Women should take charge of their inheritance planning. Here's how

For most Indian women, does having a job and earning a salary translate into financial independence? Seems not. A recent Tata AIA Life Insurance survey found that 59 per cent of women do not make independent financial decisions. While a shocking 89 per cent of married women are still dependent on their spouses for planning their finances, for 39 per cent, financial planning only involves planning the monthly budget.

Financial independence is the cornerstone of women's empowerment, and it's high time women handled their hard-earned money and planned their finances. While financial planning is extremely important, inheritance planning deserves equal attention.

Two-pronged approach

Inheritance planning is two-pronged: Upstream and downstream. While the former involves ensuring that your parents have planned their inheritance, the latter is all about doing the same for your children or any other beneficiary you deem fit.

Upstream

Choose the right time for such discussions — when your parents are relatively relaxed. You can initiate a general conversation on the subject and then ask if they have planned their inheritance. If not, make them aware of how important it is to avoid multiple problems in the future.

Downstream

There are many reasons why every woman should write a will. To begin with, at least some inheritance laws in India are biased towards male members. For example, if a Hindu woman dies intestate, her in-laws will inherit her wealth, even if they have played no role in helping her acquire it. Her own family might not inherit even a part of it.

Again, making a will is also crucial for a woman to ensure her (minor) children's well-being. This holds especially true for single mothers, who can appoint a trusted legal guardian for their little ones.