I will personally request to spare few minutes to read this – it is not a professional update but more important than that
- Check all your nominations…
It’s a usual practice to put a name (i.e in the first place if you have mentioned it) and royally forget about it. Most of us have named our parent as a nominee for investments, bank accounts opened before marriage. We have not changed the same even years after they are no longer there with us. Even your salary account usually has no nomination.. Kindly check all your Nominations.
- Bank Accounts
- Fixed Deposits, NSC
- Bank Lockers
- Demat Accounts
- Insurance (Life, Bike or Car or Property)
- Investments
- PF Pension Forms
- Passwords..
We have passwords for practically everything. Email accounts, Bank accounts, even for the laptop you use. What happens when your next in kin cannot access any of these simply because they do not know your password… Put it down on a paper. - Investments.
Every year for tax purpose we do investments. Do we maintain a excel sheet about it. If so is it on the same laptop of which the password you had not shared. Where are those physical investments hard copy. - Will.
Make a Will. I know you will smile even I would had I not gone through all what I did. It would have made my life lot easier a lot less paperwork. I wouldn’t had to provide an indemnity bond, get it notarised, ask surety to stand up, no objections certificates from others… - Liabilities.
When you take a loan say for your house or car. Check out on all the what if, what if I am not there tomorrow, what if I loose my job. Will the EMI still be within my range. If not get an insurance on the loan. The people left behind will not have to worry on something as basic as their own house.
let us at least try and make few changes so that our loved ones would not suffer after we go. We do not know what will happen in the future. But as the Scout motto goes: Be prepared “
NEVER TAKE LIFE FOR Granted, DO THINGS APPROPRIATE FOR THE ONES WHO DEPEND ON YOU WITH LOVE.
why should the people whom we love the most suffer after we are no more. Sorting some paperwork before we go will at least ease some of their grief.
Family management is not only cooking + cleaning + taking care of the dependents but also involves complex operational knowledge of finances…
The above message is a must for every family members.
💐Be Happy Be safe 💐
Ⓑ︎