InvestorQ : Which financial details should I share with my family that comes in handy in the hour of need?
natasha Samani made post

Which financial details should I share with my family that comes in handy in the hour of need?

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shivangi Arora answered.
1 year ago
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It is important to provide your loved ones with information related to your finances for swift transfer of your wealth in case anything happens to you. There are several key people in your life that will help your family to unlock your money box. So, most of your important financial documents consist of details of such persons and documents.

Make sure that you maintain a complete and proper list of names, addresses, and contact details of your Chartered Accountant, Lawyer, Financial Advisor, Insurance agent, a Stockbroker at a place known to your family. Inform your family about the same and keep updating it. This will help your family to contact important people who have knowledge about your income, expenses, legal matters, investments, and insurance policies, etc., in case of your sudden demise.

Secondly, keep information on crucial documents like the Aadhaar Card, PAN card, bank account details, credit card, debit card, insurance covers, etc. Prepare a list of all your credit and debit cards, including their number, expiry dates, etc. However, do not put any confidential information there. Those cards need to be surrendered in case of your demise. So, even if they cannot find your cards, even sufficient information will be enough.

Also, having a will solves half your purpose. But, how can your family contact such person executing the Will is also to be communicated to the family.


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