Are Your Documents Up To Date?

Financial documents like investment certificates, FD, Demat, PPF, PO, MF account statements, insurance policies, will & testament, property registry, and also details about the locker, bank account, etc are very important in case of death of the owner of the family member who was managing all this.

There is some checklist to have proper documentation to get it accessed by nominee or beneficiary in case of crises to help them without much hassle. Its time to reorganize your financial documents

• Hard copies - to be kept folder wise in a safe & accessible place. Make separate folders for
• Investment:  FD, PO, MF, D'mat holdings 
• Bank Account
• Insurance
• Property
• Locker & precious items, Gold
• Will & testament, etc.
• Keep one email id & mobile for your all investments.
• Keep the latest documents & keep on updating them once every six months. Remove all redeem/matured paper and keep it in a separate folder.
• Are all these documents accessible to your family members?
• Have you made a summary sheet & index sheet of all assets, liabilities, investments, net worth, etc?
• Are all due insurance premiums written in ascending order or sorted out date/month wise?
• Have you checked if a correct nominee is mentioned in each of the investment/insurance/assets?
• Have you shared or mentioned the name & contact details of your investment advisor, CA, advocate, executor of the Will with your family members?
• Are you aware when your driving license, passport are going to expire?
• When is the insurance policy maturity date?
• Is your Aadhar is updated with the correct address & mobile number?
• Are your Bank, Demat, MF investments, etc updated with the correct email, mobile, address?
• Whenever possible, take financial investments into joint name.

Organizing documents are not a big task. It requires onetime efforts and thereafter needs to update every six months or so. However, it can save a lot of effort, pain, energy, money, anxiety, fear, etc. later on at the time of crises.

Never procrastinate it... do it right now!