Financial Continuity Planning in India: Why Writing a Will Is No Longer Optional

In India, a great focus is placed on saving and investing wealth, yet little attention is given to what happens to that wealth after one’s lifetime. This gap has created a serious and growing problem of unclaimed assets, prolonged legal battles, and families left emotionally and financially stressed.

AasaanWill shared insights at the IDFC FIRST Bank presents Outlook Money 40After40 Retirement and Financial Planning Expo. Financial planning by way of writing a Will is not merely a legal formality; it is a responsibility toward one’s loved ones, as well.

One of the significant challenges in India is the lack of a centralised asset monitor. Individuals store wealth across multiple avenues, including provident fund (PF) accounts, pensions, gratuity, fixed deposits, savings accounts, mutual funds, stocks, real estate, gold, and sometimes even forgotten investments made years earlier. In many families, only one person is fully aware of the complete financial picture. When that individual passes away unexpectedly, family members are left confused and overwhelmed. They often do not know where accounts exist, what documents are required, or how to initiate claims.

When a Person Dies Intestate

In the absence of a Will, the legal process can be lengthy and exhausting. Financial institutions typically freeze bank accounts, lockers, and investments until appropriate documentation is produced. Heirs must gather death certificates, present know-your-customer (KYC) documents, relationship proofs, and, in most cases, a succession certificate or probate from the courts in the event of the death of the accountholder or the primary investor.

This process can take months or even years, depending on the complexity of the estate. Legal expenses further add to the burden during an already difficult emotional period.

How Assets get Distributed in Absence of a Will

It is important to note that assets are distributed strictly according to succession laws rather than personal wishes when a person dies intestate (without leaving a Will). The law follows a hierarchy of legal heirs that is predefined. This can result in unintended outcomes where certain loved ones do not automatically receive a share of their assets. Vulnerable family members, including elderly spouses, dependent parents, or children with special needs, may not receive the structured protection they require. These rigid legal framework often becomes the root cause of family disputes, many of which could have been prevented through clear planning if a Will was present.

Why a Will is Important

A well-drafted Will ensures that assets are distributed exactly as intended. It identifies the family members clearly, lists assets accurately, specifies individual holdings, and includes a residuary clause to cover any remaining or future assets. It can also provide guardianship instructions for minor children. When drafted and executed correctly with proper witnesses and, if required, registration or notarisation, a Will becomes a powerful instrument of clarity and protection.

Ultimately, writing a Will is not about anticipating death; it is about protecting life’s work. It prevents disputes, reduces financial hardship, safeguards vulnerable family members, and ensures peace of mind.

In a country where wealth creation is accelerating, responsible wealth transfer must follow. Financial continuity planning is no longer optional; it is essential for every family that values stability, clarity, and dignity.