Recent serious accidents and unforeseen events in the country have significantly increased awareness about estate planning among young people.
The Pulwama terror attack and the recent Dreamliner plane crash, both within the last few months, not only shocked the nation but also prompted young people to contemplate the future of their assets and families in the event of an unexpected demise. Millennials and Gen Z, particularly those aged 20 to 40, are now taking estate planning and will-making more seriously.
The impact of this shift is clearly visible on will-making firms, legal advisors, and digital platforms. Platforms like Apurna Tailors, which offer will-writing services, have witnessed a two-to-threefold increase in young clients.
What Shocked the Youth?
- Pulwama Terrorist Attack: The terrorist incident in Pulwama (Jammu & Kashmir) demonstrated the unpredictable nature of accidents, terrorism, and unforeseen events. This heightened the sense of uncertainty among travelers and led to an increase in estate planning.
- Dreamliner Plane Crash: This air crash not only impacted the passengers but also shook the mindset of ordinary citizens. People began considering how their families' financial situations would be managed in their absence due to unforeseen circumstances.
These examples have made young people realize that a will is not just for the elderly or wealthy; it should be a top priority for every responsible individual.
Estate Planning Becoming Commonplace
Over the past year, startups and established firms offering will-writing services have seen a surge in interest from young clients. Some key changes include:
- Increased awareness of estate planning among young people
- Young clients joining from Tier-2 and Tier-3 cities
- Rapid growth in the popularity of digital will platforms
- Spreading awareness through call centers and campaigns
Two primary reasons are behind this:
Increased awareness due to legal incidents and media reports of accidents
Simplified will-making process due to digital convenience
What the Experts Say
Legal expert, financial advisor, and tax consultant N. Kuraishi says,
“Making a will is not just for the wealthy. Today's youth understands that anything unexpected can happen at any time, so it's essential to ensure asset arrangements in advance.”
Meanwhile, the founder of a digital startup, Riya Sharma, explains,
“We've seen a 35 percent increase in the number of people making wills on our website, with 60 percent of clients being young adults aged 20-35.”
Case Study: Experience of a Delhi-NCR Businessman
Riya Ahuja (name changed), a Delhi-NCR businessman, had remarried while managing his successful business and had a separate will prepared for his first family. After hearing about the recent plane crash, he amended his will, clearly dividing his assets. His reasoning was clear:
“If something happens to me, my children's share must be clear and secure.”
Essential Elements of Will-Making
- Will's Structure: Clearly state who inherits what. Specify assets, bank accounts, investments, insurance, and other resources.
- Senior Witnesses: The presence of two legal witnesses is necessary for the will to be valid.
- Family Status: Clearly state details of siblings, spouse, and children.
- Executor: Appoint a trustworthy individual to execute the will, such as a lawyer or a family friend.
- Audit and Updates: Amendments to the will are necessary when significant life changes occur, such as marriage, divorce, property purchase, or business changes.
Emphasis on Tier-2 and Tier-3 Cities
Multi-city firms like ZapLegal and EstateEase have attracted young clients from Tier-2 (such as Lucknow, Udaipur) and Tier-3 (such as Kota, Indore) cities.
To reach rural areas, they are using:
- Online seminars and webinars
- WhatsApp-based guidance (in simple language)
- Collaboration with local lawyers
- Physical campaigns, especially during festivals or workshops
Why is interest growing in this area?
- COVID-19 Reminder: Deaths during the pandemic highlighted the importance of estate planning.
- Sudden Concerns: Sudden accidents or illnesses have made young people cautious.
- Digital Convenience: Online documents can be prepared in 30 minutes.
- Low Cost: Affordable services from affiliated lawyers and startups.
Suggestions—How to Plan Better
- Maintain a list of assets and outstanding debts.
- Regular updates—review at least every 6 months.
- Trust digital services, but also keep hard copies of documents.
- Inform family, witnesses, and the executor.
- Seek guidance from a lawyer and tax advisor periodically.
