Keep these essential papers in place and inform at least
one family member so that your heirs don't have to run from pillar to post to
inherit what is rightfully theirs.
1) Primary documents
These include your birth certificate, marriage certificate, PAN card, passport,
election ID card and the Aadhaar card. Will be needed when transferring assets
to your heirs.
2) Insurance details
The purpose of life insurance will be defeated if your family is in the dark.
Make a list of all the policies, mentioning the name of insurers, policy
numbers, insured sums and the tenures.
3) Pension documents
If you have an NPS account, mention the account number and nomination details.
Give the pension account number with your employer.
4) Property papers
All property-related documents should
be in one place. If the property is mortgaged, keep photocopies. Mention the
loan account number and the latest outstanding amount. If property is insured,
mention policy coverage.
5) Bank account details
Make a list of various bank accounts, giving the name of the bank, the account
number, holding pattern and the nomination details.
6) Bank locker details
Mention the name of bank, locker number, ownership pattern and whereabouts of
the key. Maintain an inventory of items kept in the locker and update every time
you operate it.
7) Demat account details
Give the name of depository partner, demat account number and nomination
details. If possible, update the details of the securities in the demat account.
8) Other investments
Give details of the PPF
folio numbers of other post office investments. Make a list of mutual fund
investments, mentioning folio numbers, ownership pattern and nomination details.
9) Loans and Receivables
If you have taken or given private loans to relatives or friends, mention the
amount and the date by when these are payable/receivable.
10) Online 10 passwords
Though these are to be kept secret, keep a list for emergency reference. Mention
the website, the online ID and the password.
Keep this in mind
This information is to be kept secret and accessed only if the main breadwinner
of the family has either died or is in a medical emergency.
Make sure to update the information regularly. How often you do this depends on
your convenience and the changes in investments.
The information listed above is very basic. you may want to add more details of
other assets along the same lines.
You may want to make an online version of this information as well, but make
sure it is on a secure site.
Store your documents online
Worried that your documents are not secure? Digitising them could solve the
problem. Many portals now offer to store digital versions of your documents,
which can be accessed by anyone from anywhere, saving you the cost of buying and
printing reams of paper. You can make changes to the files offline and this can
be synched automatically when you log on to the Net.
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