Death as a Topic of Discussion

In the Indian context, families have traditionally avoided discussing death while one is alive, as it is considered a bad omen. However, in a changing society, death is no longer a hidden topic; post-COVID, it has come into the open, almost like it’s out in the field, dancing in the street.

When it comes to financial and estate planning, it is essential to discuss death and how wealth will be distributed among legal heirs. You may be aware that over two-thirds of civil cases in Indian courts relate to property disputes.

When someone dies intestate—meaning without writing a will—their available assets must be divided equally among the legal heirs. But what if the asset owner wanted an unequal distribution, say, two-thirds to a son living in India and one-third to a daughter living in the USA? Without a will, such a distribution won’t be possible.

In this backdrop, I thought of listing a few points that one can look at during his lifetime –

1. Draft a Will – If you have self-acquired assets, writing a will is not optional; it’s essential. A clear, legally binding WILL allow you to pass on assets as you intend and prevent conflicts among your heirs.
2. Establish a Trust—In cases where substantial assets are involved, consider creating a trust. Trusts help systematically manage assets, potentially reduce taxes, and offer more control over asset distribution, especially if heirs are minors or have unique needs.
3. Encourage Transparency – It is advisable to discuss plans for passing on wealth to the next generation with family members. I have come across cases where children living abroad expressed a preference for inheriting financial assets rather than immovable properties in remote parts of India. If that is their wish, ageing parents can plan accordingly so that children receive what they truly want.
4. Consolidate Wealth – After reaching a certain age, managing one’s health alone can be challenging, let alone handling scattered properties. Without proper succession planning, you will not only pass assets to legal heirs but also the burden of managing them. While you are healthy, plan to consolidate your wealth.
5. Re-live post-60s – I have met many senior citizens who live frugally without realizing they have enough resources to lead a decent life, enjoying travel and other experiences. I suggest each of you reassess your wealth, create a solid financial plan, adjust your lifestyle, and strive to achieve a higher score on your personal happiness index.

Over the last two years, I have discussed financial and estate planning with hundreds of individuals over 55, gaining insights into the lack of structured planning among the majority.

I invite you to reach out if you are looking for services, advice, or counselling in these financial areas. Please write to me at prasad@balakrishnaandco.com or WhatsApp me at 9845721255

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