Expecting an inheritance? 80% Indians still don't have a will, study finds

India's rapid wealth creation is giving rise to a new challenge: families are building assets faster than they are planning to transfer them. A new study suggests that while millions of Indians expect to inherit wealth, most are not taking steps to plan their own estates, creating risks for future generations.

According to a study by 1 Finance Magazine, 84.8% of Indians do not have a will, while 62.5% have no plans to create one, highlighting a major gap in estate planning at a time when the country is experiencing its first large-scale intergenerational wealth transfer.

The findings suggest that India's wealth boom is not being matched by succession planning, leaving families vulnerable to disputes, legal complications, and uncertainty over asset distribution.

Wealth transfer

Over the past two decades, Indian households have accumulated significant wealth through real estate, equities, mutual funds, businesses, and other financial assets. However, the study indicates that planning for the transfer of that wealth remains one of the most neglected areas of personal finance.

Only 15.2% of respondents currently have a will, while another 22.3% are considering making one. The remaining respondents have either postponed the decision indefinitely or have no intention of creating a will at present.

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Researchers describe this as a structural weakness in India's financial planning culture, where wealth creation receives attention but wealth transfer often remains an afterthought.

Inheritance paradox

Perhaps the most striking finding is what the report calls an "inheritance paradox."

Among people who expect to receive an inheritance, 79.8% do not have a will of their own, while only 20.2% have documented how their own assets should eventually be distributed.

In other words, individuals preparing to inherit family wealth are often not preparing to pass wealth on themselves.

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The study found that respondents expecting to inherit assets were no more likely to create a will than those who did not expect an inheritance. This suggests that inheritance is frequently viewed as something one receives rather than a process that requires active planning and decision-making.

For financial planners, the finding raises concerns that future generations may repeat the same succession planning mistakes now visible across many households.

Indians are avoiding

A major reason for the low adoption of wills appears to be a reluctance to discuss inheritance within families.

The survey found that 46.7% of respondents have never discussed wills or estate planning with family members, while only 21.8% reported having detailed conversations on the subject. Another 31.4% said they had only informal discussions.

Experts say conversations around inheritance are often postponed because they are associated with ageing, mortality, or potential family conflict. However, delaying those discussions can create uncertainty and confusion later.

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Family disputes

The study also challenges a common assumption about wills.

Conventional wisdom suggests that people make wills to prevent inheritance disputes. However, the data indicates that many families begin estate planning only after disputes have already emerged.

Around 30.5% of respondents reported experiencing some form of inheritance-related dispute, including 23.3% who reported minor disagreements and 7.3% who reported major disputes.

Among families with no inheritance disputes, only 29.7% had made or were planning a will. In contrast, that figure rises to 54.1% among families facing minor disputes and 52.6% among those experiencing major disputes.

The findings suggest that conflict often becomes the catalyst for estate planning rather than the outcome it seeks to prevent.

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Personal finance challenge

Commenting on the findings, Animesh Hardia, Editor-in-Chief of 1 Finance Magazine, said India is going through its first major intergenerational wealth transfer without a clear cultural framework for managing it. Previous generations often had limited assets to pass on, whereas today's households have accumulated meaningful wealth but have not developed the habit of formally documenting succession plans.

The study concludes that India's inheritance readiness remains weak across income and awareness levels. As wealth continues to grow, the lack of estate planning represents both a personal finance risk and a significant challenge for families seeking to preserve wealth across generations.

For many households, the message is becoming increasingly clear: building wealth is only half the journey. Ensuring it is transferred smoothly may be just as important.