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.
Now, 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/cause you deem fit.
Upstream:
There are many advantages of making a will – firstly, all your assets will be distributed exactly as you desired. Further, if you feel that a loved one is financially weaker, you can make additional provisions for them in the will -- which may not be the case if the assets are divided in your absence. In case the testator’s children are minor, a will also safeguards their future, as it allows the former to appoint a legal guardian for them. Of course, a will makes inheritance claims easier for the beneficiaries by sparing them a lot of legal hassles. Having said that, broaching the topic with parents is a bit challenging. The first step is to get the basics right. Choose the right time for such discussions – when they 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. So, it’s important for women to plan their inheritance if they want their assets to be distributed as per their desire. 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.
Whether it’s to help your parents plan their inheritance or for you to plan your own, you can always count on EasyInherit. Right from creating a portfolio of assets and registering the will to getting legal assistance and help with claims submission, https://www.easyinherit.in/ is your one-stop solution for all inheritance-related issues.
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