WILL Management – Why do I need it?

WILL Management – Why do I need it?

• Estate & Succession Planning
• May 30, 2017

Life after Death – Will Management

None of us really like to think about our own death or events that might unfold after we cease to exist. We often forget that life is full of uncertainties and forget the importance of planning for contingencies. Will Management, for example, is extremely crucial but a lot of people put it off for trivial reasons.

I have met many people who come from different backgrounds – nuclear families, joint families, working professionals, entrepreneurs and others.  A lot of them face issues related to incapacity, critical health issues, business risks, divorce, sudden death etc but very few proactively take measures to mitigate these risks.

We go through a lot of experiences in life between the time we are born to the time we are in our graves. We are so busy in our daily lives that we often forget to plan for tomorrow. And this is common across our country – we Indians assume and behave as though we are super humans. We believe that nothing bad or wrong will ever happen to us. For ex: We don’t like to wear a helmet while riding a bike,  Seat belts are an inconvenience while driving etc. We have a very casual attitude towards life.

Stages of Life – When is the right time to start Will Management?

Creation / Building Stage: As children and students we lead a fairly sheltered life. But as soon as we enter the phase of earning (job or business) in life, we all go through certain hardships.  This is when we become independent and start building assets.

Family Development Stage: The next stage is when we get married and have kids and we focus on securing the family financially. We typically buy a house, a car, plan our children’s education etc.

Growth Stage – Next we move beyond the basics and we enter the phase where our incomes and our expenses start growing at a very fast pace.

Consolidation Stage – We move into bigger houses, our kids would be planning for their graduation, we would be at the peak of our careers / business and this is the ideal time to take a break and think about the future. Here we should ideally plan to consolidate our assets based on current needs as well as future requirements.

Retirement Stage – Next comes the retirement stage and planning for post retirement life. We would have worked hard all our lives, and now would be the time to sit back and relax and enjoy the fruits of our labor.

So when is the right time to start working on will management? There is no better time than “NOW”! By writing a will you are simply confirming that you are a responsible person and that you care for your family who love you dearly. However, I have personally witnessed people coming up with innovative reasons to put off efforts on  will management or executing an estate plan:

• I am young I don’t it need it right now
• I am not dying so soon
• My family members wont fight
• Most of my assets are held jointly with my wife or parents
• I don’t know whom to approach
• Lawyers are expensive
• The process could be very tedious
• I don’t have enough wealth
• It is only for the rich
• will do it later

If you think these reasons sound fair, why don’t you answer some more questions:

• Do you feel responsible towards your loved ones?
• Do you travel – by car, bike or public or private transport?
• Is your job/work easy or stressful?
• Have you invested in financial assets?
• Do you own an immovable property like a house?
• Do you have young or minor children?
• What if you and your spouse die together?
• What if you become incapacitated?
• Do you feel life is risky?
• Can your spouse manage your assets in your absence?

The point of these questions was to drive home the importance of will management. It is always better to be safe than sorry and better late than never. So don’t put off will management any further – start today, talk to leading will management service providers in your city and take proactive efforts.