Every year is a new story, a new chapter in our lives. It brings with it an opportunity for us to do something new: turn a new leaf, make new friends, achieve new success, and much more. As we usher in 2023, I wish you and your family a lot of happiness, success, prosperity, and joy.
The New Year is all about celebrating the end of the year and the beginning of a new one with those we love. It is also a golden time to choose to become more responsible for them.
On this occasion, I am enclosing herewith a checklist on how to build a document which I call ‘What My Family Should Know’. It is a way for you to leave behind important information for your family’s wellbeing should something unfortunate happen to you, your spouse, or any earning member of the family. It is a repository of financial and other important information for use by family members in the event of an untimely demise of any earning member. It is my sincere request that you build this out for yourselves in as much detail as possible. It is best filled out by both spouses collaboratively but can also be filled out independently. Once filled, please store this document safely in a place known only to your family. You may also choose to scan it and save a digital copy.
I hope you will take this important step in making your family more financially secure. As always if you need any assistance, please write to firstname.lastname@example.org or call me directly on 9820191834
May this New Year unfold new goals, new happiness, new dreams, and new achievements. Have a fabulous 2023.
Checklist to build ‘What My Family Should Know’
Your document should include the following areas of information that can be used by family members to access your money.
- Helping hands – Who are the people your spouse or family can contact should something happen to you. Include names, contact details and addresses of professionals like your CA, Financial Planner, Employer, Insurance Agent, etc.
- List down your important documents and physical assets – Here include document nos., physical locations and/or digital locations of everything from Wills to Insurance Policies to Property Agreements to Locker nos. (including location of the keys), etc.
- Summary of Financial Assets – Build a quick summary of financial assets of yourself, spouse and any other earning member that gives an approximate value of the asset as well as brief details of how to access the money. Include brief details of financial assets like stocks, bonds, mutual funds, PMS, Real Estate, FDs, PPFs, PFs, NPS, AIFs, Startups, etc. Basically this should be a summary of all your wealth.
- More details of every financial asset – It’s not enough to just create a summary as your family members will not be able to practically access the money without some more information. Therefore, you must also include a breakdown of every financial asset detailed in point 3. This section should cover things like bank account nos., demat account nos., holding patterns, nominee information, etc. Provide information that is practical and easy to use.
- Other Debts/Liabilities – Include a brief mention of any other debts or liabilities that you may have. Example you may owe a friend some money, or are a guarantor for someone else’s property loan, etc.
- Access to online platforms and email IDs – Finally, and this is probably the most important part, please provide guidance to your family members on how to access your money through all the online platforms that you use. Include mention of website URLs and email IDs, as well as details of how to access them. This is handy to receive statements from financial institutions, as well as to receive OTPs from online platforms. Please do not mention your passwords here. You may share these separately.
Building out this document may take a fair amount of time initially. But once done properly, all you will need is to update it once a year. You can choose to make a physical version or an online version based on your convenience and based on what you feel is more secure. Once you’ve built this, you will rest assured that you’ve taken an important step in protecting your family from financial exigencies.
Good luck & sleep well 🙂
With best wishes for a happy and healthy 2023
Founder – Pagdiwala Investments
AMFI Registered Financial Distributor