7 Estate Planning Myths Most Indians Believe

Less than 10% of Indians have a will.

The result? Over ₹50,000 crore in unclaimed assets sitting with the government. Over 60% of civil cases in India are property disputes. Families torn apart fighting over what should have been clearly divided.

Why don’t more people plan their estates? Because most Indians believe things about wills and inheritance that simply aren’t true.

Here are the 7 biggest myths - and the truth that could save your family years of pain.

Myth 1: “Only Rich People Need Estate Planning”

The Truth: Estate planning isn’t about how much you have. It’s about making sure your family doesn’t suffer when you’re gone.

You might think: “I don’t have crores in the bank. I’m not a businessman. Why would I need a will?”

But consider what you actually own:

• A flat or house (even if there’s a loan on it)
• Bank accounts and FDs
• Insurance policies
• EPF, PPF, NPS
• Mutual funds or shares
• A car
• Gold jewelry
• Digital assets (UPI apps, crypto)

Add it up. For most middle-class families, this totals ₹50 lakh to ₹2 crore or more.

More importantly: Even if you have “just” ₹10 lakh in assets, without a will:

• Your family will need a succession certificate (costs ₹5,000-50,000, takes 6-12 months)
• Bank accounts may be frozen for months
• Property mutation becomes complicated
• Family members may disagree on who gets what

Estate planning isn’t about wealth. It’s about preventing problems.

A 2-room flat and a bank account are worth planning for. Because to your family, they’re everything.

Myth 2: “My Family Will Figure It Out”

The Truth: They won’t. And even if they agree now, money changes people.

This is the most dangerous myth. You assume:

• “My children get along well”
• “My spouse knows everything”
• “They’ll divide everything equally”

Reality tells a different story. A global survey found that 61% of wealthy Indian families have experienced conflict over inheritance - the highest rate in the world.

These weren’t dysfunctional families. They were normal families who thought “it’ll be fine.”

What actually happens without a will:

1. Immediate crisis: Bank accounts frozen. No access to funds for funeral expenses, hospital bills, EMIs.

2. Legal maze: Family needs succession certificate or legal heir certificate. Multiple documents, multiple offices, months of running around.

3. Hidden resentments surface: “Why should she get the house? I took care of dad for 10 years.” “But I paid for his medical treatment.”

4. Courts get involved: When families can’t agree, lawyers profit. Cases drag on for 5-15 years.

5. Relationships destroyed: Brothers who grew up together become enemies. Children stop talking to each other.

Your family might be different. But is it worth the risk? A simple will takes 30 minutes to write and prevents all of this.

Myth 3: “I’m Too Young to Think About This”

The Truth: The right time for a will isn’t when you’re old. It’s when you have someone who depends on you.

Young professionals often think estate planning is for their parents’ generation. But consider:

• If you have children, who will raise them if both parents die?
• If you have a home loan, who handles the EMI?
• If you have investments, does your family know where they are?
• If you have crypto, do they have the keys?

Life doesn’t check your age before tragedy strikes.

When you NEED a will:

• When you get married
• When you have children
• When you buy property
• When you have significant savings
• When you have dependents (parents, siblings)

50% of heart attacks in Indian men occur before age 50 - a full decade earlier than in Western countries. Young Indians in their 30s and 40s suffer strokes, accidents, and sudden illness every day.

A 35-year-old with a family needs estate planning more than a 70-year-old whose children are settled.

Think of it this way: You have health insurance “just in case.” A will is the same - preparation for an event you hope never happens, but absolutely need to be ready for.

Myth 4: “A Will Must Be Registered to Be Valid”

The Truth: In India, an unregistered will is completely valid.

This is one of the most common misconceptions. People think:

• “We need to go to court”
• “It needs to be on stamp paper”
• “A lawyer must draft it”
• “It must be registered with the government”

None of this is legally required.

For a will to be valid in India, it needs only:

1. The testator (you) must be of sound mind
2. You must be at least 18 years old
3. The will must be signed by you
4. It must be witnessed by two people

That’s it. You can write it on plain paper. You don’t need a lawyer. You don’t need registration.

Why does this myth persist?

• Lawyers benefit from drafting complex documents
• “Registered” sounds more official
• People confuse wills with property sale deeds (which do need registration)

Should you register anyway?

Registration has some benefits:

• Harder to challenge (proves the date and your mental state)
• Safely stored in government records
• Adds credibility

But it’s not required. An unregistered will, properly witnessed, is legally enforceable.

Bottom line: Don’t let the registration myth stop you. Write a simple will today. You can always register it later.

Myth 5: “My Nominee Gets Everything Automatically”

The Truth: Nominees are custodians, not owners. Legal heirs can claim the assets from them.

This might be the most expensive myth in India.

You’ve added your spouse as nominee on your bank account, insurance, and mutual funds. You think: “Done. She gets everything.”

The Supreme Court has been clear: Nominees don’t inherit. They just hold assets temporarily until legal heirs claim them.

In the landmark Shakti Yezdani v. Jayanand Jayant Salgaonkar (December 2023), the Supreme Court ruled:

“Nomination does not confer absolute ownership. The nominee holds assets only as a temporary custodian until legal heirs claim them.”

What this means:

• Your brother is nominee on your FD
• You die without a will
• Your wife and children are legal heirs
• They can legally claim the FD from your brother
• If he refuses, they sue - and win

Nomination is for convenience of transmission. It tells the bank/insurance company who to give the money to so they don’t have to figure out legal heirs.

But that money still belongs to your legal heirs, not your nominee.

If you want your nominee to actually keep the assets, you need a will that says so.

Myth 6: “Once Written, a Will Can’t Be Changed”

The Truth: You can change your will anytime, as many times as you want.

Some people hesitate to write a will because they think:

• “What if my circumstances change?”
• “What if I want to add something later?”
• “What if I change my mind about who gets what?”

Good news: Wills are not permanent. You can:

• Write a completely new will (it automatically revokes older ones)
• Add a codicil (an amendment to the existing will)
• Destroy the old will and start fresh

When to update your will:

• Marriage or divorce
• Birth of children or grandchildren
• Death of a beneficiary
• Significant change in assets
• Change in relationships
• New property purchase
• Retirement

Best practice: Review your will every 3-5 years, even if nothing major has changed. Update it whenever life circumstances shift.

Your will should always reflect your current wishes and current assets. It’s a living document, not a stone tablet.

Myth 7: “Writing a Will Brings Bad Luck”

The Truth: Not writing a will brings real, documented harm to your family. “Bad luck” from writing one is superstition.

This is perhaps the most uniquely Indian myth. Many people genuinely believe that writing a will is like inviting death.

Let’s be clear: There is no evidence that writing a will affects your lifespan. There is overwhelming evidence that NOT writing one causes suffering.

What “bad luck” actually looks like:

• Your spouse can’t access bank accounts for months
• Your children fight over your property in court for years
• Your business collapses because no one has authority
• Your parents in their 80s have to navigate bureaucracy
• Your family spends lakhs on lawyers instead of on their lives

What planning actually looks like:

• Your family is taken care of immediately
• Everyone knows what to expect
• No disputes, no courts, no confusion
• Your wishes are respected
• You’re remembered with gratitude, not frustration

Writing a will isn’t about death. It’s about love. It’s the clearest way to say: “Even when I’m gone, I want to protect you.”

If you believe in preparation, if you have insurance, if you’ve invested for the future - then you already understand that planning for uncertainty is wisdom, not superstition.

A will is simply one more form of protection for the people you love.

The Cost of These Myths

Let’s add it up:

• ₹50,000 crore in unclaimed assets because people died without wills
• 60%+ of civil cases in India are property disputes
• 61% of wealthy Indian families have experienced inheritance conflicts
• Years of legal battles that could have been prevented
• Relationships destroyed that can never be repaired

All because of myths that have no basis in law or reality.

What You Should Do Instead

1. Write a Simple Will

You don’t need a lawyer. You don’t need registration. Just write:

• Who gets what (be specific)
• Who’s the executor (the person who’ll carry out your wishes)
• Sign it in front of two witnesses

That’s a valid will. Do it this weekend.

2. List Your Assets

Your family can’t claim what they don’t know exists. Create a list:

• Bank accounts
• Insurance policies
• Investments
• Property
• Loans/liabilities
• Digital accounts

Keep it updated. Tell someone where to find it.

3. Add Nominees (Correctly)

Add nominees to everything - but understand what it means. If you want the nominee to keep the asset, name them in your will too.

4. Review Regularly

Life changes. Your will should too. Set a calendar reminder to review it every year.

5. Talk to Your Family

Don’t make it a secret. Your family should know:

• That you have a will
• Where it’s kept
• What it broadly says
• Who the executor is

Surprises in wills cause fights. Transparency prevents them.

The Bottom Line

Estate planning isn’t for the rich, the old, or the pessimistic. It’s for anyone who has people they love and assets they’ve worked for.

The myths we believe cost Indian families crores every year and destroy relationships that took lifetimes to build.

The truth is simpler: A 30-minute investment today can save your family years of pain.

Which myth was stopping you?

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Start With One Step

You don’t have to do everything at once. Start with one thing:

• Write a simple will on paper, sign it, have two people witness it
• Or just list your assets and tell someone where the list is

That’s more than 90% of Indians have done. And it might be the most loving thing you do for your family.