New Delhi: You may have invested in several financial instruments to give your family a cushion incase of an eventuality, but if the documents and the backup files are not in place, your family might have to face unwanted difficulties in materializing the funds meant for them.
Sarthak Ahuja, CA and who is also into investment banking shared a detailed guide on LinkedIn regarding an important file that everyone should maintain in one’s computer.
“Every person should have one folder in their computer that is the “In Case of Death” folder… and this is how it is structured… The folder is used to manage and pass on one’s assets to successors easily… and to avoid any legal hassles,” Ahuja wrote in his LinkedIn.
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He also gave a detailed list regarding the folder’s subheads. He says that this folder should be divided into 5 parts
1. Personal IDs
– Birth Certificate
– Marriage Certificate
– Aadhaar and Passport
– Divorce Decrees
– Change of Name Affidavits
2. Legal & Estate Management Documents
– Last Registered Will with notarized copy
– Succession Certificates for Movable Assets
– Guardianship Documents for minor children / dependants
3. Financial Assets and Accounts
– Bank Account details and statements
– Demat Account, Shares, Mutual Funds, Investment Portfolio
– Insurance Policy Documents with Beneficiaries
– Outstanding loan documents
– Bank Locker or Safe Deposit Locations and Access details
4. Property Documentation – Real Estate and Business
– Property Deeds and Titles for Real Estate
– Mortgage Documents
– Rental Agreements
– Business Ownership Documents and Succession Plan
5. Digital Assets and Access Information
– Email with recovery information
– Social media contact and legacy contact preferences
– Domain names, Cloud Storage
– Digital Subscriptions of material value
Ahuja further says that one should have Emergency Contact who would have access to all passwords in case of an eventuality.
He mentions that one must ensure that all the important documents be update for probate and drafted by a trusted lawyer.
“I would also hope you would tell trusted family members about where you have stored this information so that they can access it when required. Above all, wish you all a long and healthy life,” Ahuja adds.
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