Estate Planning

"Estate planning is an important and everlasting gift you give your family. And setting up a smooth inheritance isn’t as hard as you might think."

Suze Orman

Estate planning refers to making arrangements or having a plan in advance to ensure seamless transfer of your assets or estate to your loved ones in case you are incapacitated or god forbid, dead.

Since nobody can predict the future, it is prudent that one plan for any unknown that may befall his/her family. While you may have invested a lot of money in a mutual fund or purchased just the right insurance policy but it will be a nightmare for your family to receive them if you have planned the proper passing over of assets.

Just a simple nomination form is not sufficient to complete your estate planning. But on the other hand, it also does not require much.

All you need to do is prepare a repository. A file wherein you keep all your financial documents ready with instructions on how to access them.

You will need to prepare one file with the following information. Note that this is just for reference, and investors can add more information that they deem will be helpful to their families in times of need: Contact Details: Contact details of all financial professionals- such as CA, Lawyer, Financial Consultant, Insurance Agent, etc. Investment Documents: All original documents of insurance policies, property titles, mutual funds documents, bonds, stock certificates, etc. Will: Duly updated will which spells out the distribution of your asset in case of an unfortunate incident. Guidelines: Steps to follow to redeem any financial document like insurance, mutual fund, fixed deposit, etc. Login Details: With the advent of online banking, etc., It is critical to keep your login IDs and passwords of all important portals like banks, mutual funds, etc. safely written down on paper so they can be accessed in your absence.