Planning Your Will and Estate: Why Everyone Needs One

Fatima Qureshi
Jul 3
2 min read

Estate planning might sound like something only millionaires do, but in reality, everyone needs a will—regardless of age, income, or family size.

Your estate includes everything you own: cash, property, investments, insurance, personal belongings, and digital assets. Without a clear plan in place, your loved ones could face legal disputes, delays, and financial stress when settling your affairs.

According to a 2023 survey by Caring.com, only 34% of adults have a will—and that number drops even lower for people under 40. But dying intestate (without a will) means courts decide who gets what, which may not reflect your wishes.

What You Need to Include—and Why It Matters

Creating a basic estate plan doesn’t need to be overwhelming. Here are the key components:

✅ A Will

The foundation of your estate plan. It names beneficiaries (who gets what), an executor (who manages your estate), and guardians (if you have kids).

✅ A Power of Attorney

Authorizes someone you trust to manage your finances if you become incapacitated.

✅ Medical Directive / Living Will

State your preferences for healthcare and life support if you can't communicate them yourself.

✅ Beneficiary Designations

Ensure your life insurance, retirement accounts (like EPF or PPF), and mutual funds go directly to intended recipients.

✅ Digital Assets Plan

Don’t forget passwords, online accounts, and digital wallets—they need managing too.

Benefits of Estate Planning

Prevents family conflicts
Reduces court involvement and legal delays
Minimizes estate taxes (in some cases)
Protects minor children
Ensures your medical and financial wishes are honored

Pro tip: Review your will every 3–5 years, or after major life events—marriage, divorce, childbirth, buying property, or starting a business.

References

Investopedia. (2024). Estate Planning Basics. https://www.investopedia.com/terms/e/estateplanning.asp
Legal Services India. Importance of Will and Succession Planning in India. https://www.legalserviceindia.com/
Ministry of Law & Justice, India. Laws of Succession in India. https://legislative.gov.in