Parul Mehta, a retired professor of philosophy at the University of Pune, had just returned from yet another prayer meeting for one of her friends who had passed away a week ago. She was deep in thought, wondering what people would say about her at her funeral and the legacy she wished to leave behind.

At 78, she could look back at her life with a lot of pride and satisfaction. Her victory over life’s struggles, rich experiences and deep connections, not just with her family but with the many students she had mentored filled her heart. It pained her to think that all her knowledge and life lessons would go to waste if she did nothing about it.

“The trouble is, you think you have time” – Buddha reminded her from the picture in her drawing room.

She decided that crafting her legacy was an immediate priority – not just to distribute her assets, but to encompass a living narrative of her beliefs, lessons learned, and the cultural traditions she cherished.

Also Read: When Should Senior Citizens Look To Make A New Will?

Bequests of her Financial Assets

Mehta began with the basics—updating her Will and ensuring her financial investments were in order. She methodically followed the below process:

1. Comprehensive Inventory of Assets: It’s crucial to start with a detailed list of all assets, including bank accounts, stocks, real estate properties, and personal belongings of significant value. This inventory should be as exhaustive as possible to avoid any oversights.

2. Clear Beneficiary Designations: Specify clearly who the beneficiaries of each asset are. Mrs. Mehta made sure to name primary and contingent beneficiaries to cover scenarios where the primary beneficiary might predecease her.

3. Appointment of Executor: Choosing a reliable and competent executor is essential, as this person will be responsible for administering the estate according to the will’s instructions. Mehta chose someone she trusted implicitly, with the understanding that they would respect her wishes and handle the estate with integrity.

4. Specific Instructions for Distribution: Mehta provided instructions on how her assets should be distributed among her beneficiaries. This included not only the division of assets but also any conditions she wanted to impose, such as age restrictions or milestones that might trigger the transfer of assets.

5. Legal Clarity and Compliance: Ensuring the will is legally compliant is crucial. Mehta consulted with a legal expert to verify that her will adhered to local laws and regulations, which can vary significantly between regions.

6. Provisions for Debts and Taxes: The will should clearly address how debts, expenses, and taxes should be paid. Mrs. Mehta arranged for her liabilities to be cleared before the distribution of the estate to prevent any financial burden on her family.

7. Regular Updates: Given that financial situations change over time, Mrs. Mehta planned to review and update her will regularly. This practice is essential to accommodate changes such as the acquisition of new assets, changes in beneficiary circumstances, or revisions in tax laws.

Alongside this, she penned down ethical wills, capturing her philosophical insights and ethical teachings to guide her family morally and spiritually.

A Legacy Beyond Wealth

Mehta wrote a series of letters to her grandchildren to be handed over to them during important events in their lives – their graduation, their wedding and the birth of their children. Each one has a story that encapsulates life lessons on resilience, empathy, and curiosity. These were her ethical wills intended to guide them through life’s complexities.

Reflecting her lifelong commitment to education, she set up a little scholarship fund for young women in rural India, aiming to empower them through education, thus extending her influence beyond her immediate circle.

She decided to invite her children and extended family every year to celebrate traditional Indian festivals, ensuring these customs were cherished and continued, creating lasting memories and a sense of identity for younger generations.

Ensuring Health and End-of-Life Wishes Are Respected

Mehta discussed her medical choices and end-of-life wishes with her family. It was a difficult conversation, but she was relieved once she did, as now the family would be spared from making tough decisions during emotional times. A ‘living will’, though not a legally recognised document in India, could also be a choice for those who find it difficult to have this conversation.

Passing the Torch

Though retired, Mehta had many academic projects that she supported and research scholars she mentored. She appointed Sheetal, her most dedicated mentee, as her protégé to carry on her research and teaching, ensuring her intellectual legacy would endure.

Mehta’s comprehensive approach to legacy planning was a testament to her life’s philosophy—that a true legacy is about making a difference in the lives of others and setting an example that inspires the next generation.

“Your legacy is every life you’ve touched” – Mary Angelou

The author is a certified financial planner, co-founder and head of financial planning at House of Alpha Investment Advisers Pvt. Ltd.