We all seen many instances that families were brought to road, in the event of sudden demise of the bread winner. This is due to some earning members won’t show interest to disclose financial information to their spouses. When a sudden unfortunate event happens, their spouses won’t know the financial details of bank a/c nomination, Life Insurance Policies, financial advisor and lawyer details etc.
Life is uncertain. No one could predict the future! So to protect your family members, you must disclose all your financial details to your spouses and the places where they were kept. The Financial Records should be in reach to the spouse to act up on unfortunate event. She should know all the financial advisors, lawyers, chartered accountants, stock brokers details and their key contacts.
It is better to Maintain a record of all key personal contacts to be contacted in case of emergency. The foremost thing that one should maintain is to prepare a will claiming all his financial, physical and intangible assets to his legal heirs upon his wish.
Writing a will and maintaining a record of financial professionals contacts is a must and should for each and every earning member. Keeping the financial records in reach to your trusted members(Whether it might be spouse, siblings or a trust)is essential to pass-on your hard earned money to your legal heirs.
One can alter will as many times as one can, but he must be of sound mind and presence of 2 witnesses is essential to validate his will. Before his demise, he must ensure all his financial assets and physical assets belongs to the legal heirs that too as per his wish.
Maintain a notebook informing financial advisor, insurance agents, chartered accountant, lawyers phone numbers and bank a/c details should be in handy to process smooth and transition of assets.