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:
BANKS (PSU) Rs. 3500 Crs.
INSURANCE Rs. 3500 Crs.
POST OFFICE Rs. 3500 Crs.
STOCKS & BONDS Rs. 1101 Crs.


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  
Post a Comment

Related Posts


      LIC being a very big insurance company, why not they look into the possibility of making the changes in the existing policies, like change in address, name change, bank details etc. ONLINE. When on...

      By Hari Shenoy
    • Bank's refusal to honor agreed FD interest.

      Dear members, I am Sekar and new to In 2014 I booked some 5 years fixed deposits with a private bank, due to their higher interest rate promised to me. During matu...

      By Sekar Rg
    • DEAF Account

      It often happens that people don’t share even the basic financial details with their family members. In case of any untoward incident, the family members are left in the lurch as they are una...

      By Aditi Jain
    • Tax on dividend

      I fully agree with the circle member's claim to approach the FM/PM, requesting to remove the senior citizens from taxing 10% on the dividend received on the Mutual Funds. In fact the present level ...

      By Subramanian Sekaripuram Ananthakrishnan
    • Benefit of new tax regime for 13L+ salary earners

      Most of the salaried individuals with gross income of ₹13 lakh or more and non-salaried persons with income of ₹9.5 lakh or more will get to make tax savings if they sign up for the new lower incom...

      By Satvik Singh
    • NRI income in zero tax domiciles taxable in India

      NRIs living in zero tax domiciles like UAE (Dubai Sharjah & also Bahamas etc) will have to pay tax in India. And now all those who (partly) moved to Dubai recently to evade taxes are stuck.

      By Aditi Jain
    • Farmers must be taxed

      The tax system is currently design to squeeze the middle class. This must change. We are India’s most abused tax payers.

      By Aditi Jain

      I am cautioning the circle members and the general public at large that the insurance policies issued by ICICI are to be taken with a pinch of salt. The agents of ICICI who sell their policies as w...

      By Subramanian Sekaripuram Ananthakrishnan
    • Why one should insist for Fixed Deposit Receipt

      As you all know now-a-days whenever we request any sort of statement / report etc. from non-banking financial companies (NBFCs) i.e. insurance, chit fund, merchant banking, stock broking service p...

      By G D Binani
    • Beware of brokers

      2000 crore fraud by karvy on its customers. Sebi has banned it now. How come we only do bans and the regulators are never facing penalties and punishments for letting shit happen.

      By Aditi Jain
    • Simplification of Tax Return Filing

      The income tax return filing has been made so complicated that no common man/person today is able to file her return on her own, without the help/assistance of tax professionals. Each time we have ...

      By Sujata
Enter your email & mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

Please select a Circle that you want people to invite to.
Invite to
(Maximum 500 email ids allowed.)