Wealthy & Wise: The surging trend of will writing among Indian young professionals
middle-class asset owners have begun writing their wills in late 30s or early 40s — an age bracket that doesn't necessarily spring to mind when one considers estate planning across generations.
Successful individuals in this age bracket are increasingly seeking expertise and advice from lawyers and wealth management firms.
The trend that began with the pandemic has now gained traction, with young professionals attaching as much importance to estate planning as they are to wealth creation.
Mumbai-based virtual will writing and advisory firm, WillJini, has received about 7,000 queries in the last six months.
About four in ten such requests are from people in their 30s and 40s. For WillJini, the maximum such queries are coming in from Mumbai, Bengaluru, Delhi/NCR, Hyderabad and Pune.
Besides Covid-induced mortality scare, recent reports of sudden cardiac arrests have got nationwide attention, stoking concerns around planning for such eventualities, said Shiv Goyal, founder and chief executive of bootstrapped QuickDox.
«Mortality in the younger age group (25-44) has increased by 30% as compared with the overall 17% increase in all age groups,» said Goyal.
«The democratisation of the will writing ecosystem by startups has also led to faster adoption of will-making by the young — both from the affluent and middle classes,» he said.
The process of making a will today has become easy, convenient, and affordable.
One can make a legally valid will from the comfort of their home now.
An interesting social observation is that families are largely completed by the age of 35-40. The first house, the first car and a decent amount of savings are also in place.
Wealth and succession managers are also tying up with banks to help
