vibha concluded the session by addressing common fears and stigmas surrounding will writing, likening it to buying life insurance—not because one expects the worst, but to protect loved ones. She emphasized that writing a will is a practical step to prevent future disputes and ensure that assets benefit those cared about the most. 

Conclusion 

The webinar shed light on the critical importance of estate planning and will making, especially for seniors. It emphasized the necessity of proactive planning to safeguard seniors' legacies and ensure the well-being of their loved ones. With insights from experts, navigating the complexities of estate planning becomes not just manageable but empowering. Seniors are encouraged to take charge of their future by engaging in estate planning to secure their peace of mind and protect their family's future.

   

 Check out the full recording in the link - https://youtu.be/cB7BLkGW7vA 

Don't miss out on the next session, every Thursday at 11 AM 

Join Sukoon Unlimited to stay informed and empowered about essential life planning topics, because your peace of mind and your family's future are invaluable investments.