Keep these essential papers in place and inform at least one family member so that your heirs don’t have to run from pillar to post to inherit what is rightfully theirs.- Primary documents: These include your birth certificate, marriage certificate, PAN card, passport, election ID card and the Aadhaar card. Will be needed when transferring assets to your heirs.
- Insurance details: The purpose of life insurance will be defeated if your family is in the dark. Make a list of all the policy, mentioning the name of insurers, policy numbers, Nominee/Assignee, insured sums and the tenures.
- Pension documents: If you have an NPS account, mention the account number and nomination details. Give the pension account…..
- Property papers: All property-related documents should be in one place. If the property is mortgaged, keep photocopies. Mention the loan account number and the latest outstanding amount. If property is insured, mention policy coverage.
- Bank account details: Make a list of various bank accounts, giving the name of the bank, the account number, holding pattern and the nomination details.
- Bank locker details: mention the name of bank, locker number, ownership pattern and whereabouts of the key. Maintain an Inventory of items kept in the locker and update every time you operate it.
- Demat account details: Give the name of depository partner, demat account number and nomination details. If possible, update the details of the securities in the demat account.
- Other investments: Give details of the PPF account and folio numbers of other post office investments. Make a list of mutual fund investments, ownership pattern and nomination details.
- Loans and Receivable: If you have taken or given private loan o relative or friends, mention the amount and the date by when these are payables/receivable.
- Online 10 passwords,: Though these are to be kept secret, keep a list for emergency reference. Mention the website, the online ID and the password. Keep this in mind
Make sure to update the information regularly. How often you do this depends on your convenience and the changes in investments.
The information listed above is very basic. You may want to add more details of other assets along the same lines.
Making a will online If you are tech-savvy, you can get a will made online. A few firms offer this service. To make a will online, you need to register with the company and key in your personal and financial information. Once the details are uploaded, the company drafts a will and sends it to you within seven days. Besides making the will, these companies help with the registration and act as executors. The cost of this convenience: Rs 10,000. However, you need to have a digital signature for signing an online will. The two witnesses must also have digital signatures.
Arvind Kumar Jha
MDRT, Financial Advisor, Insurance
Advisory
09717427728, arvind.jha2007@gmail.com
SIYA Consultancy service
(91-9625153310,91-8986366433)
No comments:
Post a Comment