Why Every Indian Earning ₹15 Lakh+ Should Have a Will by 35

Why Every Indian Earning ₹15 Lakh+ Should Have a Will by Age 35

Before we start, a 10-second quiz. No finance degree needed. Just answer honestly in your head.

QUICK GUT-CHECK

1. Do you have money in a bank account, a salary, or any savings? (Yes / No)

2. Do you have a husband, wife, child, or parents who depend on you? (Yes / No)

3. Do you have a written will? (Yes / No)

If you answered Yes, Yes, and No — this blog is written for you. Keep reading.

Most people think a will is something you make when you are old, grey, and surrounded by property. That picture is straight out of an old Bollywood movie.

In real life, if you are in your 30s and earning well, you already own enough to need a will. You just haven't been told that yet.

Let's fix that, step by step.

First, what even is a will?

Forget the legal dictionary. Here is the simplest version.

THINK OF IT LIKE THIS: A will is just a signed note that says: "If something happens to me, here is exactly who should get my money and my things."

That's it. No magic. No big words.

Without that note, you are basically leaving your family a puzzle with no solution key.

And here's the part that shocks people the most: in India, you do not need a lawyer, a stamp paper, or any registration to make a basic will. A plain sheet of paper, your handwriting, your signature, and two witnesses are enough to make it legally valid.

So the problem was never that it's hard. The problem is that nobody told you it matters at 32.

"But I'm young. I don't really own much." Are you sure?

Let's check. Tick the boxes that apply to you.

DO YOU OWN ANY OF THESE?

• A salary or a bank balance

• Money invested every month (SIP — a small fixed amount you put into mutual funds, like a recurring deposit)

• Company shares given to you as part of your pay (ESOPs)

• Retirement savings cut from your salary every month (EPF / PF)

• A life insurance policy (term plan)

• A house or flat — even one bought jointly with your spouse

• A car, gold, or a fixed deposit

Counted three or more? Congratulations — you own what the law calls an "estate." It doesn't have to be huge. It just has to be yours. And right now, it has no instructions attached to it.

Myth-buster time: TRUE or FALSE?

Let's test what you think you know. Decide TRUE or FALSE before reading the answer.

STATEMENT 1: "If I die, my wife/husband automatically gets everything."

Answer: FALSE. For most Hindu families, the law splits your money equally between your spouse, your mother, and your children. So a wife, a mother, and two kids would get one-fourth each. "Everything to my spouse" only happens if you write it down in a will.

STATEMENT 2: "I've added my wife as a nominee everywhere, so she's covered."

Answer: FALSE. A nominee is not the owner. Think of a nominee as a watchman — they are allowed to collect the money and hold it, but they then have to hand it over to whoever the law says is the rightful heir. A nominee form is not a will. Not even close.

STATEMENT 3: "Making a will is expensive and takes weeks."

Answer: FALSE. A basic, valid will can be written by hand in one afternoon, for free.

If you got even one of those wrong, you're in good company. Almost everyone does.

Let's play out a real scenario.

Imagine someone — let's call him Arjun. Age 32. Good salary. A flat, some SIPs, company shares, and a young daughter.

Arjun has no will. One day, something unexpected happens to him.

Pause here. In your head, guess: how long before his wife can simply access his savings?

A week? A month?

The real answer: often 4 to 6 months — sometimes much longer.

Here's why. To unlock his shares, savings, and mutual funds, his family must go to court and get a document called a succession certificate. That process needs a public newspaper notice, a waiting period for objections, and a court fee that is usually 2–3% of the asset's value.

While all that drags on:

• His bank and investment accounts stay frozen

• The home loan EMI keeps getting deducted — or bouncing — from a locked account

• Lawyer fees pile up

• And an old verbal promise ("beta, this flat is yours") turns into a family fight, because spoken words have zero legal value

A one-page will would have stopped every single one of these problems.

Rate your own risk

YOUR 30-SECOND RISK CHECK Give yourself 1 point for each "yes":

• You earn ₹15 lakh or more a year

• You are married or have a partner

• You have children, or plan to soon

• You have a home loan or any loan

• You have investments running for 3+ years

• You do not have a written will

4 or more points? Your family is currently exposed. The good news: it takes one afternoon to fix.

What actually goes inside a will (your checklist)

When you're ready, here is the full list. It's shorter than a grocery list.

YOUR WILL CHECKLIST

• Your full name and address

• One line: "This is my last will."

• A list of what you own (bank, investments, PF, insurance, property)

• Who gets what — be specific

• A guardian for your children, if they are under 18 (this clause alone makes a will worth it for young parents)

• An executor — the trusted person who makes sure your wishes are followed

• Date, your signature, and signatures of two witnesses (any two adults who are not getting anything in the will)

Three to four pages. One Saturday. Done.

And remember — a will is not permanent. New baby? New job? New flat? You simply write a fresh one. The latest signed version always wins.

Where GoPocket comes in

At GoPocket, we meet thousands of smart Indians every month who research mutual funds, compare insurance, and track their investments closely. Yet almost none of them have a will.

That's because most of us are taught only one money skill — how to grow wealth. The second skill — how to protect it — gets ignored. A will is the cheapest, fastest, easiest part of that protection. GoPocket's goal is to make this second skill as normal as starting a SIP.

Your one-Saturday challenge

Here's the only homework from this blog.

THE CHALLENGE: Pick one Saturday this month. Between lunch and your evening walk:

1.Write down what you own

2.Write down who gets what

3.Name a guardian and an executor

4.Sign it with two witnesses

5.Tell your spouse where you kept it

That's the whole task. One afternoon.

A will is not about expecting the worst. It's about making sure that if life ever surprises your family, they are left with a clear answer — not a court case.

You've spent years building what you have. Spend one afternoon protecting it.

Disclaimer: This content is for educational purposes only and does not constitute legal or investment advice. Wills and succession involve legal documentation specific to individual circumstances. Please consult a licensed lawyer for drafting a will and a SEBI-registered advisor for financial planning. Investments are subject to market risks. GoPocket is a SEBI-registered intermediary.

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