19-year-old student sets up will, leaves ₹28 crore fortune to childhood friend instead of family

A 19-year-old student in China has sparked discussion on Chinese social media after drawing up a legally notarised will that leaves his entire fortune, worth around 20 million yuan (approximately ₹28 crore), to his childhood friend instead of his family.Li’s decision sparked mixed reactions on Chinese social media. (Unsplash/Representational image)According to a report published in South China Morning Post (SCMP), the teenager, identified only his surname Li, recently had his will officially notarised at the China Will Regration Centre in Shanghai. His estate includes an apartment and savings that he said were given to him his parents following their divorce and subsequent remarriages.Why did he leave everything to a friend?Explaining his decision, Li said that he had grown emotionally dant from his parents after their divorce. Although they gave him the property, he claimed that they spent little time with him while he was growing up.An enthusiast of extreme sports, Li said that he was aware of the risks involved in his hobbies and wanted to ensure his assets would go to someone he trusted if anything happened to him.He said that he did not want his parents’ current spouses, whom he described as strangers, to eventually benefit from his estate. So instead, he chose to leave everything to a friend with whom he had shared a close bond since childhood.(Also Read: Bengaluru-based American techie says he never would’ve made it as a student in India: ‘Look at the competition’)What does Chinese law say?Under China’s Law of Succession, a person’s spouse, children and parents are the first legal heirs. If Li were to die without a will, his parents could inherit his estate, and their spouses could also gain rights over or eventually inherit the property.However, Chinese law also allows individuals to bequeath their assets to people outside their statutory heirs through a valid will.According to Huang Haibo, manager of the Shanghai office of the China Will Regration Centre, Li’s childhood friend will have to formally accept the inheritance within 60 days of Li’s death. Failing to do so would be treated as giving up the inheritance.Li’s case has also drawn attention to a growing trend in China, where more young people are planning their estates. Data from the China Will Regration Centre shows that the average age of people regering wills has dropped from 77 to 67 over the years. Officials say an increasing number of people born in the 1980s, 1990s and 2000s are now making wills, reflecting changing attitudes toward inheritance and financial planning.(Also Read: Student explains what truly makes IIT special: ‘It’s not the course, professors or academics’)Internet dividedLi’s decision sparked mixed reactions on social media, with some defending his right to decide who inherits his wealth, while others questioned his choice.One user wrote, “He felt dant to his parents but they still gave him 20 million yuan. I don’t see any problems in his parents inheriting his property.””Maybe he’ll change his mind in the future. He is still too young to make such a big decision,” said another.”I wish I had a friend like this,” wrote a third user.