How contingent tools safeguard your family against joint fatality risks

It’s hard enough losing a loved one. But imagine losing both parents in a single tragedy—a plane crash, a car accident, or a natural disaster. Beyond the unbearable grief, families are often left scrambling for legal clarity, financial access, and emotional footing. The pain is doubled when access to money, guardianship of minor children, or even basic bank accounts becomes frozen due to a lack of planning.

Joint fatalities, which means that more than one family member dies simultaneously. These are rare but devastating. They can cause long legal delays, unclaimed assets, and a broken chain of financial continuity. In these moments, proper succession planning becomes a gift you leave behind for your loved ones: a way to secure your legacy, provide stability, and honour your responsibilities.

Here are four essential steps to ensure your family’s future remains protected, even in the most unpredictable circumstances:

1. Write a will: clarity begins with it

A will is not just a legal document; it’s a declaration of intent. It ensures your assets are passed on according to your wishes and, more importantly, it allows you to appoint a guardian for minor children. “A will outlines asset distribution and appoints guardians for minors, preventing court intervention,” said Shraddha Nileshwar, vertical head – will & estate planning at 1 Finance. “Under the Indian Succession Act, 1925, Class I heirs—spouse, children, parents—are given priority. But what if they all pass away together? Naming contingent beneficiaries such as siblings or charities ensures there’s no ambiguity and avoids intestacy,” she explained.

This is especially critical in joint fatalities, where primary heirs may not survive, leaving the estate’s fate in legal limbo.

2. Set up a trust: shield your heirs from chaos

Unlike wills, which often go through probate (a court-supervised process), a private trust allows for a smooth and quick transfer of wealth. Nileshwar recalled a powerful example: “After the 2008 Mumbai terror attacks, a hotelier who had set up a trust saw his family navigate the aftermath with significantly less financial stress. The trust enabled immediate access to funds and protected family harmony by avoiding drawn-out legal paperwork.”

Trusts can also be useful for special situations, like protecting the financial interests of children with disabilities or allocating funds over time rather than all at once.

3. Nominate wisely: don’t leave it blank

Most people overlook nominations in bank accounts, insurance, and mutual funds. However, these small steps can prevent major problems.

Always designate both primary and secondary nominees, especially for key assets. In a joint fatality scenario, having only a single nominee could result in claims being delayed or denied. These nominations ensure that the money goes directly to the right people without unnecessary legal wrangling.

4. Keep a master asset list: make it accessible

In chaotic times, even knowing where the assets are becomes a challenge. Maintain a digital or physical list of your investments, property papers, insurance details, and passwords. Share it with a trusted advisor or executor of your will. "Share an updated asset list with trusted advisors for quick access during crises," said Nileshwar.

Your family should never have to spend months piecing together your financial life while coping with your absence.

Legacy planning is an act of love. It’s about ensuring that the people you care about don’t suffer unnecessary hardship after you are gone. Especially in joint fatalities, when multiple lives are lost together, such planning becomes even more vital.