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Rush for wills to secure family wealth in Covid Top Searches Rush for wills to secure family wealth in Covid Namrata Singh & Reeba Zachariah / TNN / Updated: Jun 11, 2021, 13:39 IST FacebookTwitterLinkedinEMail MUMBAI: A businessman in his late 40s, who had severe Covid and was desperate for oxygen and a hospital bed, had given up hope of surviving the brutal second wave that has ravaged several families. “When I survived, I felt that miracles do happen. But this has shaken me up,” he later told friends and associates. While recuperating, he realised the catastrophic financial impact the pandemic would have had on his family had he not made it in the absence of a will and the separation of personal assets from his well-spread business. While his son is still studying, his wife and daughter know next to nothing about his finances. He is now working on his will and plans to ensure his business and personal assets are segregated and securely kept in a trust for the benefit of his family.
There has been a spike in registration of wills, succession planning at family businesses, and estate planning over the last year. Moreover, the pandemic has made such legal processes age-agnostic. While in the past mostly parents or grandparents may have made a will, many such families now want their children (often in their late 20s and 30s) to make one too.
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