Share Everything With Your Family Especially On Specific Terms India's First Free Online / On-call Financial Advisory India’s First Free Online / On-call Financial Advisory

You should make sure that your family – definitely all adults but also older children – are on the same page when it comes to the family’s finances. This could come in handy if you fall ill or suffer an accident. While you take care of your family, there are situations where someone else may need to step in and you should make their life as easy as possible.

Moneymindz made a list you can get started with. You may have more depending on your specific situations.

  • Bank accounts bank deposits:

Ideally, you should only have one bank account per family member. Maintain a list of all bank account numbers, balances (you can update them once in 6 months) and nomination details. Keep your Net Banking credentials (passwords and Customer ID) in an Excel Sheet, accessible to your family members only.

  • Investment accounts:

Make a list of all your investment accounts and brokerage, Demat accounts along with nomination details.

  • Financial Physical Assets:

You should keep details of home ownership, bank lockers, large refundable deposits with institutions other than banks, as well as your provident funds’ details.

  • Loans:

If you have pending loans, the details of loans (car or home, etc.), such as EMI amount to be paid, time remaining to repay the loan etc.

  • Credit cards and debit cards:

A list of all credit and debit cards, with their respective numbers (on the card), contact details of the card company. Suppose a case, a fraudulent event is reported, your family members can block the cards immediately.

  • Health Insurance Policy:

Make a list of your health insurance policies – personal as well as provided by your employer and any top ups. Check out the list of network hospitals, co-pay amount, the process of informing the insurance company etc.

  • Life Insurance Policy:

Make a list of your life insurance policies, amount, type of policy, beneficiary, nominee, riders, date of premium payment, date of maturity.

Will: Keep your will in a safe place and let your family know where it is.

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