Most of us work tirelessly to build wealth, but very few consider what happens to it after we are gone. Estate planning in India is often ignored, with people assuming that having nominees is enough. In reality, proper estate planning, including wills, insurance, and trusts, is essential to protect your family.

What Is Estate Planning?

It is the process of arranging how your wealth will be managed and distributed after your lifetime. It includes:

• Writing a will
• Setting up a trust (if required)
• Choosing nominees and guardians
• Deciding on insurance beneficiaries

A financial planning consultant often includes estate planning as part of comprehensive financial advisory services.

Importance of Writing a Will

Many ask: how to write a will in India?

A will ensures that your assets are distributed according to your wishes. While you can use a sample will format or a will writing sample, consulting a professional is recommended to avoid legal issues.

Some common questions:

• Do we need a will if we have nominees? Yes, because nominees are trustees, not legal heirs.
• Will format in India: Must clearly mention beneficiaries, executors, and be signed with witnesses.

   

Knowing the difference between a will and a trust is also important: while a will activates after death, a trust can operate even during your lifetime.

MWPA – Protection for Women and Children

A lesser-known but powerful tool is the Married Women’s Property Act (MWPA). If a life insurance policy is taken under the MWPA, the proceeds are directly paid to the wife and children and cannot be claimed by creditors. This makes it an excellent way to protect your family’s future.

Term Insurance – The Foundation of Protection

One cannot talk about estate planning without mentioning term insurance.

What is Term Insurance?

It is pure life cover. If the insured person passes away, the family receives the sum assured.

Benefits of Term Insurance:

• High coverage at low cost
• Financial security for dependents
• Flexibility with riders like critical illness cover

Questions people often ask:

• Is Rs 1 crore term insurance enough? It depends on income, loans, and expenses.
• Which term insurance is best? Compare options like ICICI Pru Term Life Insurance and others using a term insurance comparison tool.
• Term insurance vs life insurance: Term insurance offers protection only, while life insurance may combine savings with insurance.

   

With rising awareness, term insurance plans in India have become the most recommended way to ensure family security.

Health Insurance – Safeguarding Against Medical Costs

Apart from life cover, health insurance is equally critical. With medical inflation rising, a single hospitalization can wipe out savings.

Options include health insurance policies from insurers like Niva Bupa Health Insurance and ICICI Lombard Health Insurance.
There are also specific Senior citizen health insurance plans for parents. There is also Super top-up health insurance available for added coverage.

Using a health insurance premium calculator helps in selecting the right plan and coverage.

Retirement and Estate Planning Go Hand in Hand

Planning your retirement and estate together ensures financial security in life and beyond. A good retirement planner will not only suggest the best retirement plans in India but also ensure your wealth passes smoothly to the next generation.

Tools like retirement corpus calculators help estimate how much you need, while SWP mutual funds and annuities provide regular income after retirement.

Conclusion

Estate planning is not only for the wealthy—it is for everyone. From writing a will to using MWPA, from securing your family with term insurance to safeguarding against medical expenses with health insurance plans, each step adds a layer of financial security.

At Financial Radiance, led by Rajesh Minocha (CFP), we believe personal finances are incomplete without estate planning. Wealth creation is essential, but so is ensuring that wealth benefits your loved ones without disputes or hurdles.

I am also an author of three books on personal finance and retirement. You can buy my books using the following links:

• Retire On Your Terms: https://amzn.in/d/2xGenG0
• Second Innings On Your Terms: https://amzn.in/d/hLpYr68 
• The Career Escape Plan: https://amzn.in/d/eMuhPCp 

👉 Start today—because tomorrow is uncertain, but your family’s financial security shouldn’t be.