You may be shocked to learn that Rs 1.5 lakh crore worth of assets are currently lying unclaimed in India today. The main reason for this is a lack of awareness about succession planning. In short, people are not planning ahead and making their Wills. As a result, the family is often completely unaware of accounts and other assets held by their loved ones. It is also worth noting that a staggering 76% of litigation in India is due to property and family disputes. This unfortunate, but entirely avoidable, statistic is directly correlated to a lack of succession or estate planning.
The fact is a Will is necessary for every asset owner regardless of net worth to ensure a seamless transfer of assets to the next generation.
Furthermore, it is a myth that a Will is meant only for the rich and elite. In fact, the common person suffers severely when his/her money gets tied up in the absence of a Will.
Why Don’t People Make Their Wills?
Making a Will is not only important, but also necessary. So, why doesn’t everyone make one? The short answer is – time and cost. Most people think the process is a costly and cumbersome affair, and in today’s legal landscape, they’re not entirely wrong.
Indian law doesn’t recognise a Will that is made online. A Will must be a physical document. Not only that, but it must also be signed in the presence of two (2) or more witnesses. In addition, the Indian Evidence Act mandates the physical presence of at least one (1) witness, who has attested the Will for the purpose of proving the Will.
The Case For Electronic Wills (e-Wills)
E-Wills can be generally understood as Wills that are electronically written, signed and/or attested. There is substantial evidence today to support the case of the e-Will.
In 2019, the steering committee on fintech-related issues recommended that digital alternatives for the execution of Wills should be considered.
The COVID-19 pandemic has further established the necessity for such provisions. Quarantine and social distancing norms required that many had to be in isolation. A large majority were (and still are) working remotely from all corners of the country. In such a scenario, the current requirements of a legally valid Will are extremely impractical.
Post the COVID-19 pandemic, several countries such as the USA, Canada, New Zealand, Australia, and The Netherlands, have allowed for digital means to witness and sign Wills.
The judiciary (Delhi High Court) in India has also endorsed the use of technology to create and store Wills in light of the availability of inexpensive gadgets like webcams, portable and desktop computers, and connectivity through the internet.
E-Wills are not only convenient, but far more reliable than paper Wills
The authenticity of paper Wills are routinely challenged in Indian courts on account of forgery. Today, we conduct several extremely important matters through digital means: Aadhar and e-KYC for identity verification, e-banking for wealth management, fintech apps for investment, etc. Why should the same route be excluded for wealth transfer to the next generation?
Advancement in technology has brought several measures to counter forgery, allowing for easy verification of identity to establish authenticity, secure storage, ensure tamper resistance through time stamps, etc. Adoption of technology will reduce unnecessary litigation where huge costs are borne by average citizens. Also, litigation is a massive hurdle, consuming money, time, and psychological space, which the common man cannot really afford. This leads to people giving up on inheritance that rightfully belongs to them. Further, bringing Wills within the ambit of digital signatures could also pave way for the need to mandatorily prove Wills before the courts. Today, in India, Wills in Mumbai, Chennai, and Kolkata are mandatorily required to obtain a probate from a court - even when the Will is not disputed. The process of probate entails unnecessary cost and effort for ordinary citizens, even in the case of an uncontested Will.
Per the above, bringing a Will under the ambit of digital signatures will have many benefits. More importantly, it will reduce the time lag before the family can gain access to the assets of the deceased who, in most cases, is the sole breadwinner of the family. Access to such assets in a timely manner will help to uplift the lifestyle, medical, educational, and other needs of the surviving family members.
About Us
Yellow was founded on the principle that it is our most basic instinct to protect and look out for the ones we love. This is a beautiful thing; yet, when it comes to putting it into practice, many people fall short. Not because of a lack of intention, but because of a lack of information and resources. To bridge this gap, Yellow has developed a first-of-its kind digital Will-making solution not just for those with access to expensive lawyers and wealth management firms, but for everyone.
Yellow’s vision is to provide a simple, secure, and cost-effective solution for all Indians to protect and preserve their legacies by combining technology and legal expertise.
Pledge Your Support!
Sign this petition. Your support will benefit your children and your family. It will impact millions in our country who struggle to claim their own money and assets. It will also reduce family disputes, unnecessary litigation time, and expenditure.
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