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 account and 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.
You
can use services like Google Docs (docs. google.com), DropBox
(dropbox.com) and Windows Live SkyDrive (explore.live.com/skydrive). The
latter lets you store up to 25 GB of data for free, while DropBox
provides a free account of 2 GB, which can be upgraded to 50 GB for
$9.99 (Rs 560) a month. Kleeto (kleeto.in) is an Indian company, which
allows you to store 15 physical documents for a basic subscription
charge of Rs 200 a year. The company collects the files from you and
uploads the scanned versions that you can access. Whenever you need the
original documents, they can send them to you within two to three days.
You
can store your medical history on Yostechnologies.com and
MyHealthRecords. in, which let you upload scanned paperwork. This lets
you access the information any time and avoids wastage of money on
duplicate tests if you misplace a report.
There
are also apps that help organise your paperwork and make good use of
offers, such as Warrantify. This app allows you to scan your receipts
and warranties, and store them on the cloud. You can add information
about the model, price and warranty validity. The app will keep track of
the warranty period and notify you when the expiry date approaches.
Making a will online
If
you are techsavvy, you can get a will made online. A few firms, such
as Warmond Trustees & Executors and Vakilno1.com, offer this
service. To make a will online, you need to register with the company
and key in your personal and financial information. Once the details are
uploaded, the company drafts a will and sends it to you within seven
days. Besides making the will, these companies help with the
registration and act as executors. The cost of this convenience: Rs
10,000. However, you need to have a digital signature for signing an
online will. The two witnesses must also have digital signatures.
(Source: ET)
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