What is Estate Planning?

Estate planning is the process of arranging for how your assets will be distributed after your death or incapacitation. It covers:

  • Writing a Will to specify who inherits what.
  • Nominations on financial accounts to ensure smooth transfer.
  • Trusts for complex estates or minor children.
  • Power of Attorney for incapacitation during your lifetime.

    • Without planning, intestate succession laws govern your estate — often creating lengthy legal disputes, unequal distributions, and unnecessary tax burdens.

    Why a Will Matters

    In the absence of a Will, your assets are distributed per the Indian Succession Act (for Hindus: Hindu Succession Act), which may not align with your wishes. Common problems:

  • A surviving spouse may receive only a portion of assets if in-laws have legal claims.
  • Business assets may be distributed to parties not equipped to manage them.
  • Specific sentimental items may go to unintended parties.
  • Bank accounts can remain frozen for months during legal disputes.

    • What a Basic Will Covers

  • Testator: Your identity and statement of sound mind.
  • Executor: The person you appoint to carry out the Will's instructions.
  • Beneficiaries: Who inherits what — in specific amounts or percentages.
  • Guardianship: Who cares for minor children if both parents die.
  • Specific bequests: Sentimental items (jewellery, heirlooms, etc.).

    • How to Make a Will in India

    A Will does not need to be registered (though registration adds legal weight). It must be: 1. In writing (typed or handwritten). 2. Signed by you in the presence of two witnesses (who are not beneficiaries).

    Consult an estate planning lawyer for any Will involving significant assets, property in multiple states, or business interests.

    Nominations Are Not Enough

    Nominees on bank accounts, insurance policies, and mutual funds are custodians, not legal heirs. Without a Will, a nominee could be legally required to hand over assets to legal heirs — even if your intention was otherwise.

    > Altius Tip: Making a Will is not morbid — it is an act of care for the people you love. Even a simple Will for a young professional with a home loan and two dependents provides enormous protection. Don't wait.