Succession Planning
Module Units
- 1. Introduction
- 2. What Is The Need To Involve Your Family In Financial Matters?
- 3. Debunking The Myths About Succession Planning
- 4. Tools For Succession Planning
- 5. Nominee
- 6. Nomination vs. Assignment
- 7. Will
- 8. Disadvantages Of Not Writing A Will
- 9. Online Or Offline Will
- 10. Witness And Executor To The Will
- 11. Registration Of Will
- 12. Gifts
- 13. Comparison Between Gift And Will
- 14. HUF (Hindu Undivided Family)
- 15. Properties Or Assets That Can Be Classified As The Assets Of A HUF
- 16. What Happens In Case Of Death Of The Karta?
- 17. Partition Of HUF
- 18. Trusts
- 19. Types Of Trusts
- 20. Practical Matters – Investors
- 21. Mandatory Registration
- 22. Pitfalls Of Forming HUFs
- 23. Comparison Between Will And Trust
- 24. What Your Family Should Know Before Your Death?
- 25. Conclusion
What Your Family Should Know Before Your Death?
You should make a comprehensive list containing the details and location of all important documents and other possessions. One such elaborate list is given below:-
1. Bank Locker Key and related information
2. Various Bank / email accounts and passwords
3. Credit and debit cards information
4. Investment details such as bank fixed deposits, bonds, mutual funds, demat account, EPF and PPF accounts related information
5. Current liabilities such as credit card bills , outstanding loan details
6. Health care benefits
7. Life insurance policy
8. Car insurance policy
9. Property and fire insurance policy
10. Will
11. Property ownership information
12. Car title
13. Home/Property deed of sale
14. Income tax returns (including any refund information)
15. Identification documents such as Birth certificate, Passport, Driving License, Marriage certificate, PAN Card
16. People to contact in case of emergency such as insurance agent, doctor, lawyer, CA and financial planner / wealth manager, property agent
You can easily make such an emergency list in MS Excel or Google spreadsheet. Don’t forget to update the above list regularly. How frequently you should do so depends on you, but at least on an annual basis it should be done.
Also, inform and keep this list with at least one family member/ trusted CA or lawyer so that your heirs can access them easily without hassles and running around.
Make Emergency list + Organize & Update + Handing to trusted person= Easy access and peace of mind for heirs.
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