In a noteworthy shift in societal norms, a rising number of upwardly mobile and middle-class individuals in India are prioritizing estate planning or will writing at an age bracket that traditionally hasn’t been associated with such practices.
The pandemic appears to have catalyzed this trend, prompting young professionals in their late 30s and early 40s to seek expertise and advice from legal and wealth management professionals.
Mumbai-based virtual will writing and advisory firm, WillJini, has reported a surge in queries, with a substantial portion coming from individuals in their 30s and 40s in major cities like Mumbai, Bengaluru, Delhi/NCR, Hyderabad, and Pune.
The Changing Landscape of Estate Planning
The traditional notion of estate planning being reserved for the elderly is undergoing a transformation. Young professionals are attaching as much importance to estate planning as they are to wealth creation, driven by factors such as the Covid-induced mortality scare and heightened awareness of sudden cardiac arrests.
According to Shiv Goyal, founder and CEO of QuickDox, there has been a 30% increase in mortality among the younger age group (25-44), outpacing the overall 17% increase across all age groups.
Democratization of Will Writing
The landscape of will writing has undergone a significant shift, thanks to startups that have democratized the process. Making a legally valid will is now easy, convenient, and affordable, allowing individuals to secure their assets and plan for the future from the comfort of their homes.
This accessibility has contributed to the faster adoption of will-making by both affluent and middle-class young professionals.
Family Completion and Financial Milestones
An interesting social observation is that families are largely completed by the age of 35-40, with individuals achieving milestones such as acquiring their first house, car, and accumulating savings.
This period often marks a turning point in people’s lives, prompting them to consider the long-term implications of their financial decisions.
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Strategic Partnerships for Awareness
Wealth and succession managers are recognizing the importance of educating the younger population about wills. Collaborations with banks are being formed to drive awareness and emphasize the significance of estate planning.
Financial experts note that younger individuals, especially those with substantial wealth from new-age businesses, digital ventures, or asset sales, are keen on settling their proceeds in a disciplined manner.
Diverse Motivations for Will Writing
The key motivations for the growing awareness around will writing vary from individual to individual. Self-made millennials may feel an overwhelming responsibility to protect and deploy their wealth, while others are driven by a desire to contribute back to society or safeguard their inheritance for the next generation.
The surging trend of will writing among Indian young professionals reflects a changing mindset and a proactive approach to financial planning.
As awareness continues to grow, driven by a combination of societal shifts and strategic initiatives by financial experts, the younger generation is increasingly recognizing the importance of securing their legacy and ensuring a smooth transition of assets for the generations to come.
Image Credits: Google Images
Feature Image designed by Saudamini Seth
Sources: The Economic Times, WillJini, Quikdox
Find the blogger: Pragya Damani
This post is tagged under: Estate Planning, Will Writing, Young Professionals, Wealth Management, Financial Planning, Indian Millennials, Asset Protection, Pandemic Trends, Legal Advisory, Succession Planning, Startups, Financial Milestones, Mortality Awareness, Digital Businesses, Family Planning, Strategic Partnerships, Financial Education, Legacy Planning, Next Generation Inheritance, Societal Shifts, Wealth Creation
Disclaimer: We do not hold any right, copyright over any of the images used, these have been taken from Google. In case of credits or removal, the owner may kindly mail us.
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