Question about financial things
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Friends most parents or family members or seniors at home are unaware of financial things at home. if something happens to main income earner then that amount or investment may remain unclaimed. is anyone using service like this https://mywealthprotecto...m/ or some easy solution
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shurkiya 22g
@Sudarshan61
Not using any service like this, just share details and every thing has proper nominee and nominee knows all details and folder with all details in PC
+1
Nomination, wills will help.
Most easy solution is to have nomination in all accounts..
Create a file/folder having all account/MF folios/Life insurance …(Keep some physical paper or write it down properly). Everyone in the family should be made aware of such folder/file .
Will is important if physical assets .else nomination itself is sufficient.
Just fyi to those who don’t know, if you have a properly registered will then even without nomination you can claim any funds of the deceased but reverse is not always true.
https://www.mymoneysage.in/blog/nominee-legal...r/
In short, rights of a legal heir trumps rights of any nominee so as long as everyone is happy then it is no issue but if not then legal heir can file case against bank/institution/nominee for not honoring the will of the deceased.
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Thanks for such a wonderful and important article!
Here, I will simplify from what I understand in short,
Eg- If Atul dies with Corona and after his death, his wife is the nominee, she goes to the bank but the bank denies it because in a will (Legal Heir)he has written that his half bank balance should go to his mother, then accordingly bank distribute the money!
In Simple words, Nominee has not a Legal Power,If there is Legal Heir (Will),Nominee is just a position that after the demise/death of person who should hold that money and if there is a will that nominee wont get a single penny,then nominee cant do anything in such cases,they have provided this with many eg in articles like shares,life insurance etc!
Make sure you do a registered will giving away the right shares to everyone concerned. Give a photocopy of it to everyone in the will.
Write down all the details from your sim card, user names, passwords, for banking demat accounts, email id to your spouse or whoever would inherit. Don’t hide any of your investments and liabilities from your loved ones. You can use this document if you can use it digitally and pass it on
https://docs.google.com/spreadsheets/d/1DO1K28d...
Terrible thought. You are talking of introducing mahabharat version 2.0
@kukdookoo Nice topic. This is why financial literacy should really be an inherent part of basic education.
So far, I have made sure all type of investment is having a nominee, be it my investment or my siblings or my parents. Also have a secured file shared over GDrive with my siblings as well as a small diary wherein all family members have noted down most of the investment account numbers and is kept in a secured location in the house in case of any unfortunate event.
However I feel making a “will” is the ultimate way. Will definitely explore this option. @guest_999 Thanks for the tag and suggestion.
I want to know that location.
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