Objective:

The objective is to address the critical issue of financial legacy planning, which many individuals find overwhelming and emotionally challenging. A significant percentage of people fail to organize their assets or create a proper estate plan, leading to unclaimed wealth, family disputes, and inefficient wealth transfers. In India, this problem is particularly acute, with the majority of the population lacking any formalized plan for their financial legacy.

Background:

Losing a loved one is painful, and for many families, it’s worsened by unclaimed assets and unclear inheritance. Globally, 40% of wealth transfers fail due to poor planning, with over half of adults lacking a will, leaving families in confusion when unity is needed most.

In India, the impact is magnified: 90% lack formal wealth transfer plans, leaving over Rs 2 lakh crore unclaimed—Rs 82,000 crore alone without nominations. This isn’t just about lost wealth; it’s lost legacies, where families remain unaware of intended inheritances.

Further, nearly one-third of legal disputes in India involve land and property, with 80% stemming from inheritance issues. Without documentation, families face years of costly conflicts, prolonging grief and straining relationships.

Key Issues:

1. Lack of Wealth Transfer Planning: Many individuals, particularly in India, do not have a formalized plan for transferring their assets, leading to legal and financial complications for their heirs and dependents.
2. Failure to Document Assets: Cultural habits in India discourage the listing and documentation of assets like savings and investments, often leaving family members unaware of the deceased’s full financial holdings.
3. Family Disputes: The absence of clear asset documentation can cause confusion, misunderstandings, and disputes among family members over inheritance, leading to emotional strain and fractured relationships.
4. Unclaimed Assets: Due to the lack of proper nomination in financial assets, large amounts of savings and investments remain unclaimed. In India, over Rs 2 lakh crore in unclaimed assets are locked up, including Rs 82,000 crore in bank accounts, life insurance policies, and mutual funds.
5. Legal Complexities: Without a legal will, heirs face challenges accessing assets. The process of claiming these assets is often lengthy and complicated, further delaying wealth transfer and causing financial strain.
6. Away Children: Many financially independent children live in different cities or even countries, making it difficult for them to frequently return and settle legacy matters. Non-resident Indians (NRIs) face additional challenges in completing the necessary formalities within tight timeframes and managing assets or conducting transactions in India while residing abroad.

Why Are We Solving This Problem?

Wealth transfer is a critical issue that is often overlooked, resulting in significant personal, familial, and economic consequences.This has led to:

• Untracked Assets: Families are often unaware of the deceased's investments, savings, or financial holdings due to the failure to document and plan wealth transfers.
• Family Conflicts: Uncertainty around inheritance is a primary cause of disputes within families, resulting in long-term emotional and financial strain.
• Idle Savings: Without a will, life savings may go unclaimed, leaving Rs 82,000 crore across bank accounts, life insurance policies, and mutual funds unclaimed in India.
• Disruption of Financial Futures: Inadequate planning leaves dependents and heirs vulnerable to financial instability, especially when they cannot access or track assets efficiently.

A simple legal will and nomination can prevent these challenges by offering clear guidelines on wealth transfer, ensuring families are informed about all assets, and helping prevent idle savings from becoming unclaimed. Yet, only 10% of India's population has a will, highlighting a significant gap in legacy planning.