Have you documented all your important information which
leads to your financial details?
This documentation will definitely help you in arranging
things for yourself. But, DiL SE WiLL
has raised this question for your loved ones…..after you.
Please go through the blog carefully.
It is an ardent request to all those reading the blog to
follow the checklist and encourage all other dear and near ones to do the same.
The checklist is as follows-
1. Check all your Nomination-
It is a general protocol to put a name of family
member as nominee and we abruptly forget about it. The most surprising thing is
that we don’t update the changes even after any important changes in our lives.
Here the most important changes mean the changes like death of any person whose
name has already been enlisted as nominee. Even your salary account usually has
no nomination…. kindly check all your nominations especially in the following
places-
·
Bank accounts
·
Fixed deposits, NSC
·
Bank lockers
·
Demat accounts
·
Insurance (all kinds)
·
Investments
·
PF pension Forms
·
Salary Account
And all other places where there is an
option of giving nominee.
Ø
SOLUTION-
·
Keep a soft copy/ hard copy of all the details
to record all the above.
·
Make separate column for the name of the
nominee.
2. Passwords-
We use passwords everywhere. May it be on
our Laptop, mobile and other such gadgets. All online account like Facebook,
online shopping account, online banking transaction account are password
enabled.
Passwords also include our ATM, Credit Card
& debit card Pins.
In urgent situations, our family members
should be in position to access such utilities.
Ø
SOLUTION-
·
There should be a separate email account for
this purpose. This email account should not be used for communicating with
anyone else. All the passwords should be mailed to this email account.
·
Password of this email account should be shared
with your spouse/ any other family members whom you find suitable.
·
All the information uploaded in this email Id
should be periodically checked and revised.
3. Investment-
We make investments for the future of our
loved ones. Usually they are not even aware about our investments. Documentation
of all investments whether in physical form/ in electronic forms should be
kept.
Ø
SOLUTION-
·
The e-mail Id mentioned above can be used for
this purpose also.
·
Such details can also be kept in a PC, Laptop,
Hard disk, Pen drive according to the suitability of the owner.
4. Insurance Policies-
Insurance Policies are usually for the use
and benefits of our dear and near ones. Our purpose of making such policies
will be defeated if such information is not passed on after demise.
Details of Insurance Policy should be
maintained in the same way as investments.
5. Will-
A
will is a legal document declaring what should happen to the estate (includes
money, possessions and property) of the testator (person making the will) after
he/she dies. In absence of a will, the law decides how the estate should be devolved/passed
on –and this might not be in line with the wishes of the testator.
Ø
SOLUTION-
·
Make your Will now. Even if you are young, it is
wise to make a Will and revise it from time to time.
·
Will can be made online/ offline.
·
It should be kept in the safe custody of a
reliable person.
·
The name of such person and executor should be
known to the person who has the access of the email-Id.
·
Will should also be reviewed from time to time.
6. List for Legal Documents-
Legal Documents play a vital role in
transfer of property and investments after one’s demise. It is advisable that
we should keep our Legal Documents (Deed, Agreement etc) in a systematic
manner.
Ø
SOLUTION-
·
It is similar to that of investments. We need to
add another column where the Legal Documents is mentioned in the asset.
·
This data should be periodically checked &
revised.
7. Liabilities-
Sometimes we have Liabilities like house
loan, car loan, personal loan etc. A suggestion that now the liabilities are to
be made should also be mentioned.
Ø
SOLUTION-
·
Keep a relevant soft copy regarding all kind of
liabilities you have.
·
Details of Liabilities should be maintained in
the same way as investments.
·
Make different column for interest, dates (it
includes date of taking loan and date within which loan will be repaid) and
Name of the assets (assets against which loan had been taken).
·
There will be also a different column for
details of Insurance if any for any loan/ liability.
·
All the information should be mailed in that
particular e-mail Id mentioned above and it should be periodically checked and
revised.
8. Debts-
Our family members/ spouse may be unaware
about the details of our debts. For this reason, we need to keep the record of
the same.
Ø
SOLUTION-
·
Details of debts should be maintained in the
same way as liabilities.
·
It should be revised from time to time.
·
Documents of any of the debts should be
mentioned clearly.
·
This should also be mailed in the particular
e-mail id mentioned above.
Do
it Now…..
Because “The greatest certainty in life is
Death….
The greatest uncertainty is
time”
-Carl Sandburg.
Thanking You.
Author: Team DiL SE WiLL
DiL SE WiLL is wishing you a long and
healthy life.
We celebrate your success in life.
Let’s add the awesomeness in our lives.
