Don’t leave your family with these 3 things post death

Confusion. After you are gone, your next of kin will spend the most amount of time figuring out issues linked to money. Bank accounts, fixed deposits, pension, Public Provident Fund, post office deposits, life insurance policies, mutual funds, lockers, real estate and vehicles—these are just some of the assets that they will have to deal with. A young friend lost her dad last year and found unpaid life insurance policies in the cupboard. Her father had been ill for a few months and had forgotten to pay the premiums. To figure out what policy was alive, on which policy premium had not been paid and how she could claim the money took her more than a month.Therefore, make a Will. Be sure to make it when you are in your 40s and then keep updating it. Accidents happen and lifestyle-linked deaths hit anytime. List out your assets in that Will. Give details like account numbers of banks, depositories, online portals through which you invest, agent names and numbers, location of papers, location of locker key—basically, if you take a moment to imagine you are not around and your family is struggling to find papers and make sense of your financial life, what you need to do to help them will be clear. Do that exercise. And then clear up the clutter and confusion of your money life. Ideally, have a cupboard or a place in the house that has all the paperwork in well-marked files that are updated regularly.
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  

View all 13 comments Below 13 comments
If one property is given to one daughter through a registered Will made by mother and other daughters have got monetary benefits and immovable property from father,these daughters can't claim for property given by mother to the daughter who takes care of her during her golden years
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  
Very sane advice. Needs to be followed. M more  
Useful and practical advice one should follow latest after 50 years of age. more  
Advisable - First & Foremost is Nomination (Not only one i.e. Spose but minimum TWO) with equal share so to avoid legal complications.

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  
Thank you very much Aditi ! very useful advice. more  
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