Life is unpredictable, and one of its harshest truths is that no one knows who will leave this world first. The journey with a life partner is filled with love, responsibilities, and shared dreams, but at some stage, one may have to move on earlier than expected. The pain of losing a spouse is immense, and it becomes even more complicated when the surviving partner is left to navigate financial and legal complexities without prior planning.
During a recent meeting with Naren Bakshi, who is 81 but very active, the importance of preparing for such uncertainties became evident. He has been married to Kusum for 61 years!
Naren Bakshi is a visionary leader with an impressive portfolio of Chairman, Corporate Executive, CEO, Founder, Serial Entrepreneur, Community Leader, Health Hero, and Speaker. He spearheads a global wellness movement, Cracks the Wellness Code, inspiring people worldwide to embrace healthier lifestyles. His health transformation is truly remarkable. At the age of 65, through disciplined lifestyle changes, he reversed chronic diseases, shed 90 pounds, and overcame diabetes, sleep apnea, and hiatal hernia. His unwavering commitment to self-improvement and lifelong learning has made him a passionate advocate for healthy living, and he frequently shares his journey through impactful talks. Beyond his health initiatives, Naren Bakshi is a serial entrepreneur and a mentor, guiding founders and driving social impact in healthcare, wellness, education, internet, and e-commerce sectors. He also served on the Global Board of Trustees from 2004 to 2009 and was pivotal as the Chair of the Chapter Development Group. Under his leadership, the group established 52 strong chapters worldwide, including TiE Rajasthan, fostering entrepreneurship and global collaboration. Additionally, he serves as a Founding Trustee Board Member of the India Community Center, continuing to make significant contributions to society in Silicon Valley, California.
Naren Bakshi is actively working on the concept of Solo Aging, which refers to growing older without the traditional support of a spouse, children, or close family members. This applies to individuals who are single, divorced, widowed, or childless, as well as those whose children live far away or are not actively involved in their daily lives.
Understanding the importance of living a simpler, more convenient life, Naren Bakshi made bold decisions for his future and his family’s well-being. He chose to sell all his big and small properties in Jaipur and the U.S., embracing a lifestyle prioritizing ease, liquidity, and practicality. In Jaipur, he now resides on a long-term lease in JOI, one of the city’s finest community spaces, ensuring a vibrant and supportive environment. In the U.S., he has shifted to a well-equipped for senior living with one section of the apartment devoted to Healthy living ( Sauna, Walk-in Hot Tub, Meditation, Yoga, Gymn Room ), making daily life more manageable for healthy living at home with potential provision for wheelchair accessibility with a lift inside the Apartment). This apartment is on the same floor as his daughter’s, supporting potential solo aging!
Through his leadership of the CWC (Crack My Wellness Code-India Foundation ), he strongly advocates for simplifying and making life more efficient for oneself and the family that remains after us. His message encourages people to plan thoughtfully, ensuring a future that is free from unnecessary burdens and filled with ease, dignity, and purpose.
He emphasized that ensuring their future security should be a priority if you truly love your wife and children. Taking proactive steps in legal, wealth, and property management can ease their burden and safeguard their financial independence after you are gone.
Legal documentation is the foundation of a smooth transition. Family members may face unnecessary disputes and legal battles without proper legal arrangements. Drafting a will ensures that your assets are distributed according to your wishes, avoiding conflicts and complications. Updating nominations regularly in bank accounts, fixed deposits, mutual funds, and life insurance policies facilitates a smooth transfer of funds to your loved ones. Assigning a trusted family member or friend as a power of attorney and arbitrator can be crucial in cases where you cannot make financial or legal decisions due to illness or old age. Adding your spouse or children as property co-owners ensures a seamless ownership transition.
Financial stability can become overwhelming after losing a partner, so careful planning is essential. Keeping a separate emergency fund covering expenses for at least six to twelve months helps avoid financial distress. Having adequate life and health insurance coverage reduces the financial burden in case of medical emergencies or the untimely demise of a partner. Clearing off liabilities like home loans, personal loans, and credit card debts ensures that the surviving family members are not burdened with repayments.
If not appropriately managed, real estate and property matters can become a significant source of family conflicts. Ensuring all properties have clear legal titles, updated ownership records, and necessary documents helps prevent legal hassles. If you plan to distribute properties among family members during your lifetime, executing registered gift deeds can avoid conflicts later. Having legal heirs and succession plans defined in legal documents ensures that assets are transferred smoothly and without complications.
As responsible individuals, taking proactive steps to secure the family’s future is essential. While we cannot control life’s uncertainties, managing finances and legal matters efficiently is within our power. Love for a spouse and children should be reflected in words and actions, and we should ensure that they are financially secure and legally protected when we are no longer around. Naren Bakshi’s perspective on this subject is a wake-up call for everyone to start planning today so that loved ones do not struggle tomorrow. Taking charge of the future is the greatest gift to those who mean the most.
- Words by Anshu Harsh
