REALITY OF ESTATE PLANNING IN INDIA
It is interesting to note that most people haven't heard of the concept of estate planning. Even those who are aware of it, haven't taken it seriously,
In India people generally don’t give much attention in this matter. Whereas some do take some steps and make will but larger part don’t give importance. Lack of awareness and lack of wisdom are the reasons for which people of India are avoiding or not taking interest.
If we check civil cases pending in the various courts of the country and filling in everyday it will confirm that many cases filed on property disputes whether it is immovable or movable among siblings or generations and those cases are going for several years. Have we ever thought that how much money and time we are killing in everyday by filling and running such cases? The big loss i.e. the loss of relationship may not came in our mind at the time of disputes. It also causing disruption of social value of our societies. These never ending disputes can be avoided by taking right Estate Plan at the right time.
People generally avoid Estate Planning for the following reason(s):
- Fear of Death & Dying : People generally think planning of distribution of assets or assessing of after death happening is like inviting death in the door.‘Dying’ word is no-no for many people to think about.
- Too Expansive : Many people without knowing the fact and figures try to avoid estate planning by saying that it will cost me heavily which I can’t afford.
- Enough Life Insurance : I have life insurance, so my family will be okay after my death. This type of fallacy may invite big trouble because without knowing how much life insurance you need and how much money for various goal and debt, your claim may harm your long term planning.
- Very Busy : Some people tends avoid estate planning by saying we are too busy at present to think about it and we will think it later. Unfortunately their business never ends.
- Priority of Life : Our priority of life is to give our children best education not the other things. We will think about any planning after our children got higher education and settled their life. Time will not for anybody and lost today means lost forever. Longer the time to achieve goal, more uncertainty arise and more priority have to give. We must not forget that Death is certain but time is not.
- Uncertain future of Relation : Our relationship now-a-days is going on rough surface and having a few problems with communication, so there may not be any future between us.
- Indecision : I cannot decide how to divide up my estate. We have had problems with our children and I do not know how to cope with this and go through with my will.