Death is often not only a reality check in Family but with personal finances too. LIC has more than 15,000 Crore as unclaimed money. The beneficiaries not even aware that a corpus money is available with them and that can be utilised for their financial emergencies.
As you are struggling your loss of loved ones, it’s not only an emotional loss but may be a financial loss too. If an active and financial spouse passes away suddenly, it is a night mare for a family to make claims and complete the financial tasks.
Here are the simple checklists you can start with
- Collect all the documents of the deceased person like Pancard, DL, Aadhar Card, Election Card
- Get a Death Certificate for the deceased Person in the local municipality ( Mandatory to get a certificate between 21 – 30 days )
- Apply for Legal Heir certificate / Succession certificate within the Family ( Remember both serves different purpose – Legal Heir Certificate will not going to get all the assets of the deceased person, hence get a clarity before you apply for a certificate )
- Separate all financial assets of the deceased person ( Financial Assets, Gold, Vehicle, valuable Possession and Real Estates)
- Prepare a list of Financial Asset like Bank Account Number, MF Consolidated Statement, PPF, Demat Details, Post offices schemes
- Check for Insurance, if the deceased person has applied for
- Details of Loans and Liabilities
- Is there any WILL he has left behind for the Family
- Retain his SIM & Phone and Laptop
Most of people they do not even inform the family about the money matters, financial assets they possess. It is important to keep a personal record of all details like Your Stock Broker, Insurance Agent, Tax Consultant, Wealth Manager and all phone numbers.
Message me in whats app @ 9841058689. If you want a checklist of what your family should know as a ready reference. Keep your Personal Finances is simple and organised so that you can be reviewed regularly in 3 months interval.
Connect with me @ 9841058689 if you want to know manage your finances effectively.
One call can change your finance forever.
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Sathish Kumar
Equity Fund Manager | Financial Consultant | Author
Whatsapp / Call – +919841058689
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