Get yourself organized in case of a premature death

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Get yourself organized in case of a premature death
What would happen to your family if you never made it home from work today? If you were to die, would your loved ones be able to manage your dealings? Many of us are not organized in terms of sharing important information like finances, records, investments, etc with our closed ones. Not in your presence but in your absence, your family members or friends might need an immediate access to your records.

You might have done proper financial planning for you and your family. But, would it be easy for them to sort out your finances after your are no more? It's always better to maintain a master list of all of your dealings or prepare a document and share it with your closed ones.

So, with the goal of organizing your dealings, here are few steps you can take to spring you and your loved ones peace of mind:  

  • Personal Records – Keep a copy and a scan copy of all your personal identification certificates such as Birth Certificate, Pan Card, Passport, Driving License or any other official documents.
  • Buy Life Insurance Policies – Life Insurance Policies forms the major part of your dealings. If you have someone who depends upon your income you should have some sort of life insurance policies. So that it can cushion your dependents in case you are not there.
  • Property Documents – Organize home purchase papers or deeds, car information or any other asset you own.
  • A will – This document tells the court who your belongings will be given to once you pass away. You can hire a lawyer to prepare your will, or alternately, you can prepare a will yourself.
  • Power of attorney – This is a document that appoints someone to take care of legal and financial matters, including signing documents.
  • Guardianship - If you have young kids, this will appoint a guardian for minor children whose parents have both passed away. 
  • Account Numbers - List of all of your accounts and account numbers i.e. bank accounts, Provident Fund details, Fixed Deposits, Mutual Funds, Share certificates, Insurance Policy numbers, etc. along with who you have nominated for each of your accounts.
  • Contact Information – List down all your emergency contacts info' about your close relatives, friends, financial planner, will executor, insurance agent or broker, lawyer, etc.

How to store all your documents?
There are two ways you can store your all important information:

  • Bank Locker – You can keep all the above documents in paper and keep it safe in bank locker.
  • Online – Scan all the above documents and have a digital record as well. You can even use google documents and share it with your closed ones.

And once a year make sure to update all the records.

We can beat anything in life but not death. Irrespective of age and health, all lives come to an end. We don"t know when that time will come, but death is unavoidable on earth. So it is always better to keep an account of all our dealings and share the same with our loved ones.

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