Ritesh Sabharwal CFP®

W.M.W #44: Future-Proof Your Family: 95% Indians don't have their Will

Reading time: 4 minutes - April 18, 2026

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Hey Reader

July 6, 2002. Dhirubhai Ambani - founder of Reliance Industries, one of India's largest conglomerates passed away. He built an empire worth ₹60k crores from scratch. He revolutionized Indian business.

What he didn't do: Write a Will.
​The result? His two sons, Mukesh and Anil Ambani, entered a public, bitter dispute over who would control Reliance.

It took 9 years from Dhirubhai's death for the legal dust to settle. Dhirubhai Ambani was a brilliant strategist. He built systems for everything in his business. But he never formalized what should happen to those systems after his death.

If a man who built ₹60k crore couldn't escape succession chaos without a Will, what makes you think your family will?

What Happens If You Die Without a Will?

Most people assume: "If I die, my wife and kids will automatically get everything. Why do I need a Will?" Wrong.
​If you die without a Will (legally called "intestate"), your assets don't automatically go to your spouse or children.

The Real Cost of Not Having a Will

It's not just about wealthy families. Here's what happens to average middle-class families when someone dies intestate:

How to Write a Will in India (Step-by-Step)

Good news: You don't need a lawyer to start. A Will can be handwritten or typed.
Here are the 7 essential parts of a valid Will:

1. Your Personal Details

• Full name
• Age
• Address

2. Declaration of Sound Mind

"I, [Name], being of sound mind and body, declare this to be my last Will."
This prevents challenges that you were mentally unfit when writing the Will.

3. Revocation of Previous Wills

"I revoke all previous Wills and codicils made by me."

4. Complete List of Assets

Immovable assets:

• Properties (flats, land, commercial)
• Address and current market value

Movable assets:

• Vehicles (car, bike)
• Jewelry
• Art, collectibles

Financial assets:

• Bank accounts (with account numbers)
• Fixed deposits
• Mutual funds, stocks
• Insurance policies
• EPF, PPF, NPS

Business assets:

• Shares in companies
• Intellectual property (patents, trademarks)

Digital assets:

• Cryptocurrencies
• Trading accounts
• Domain names, websites
• YouTube channels, blogs

5. Distribution Instructions

Be specific. Don't say "My son gets the house."
Say: "I bequeath my flat at [address], Flat No. 402, Building Name, to my son [Name], PAN [number]."

6. Guardian for Minor Children

If you have children under 18, name a guardian: "I appoint my brother [Name] as guardian of my minor children."

7. Executor

Name someone to execute your Will: "I appoint my wife [Name] as the executor of this Will."
​Executor's job: Collect assets, pay debts, distribute as per Will.
​Can be: Spouse, child, trusted friend, lawyer.

How Many Witnesses Do You Need?

You need 2 witnesses when you sign the Will.

Critical rules:
❌ Witnesses cannot be beneficiaries
❌ Witnesses cannot be spouses of beneficiaries
✅ Witnesses should be neutral third parties

Process:

1. You sign the Will
2. Both witnesses sign in your presence
3. All 3 signatures on the same page

Should You Register Your Will?

Registration is optional but highly recommended.

How to register:

1. Visit sub-registrar's office in your area
2. Take 2 witnesses
3. Carry ID proofs
4. Pay registration fee (₹500-2,000 depending on state)
5. Sign in front of registrar

Registered Will = Peace of mind

👉 Action Steps This Week

☐ Step 1: List all your assets

• Properties
• Bank accounts, FDs
• Mutual funds, stocks
• Insurance
• Business interests
• Digital assets

☐ Step 2: Decide who gets what

• Be specific (not "my son" but "Rahul Kumar, PAN ABCDE1234F")
• Consider tax implications
• Align with nominations

☐ Step 3: Draft your Will

• Use the 7-part structure above
• Handwritten or typed (both valid)
• Or use online Will services

☐ Step 4: Sign with 2 witnesses

• Neutral witnesses (not beneficiaries)
• All 3 sign on same day

☐ Step 5: Register it (recommended)

• Visit sub-registrar
• Pay ₹500-2,000
• Get it on government record

☐ Step 6: Tell your executor where it's kept

• Don't keep it secret
• Executor should know location

☐ Step 7: Review every 3-5 years

• After marriage
• After childbirth
• After buying major assets
• After business changes

The Bottom Line

You might have:

• A house your family lives in
• Savings your spouse depends on
• Investments meant for your children's education

Without a Will, all of this can be frozen, disputed, or distributed in ways you never intended.
Writing a Will isn't about being pessimistic or morbid.

It's about:

• Protecting your family from legal hell
• Ensuring your wishes are respected
• Preventing your children from fighting in court
• Giving your spouse immediate access to money
• Avoiding months of bank account freezes

You can write a basic Will in 2 hours today Or your family can spend 2 years in court fighting over what you would've wanted.

Your choice.

A Will isn't about death. It's about protecting the people you'll leave behind.

P.S. I write every day to help you make smarter money decisions. Connect with me on LinkedIn👇.

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