Don’t leave your family with these 3 things post death
Property. Do a favour to your children and don’t leave them real estate assets other than the one house you live in now. Even if the children are in India, dealing with property issues in smaller towns far away from their place of work is going to make life difficult for them. A friend’s father had several properties he had given out on rent. One of the houses had a tenant who was paying rent that he had not raised for 10 years. The tenant had no intention to move. To evict the reluctant tenants to sell the properties needed skills that go beyond money and finance. Even if there are no ownership issues, big fights break out in families over real estate assets. Keep it simple, invest in financial assets and clearly mark out who gets what.
Debt. Don’t leave debt for your family to deal with. If there are home loans or other loans, ensure that you have a term life insurance cover that will take care of the debt in case you die. If you finish paying off your debt and are still alive, you can either let go of the term plan or continue it—your income would have gone up in this time and the need for higher cover will justify keeping the additional cover. more
If every registered Will is to be challenged in courts through well meaning lawyers and Big fat law firms,the Idea of getting the Will registered carries no meaning. more
It is observed that fake &/or fictitious records are made so to avoid responsibilities & payables - like that of :
RPAD Letter is forwarded with Name & Address as XYZ, Chandani Chowk, Delhi 110004.
Which is boound to get returned, wherein the Insurance, Bank & Similar other will record that Claiment - Untracable.
Also advisable to opt for TWO different Address of the Nominee.
Following info is self explanatory:
PROVIDEND FUND Rs. 22600 Crs.
BANKS (PSU) Rs. 3500 Crs.
INSURANCE Rs. 3500 Crs.
POST OFFICE Rs. 3500 Crs.
INCOME TAX REFUND Rs. 1300 Crs.
STOCKS & BONDS Rs. 1101 Crs.
MUTUAL FUNDS Rs. 453 Crs.
THIS IS ONLY OF A YEAR
Here, unclaimed insurance policy money means, the money which has been remained unclaimed beyond six months from the claim settlement due date. It can be any of the below claims;
• Death claim,
• Maturity claim,
• Survival benefit (Money-back amount),
• Premium due for refund,
• Premium deposit not adjusted against premium
• Indemnity claims etc. more