Rameshbhai, a 62-year-old businessman from Ahmedabad, had a peculiar habit.

Every year, around March, he would make a list of all his financial documents, update his tax-saving investments, and promise himself, “In the coming financial year, I will finally write my will.”

Unfortunately, that year never came. Like many Indian families, Rameshbhai believed that writing a will was something to be done later, and he was still too young.

But life doesn’t wait. One fine morning, a sudden health crisis landed him in the hospital. Though he recovered, the chaos that followed made him realize something—his family didn’t know much about his finances.

His wife had no idea about his bank accounts, his two sons weren’t clear on property documents, and his daughter, living abroad, had never been involved in money matters.

The Unspoken Truth About Financial Planning

A lot has been said and discussed about the importance of a will.

Yet, less than 10% of Indians genuinely write a will. If we look at this psychologically, this is a classic case of akrasia—the human tendency to delay important decisions because they feel overwhelming or uncomfortable.

And this is exactly why so many people focus on saving tax at the financial year-end but ignore the bigger picture—ensuring their wealth is properly managed and transferred when they are gone.

We often engage in financial planning with a limited perspective—reducing tax liability, increasing returns, or securing retirement savings.

But we forget that wealth creation is only half the journey; the other half is wealth preservation and transfer.

If we don’t take control of how our assets are passed on, we leave our families vulnerable to legal disputes, emotional distress, and even financial mismanagement.

Without a will, inheritance matters can get complicated, sometimes even leading to court battles among family members. Is that the legacy we want to leave behind?

The Mistake We All Make

Most of us rush to invest in ELSS, PPF, or tax-saving FDs just to reduce taxable income before March 31.

The tax regime change is precisely making us uncomfortable because of the comfort zone shift it demands.

But how many of us take a step back and think— What happens to all these investments if something happens to me?

Here’s a simple question for reflection:

“I have INR 5 crores of term life insurance as a security for my wife. Great! But have I ensured she is clear about what is to be done after the claim amount is credited to her savings account?”

Many people assume that just naming a nominee is enough.

However, a nominee is only a custodian, not necessarily the legal heir.

Unless your will specifies how your wealth should be distributed, there is no guarantee that your assets will be used the way you intended.

Think of your financial life as a beautifully built house. Lifestyle improvisation is like painting the walls—it looks good for sure.

But ensuring your family understands and inherits your assets is like strengthening the foundation—it gives long-term security.

The Power of Writing a Will

A will isn’t just a list of who gets what. It is a final conversation with your family—a way to guide them even when you are not around.

Clarity in Asset Distribution – Clearly mentioning asset details avoids confusion and legal complications.

Protection from Legal Hassles – A registered will ensures that there are no disputes later.

Ease of Access – Your family knows where important documents are and how to access them.

Guidance on Handling Wealth – Your wisdom can help them make better financial decisions.

What Should You Write in It?

A detailed list of assets (bank accounts, properties, investments, insurance policies). Instructions on liabilities (if any loans or debts need to be cleared).

Names of beneficiaries and the specific share they receive. A trusted executor who will ensure your wishes are carried out. A Will is Not Just a Document—It’s Financial Wisdom Passed On.

As we wrap up this financial year, there’s one decision far more powerful than last-minute, hasty insurance/investment decisions: Writing a clear, comprehensive will.

But a will isn’t just about dividing wealth—it’s about ensuring your family’s well-being and financial security even in your absence.

What should you write in it?

What mistakes should you avoid?

How can you make it more than just a legal document?

That’s exactly what we’ll explore in Part 2…