What your family should know

600---What-your-family-should-knowAlthough many of us are ­efficient in our daily lives and keep ­meticulous records in our ­professions, most of us leave inadequate and incomplete records of our economic and personal affairs when we die. Experts recommend creating a ­comprehensive folder of documents that family ­members can access in case of an emergency. Here is a ­checklist  of important documents you’ll need to have signed, sealed and delivered.

•    Your will. Everyone must make a will even if all assets are in joint names.
•    Bank accounts and bank ­lockers should be in joint names with instruction for operation by any one. Avail the nomination facility.
•    Fixed/cumulative deposits with banks/post office with details of maturity date, interest receipt etc.
•    PPF book, vehicle papers and insurance.
•    Court decisions and pending ­litigation papers, if any.
•    Income tax/wealth tax files with complete record of vital ­information on taxation.
•    Policy files — LIC, GIC, Health/Medical/Fire Accident insurance.
•    Pension papers, if superannuated.
•    Property files — real estate, flat ­ownership and property tax papers.
•    Deposit receipts for gas/electricity/water/telephone, and rent receipt related correspondence.
•    Name of legal advisers and their contact numbers.
•    Passport, driving licence, identity cards and photocopies of all the documents.
•    Medical history.
•    Information on stockholding — either in demat accounts or ­physical certificates.
•    Any other matter of interest to your family.

It is essential that you train your spouse to be able to deal with all the above mentioned ­matters ­independently or with the help of ­relative(s) you trust. After all, ­sympathy wave on account of death of head of family lasts only till one’s last rites.

3 comments on “What your family should know

  • Sep 28 2016 at 6:43 pm
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    Good information. Need of the hour. Congratulations

      Reply
    • Oct 01 2016 at 1:40 am
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      What your family should know is a wonderful information and this takes me back to the years when my father in law Late PDG Keshav Kr Bhatia expired (R C Ghaziabad). It took me nearly two years to sort his papers. That is the time I thought that things would be best if all documents are scanned in a pen drive & entrusted to the spouse. I hope each of us follow this advice, as the end is inevitable.

      • Rotary Club : Belur
      Reply
    • Oct 10 2016 at 7:49 am
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      An Eye Opener. It Signifies the importance of internal communication between family members and documentation @ home.

      • Rotary Club : Mannargudi
      Reply

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