PERSONALISED INVESTMENT MANAGERS
There are three types of scenarios, so we need to understand this well.
We should not forget that most of the Indian housewives are good at budgeting the household expenses. Thus, it is better when she is involved in your finances as well. Taking her to the portfolio review meetings with your financial advisor is the best way to start with and to bring her into the knowledge fold.
Some people get over this last bump by telling their kids the importance of saving, investing, etc. and this maybe a great thing Read More.
Although the husband does not want to share any information, it is ultimately meant for the family. And hence at least you should maintain all your financial details in one place and let your family be aware of that document so that they can access it wherever required/ let them know whom to contact in case of any eventuality (financial advisor/relationship managers etc).
But always remember Life is uncertain, Death is not. Let’s begin with baby steps before it’s too late. As the hard-earned money is for your family and loved ones isn’t it important that your spouse know? As a MUST DO we suggest you create a one sheeter which details all your investments and relevant information pertaining to them. We have given an example of this here. after you. And if the spouse and the kids are the beneficiaries to your wealth, it’s probably better to involve them right now.
|Insurance policies||Policy document|
|Bank A/c||A/c number, Passbook|
|Fixed Deposit||FDR Number|
|Mutual fund||Folio number, Registered mail ID & Mobile no|
|Equity Shares||Demat & Trading A/c Number|
|PPF, EPF, NPS||A/c number, UAN/PRAN|
|Real Estate||Registration papers, Khata number etc|
|Any business commitments, partnerships?||Descriptive details|
|Any hand loan to friends/family?||Descriptive details|
|Any Outstanding Loans?||Loan Papers|
|Any Litigations?||Lawyer's Contact Number|
Most IMP: Key contact person who knows about the above details like your financial advisor or respective relationship managers.
Fast and reliable asset / wealth transfer in your absence to use as required by your benefactors is the biggest pro for sharing your strategies/execution to Protect and Nurture your wealth
Mimi Partha Sarathy
Sinhasi Consultants Pvt. Ltd.
Other reasons for sharing this information are to make clear to them the way to access your investments in your absence. If this plan is done with the family, it allows them to use it when needed.
All your earnings and investments are for the family members and sooner or later it will be transmitted to them after you. The bitter truth is death does not come with a prior notice. It is always wise to keep your family informed about your finances, to access and use the money whenever needed, even when you are no longer around.