Wills, Wishes & What Happens Next

1. “Wills, Wishes & What Happens Next” Why Planning Today Protects Everything Tomorrow “My family will automatically get everything… right?” https://www.azukewealth.com/post/wills-wishes-what-happens-next That single belief has caused legal chaos, emotional trauma, and financial loss for countless families. Because here’s the truth: Assuming is not planning. Wishing is not protecting. And hoping your loved ones will ‘figure it out’ later is not a strategy. From high-net-worth individuals to salaried professionals, too many people ignore one of the most essential pillars of financial planning: Documenting your will, setting up a Lasting Power of Attorney (LPA), and understanding the difference between a nominee and a legal heir. If you think estate planning is only for the elderly, the ultra-wealthy, or the terminally ill, think again. This article will show you why these legal instruments are not just about death—but about control, dignity, and peace. Why You Must Write a Will—Regardless of Age or Assets A will is a legal document that outlines how you want your assets to be distributed after your death. But more importantly, it answers a deeper question: “Who do you trust to carry out your legacy?” Whether you own a single apartment or multiple businesses, your assets can become a source of conflict, confusion, or clarity—depending on whether you’ve documented your intentions. Top 6 Reasons to Write a Will: You decide who gets what Without a will, your estate is distributed according to inheritance laws—often not matching your wishes. ●

2. You choose your executor This is the person responsible for carrying out your wishes. Without a named executor, the court appoints one. ● Protects minor children You can appoint a legal guardian in your will—avoiding court battles or custody issues. ● Minimizes legal disputes A clearly written will reduces the likelihood of family disagreements or litigation. ● Speeds up probate With a valid will, the court can process your estate faster, saving time and money for your loved ones. ● It’s not just about wealth You can specify wishes for donations, heirlooms, digital assets, even pets. ● But I Don’t Own Much—Do I Still Need a Will? Absolutely. Even if your assets seem modest today, your financial situation can evolve quickly. A job promotion, an investment, an inherited property—these add up over time. A will is not a one-time action; it’s a living document that should evolve with your life stages. Real-Life Example: A young tech entrepreneur in Mumbai passed away at 34—no will, no nomination. His parents and wife spent two years in probate fighting over equity in his startup and savings. The company lost momentum. The family lost peace. All of it could’ve been avoided with a 30-minute will. The Power Behind a Lasting Power of Attorney (LPA) What happens if you’re alive—but unable to make decisions? That’s where Lasting Power of Attorney (LPA) comes in. An LPA is a legal document that gives someone you trust the authority to make decisions on your behalf if you're unable to do so due to illness, accident, or mental incapacity. Two Types of LPA: 1.Property and Financial Affairs LPA Allows the appointed person to manage your bank accounts, investments, property, and bills. 2.Health and Welfare LPA Covers decisions about your medical treatment, care, housing, and daily routine. Why Is an LPA Critical? Not just for seniors Accidents, strokes, and mental health issues can affect people of any age. ●

3. Court intervention is slow and costly Without an LPA, your family must apply to the court to take over your affairs—a time-consuming and expensive process. ● Gives peace of mind You decide who you trust—not the government, not the hospital, not distant relatives. ● Prevents financial paralysis Imagine being hospitalized and your spouse can't access your account to pay bills, sell shares, or manage EMIs. ● Common Misconceptions About LPA: “I don’t need it unless I’m old” — Emergencies don’t come with a calendar. ● “My spouse can make decisions anyway” — Not legally, unless you authorize it. ● “It’s too complicated” — It’s easier than you think with legal assistance. ● The Critical Distinction: Nominee vs. Beneficiary in a Will Here’s one of the most misunderstood legal concepts that affects millions of families every year: A nominee is not necessarily the person who will inherit your money. Who is a Nominee? A nominee is simply the custodian or trustee of the asset—appointed by you to manage it until the rightful heir is determined. Banks, insurance companies, and mutual funds require you to name a nominee for easy disbursal. But unless this nominee is also a legal beneficiary in your will, they don’t have the legal right to retain that money. Who is a Beneficiary? A beneficiary is the person named in your will to legally inherit your assets. Let’s Clarify with an Example: You buy a life insurance policy and list your brother as the nominee, assuming he’ll manage the funds for your wife. But in your will, you state that your wife is the legal beneficiary. Here’s what happens: Your brother receives the insurance money (as nominee). ● But he is legally bound to transfer it to your wife (as she’s the beneficiary in your will). ● If there’s no will, your wife must go to court to claim her share—an emotional and financial burden that could’ve been avoided. Key Takeaway:

4. Your will overrides the nomination. If they don’t match, expect legal confusion and potential disputes. How to Prevent This Conflict: Always align your nominee with your beneficiary. ● Mention the nominee’s intent and role clearly in your will. ● Review and update your nominations after major life events—marriage, divorce, children, inheritance. ● Real-World Scenario: A government employee died unexpectedly. His EPF account listed his mother as the nominee (filled out when he was 23). But his will stated that his wife should receive the benefits. It took 3 years of litigation before the court granted the funds to the wife. Why the delay? Because most people think nomination equals inheritance. It doesn’t. How to Get Started: A Step-by-Step Guide Now that you understand the importance of these legal instruments, here’s how to act on it—without overwhelm. 1. Write or Update Your Will List all assets: property, accounts, investments, digital assets, valuables ● Decide on legal heirs and allocate percentages ● Appoint an executor to carry out your wishes ● If you have kids, appoint a guardian ● Get it legally attested by two witnesses ● Tip: You can revise your will any time. It’s not permanent until your final breath. 2. Create a Lasting Power of Attorney Choose someone you trust deeply ● Consult a legal professional to create both LPAs (financial and medical) ●

5. Register them with relevant authorities (depending on your jurisdiction) ● Inform family and store a copy safely ● 3. Match Your Nominee with Your Beneficiary Review all financial instruments: insurance, mutual funds, PF, bank accounts ● Make sure the nominee aligns with your will ● Avoid assigning different nominees for the same asset unless legally specified ● Regularly review nominations after life changes ● 4. Store Everything Securely Keep your will, LPA, ID proofs, and legal documents in a safe or bank locker ● Share copies with trusted family members or legal advisors ● Consider using a digital vault or secure legal document service ● 5. Educate Your Family Planning is only useful if your family knows it exists. Have the difficult conversations now—so they’re not having worse ones later. Protecting Your Wealth is More Than Money—It’s Your Legacy Writing a will doesn’t mean you expect to die. Creating an LPA doesn’t mean you expect to fall ill. Aligning nominations doesn’t mean you expect the worst. It means you respect your loved ones enough to plan for their peace of mind. The harsh reality is this: If you don’t plan your estate, someone else will—courts, lawyers, or distant relatives. In a world where we secure our phones with fingerprints and our houses with locks, isn’t it time we secured our lives with the same attention? Take control today. Because tomorrow has no guarantee. But your legacy should.