DOCUMENTS TO SECURE – for a Secure Tomorrow
• Many of us do not give much thought to tomorrow – after all as we think, tomorrow never comes. But it will. So to prepare for it by keeping these essential papers in place and inform at least one family member so that it would be easier for your NOK to receive their financial dues.
• Make two copies of these documents and place them together in good folders so they are readily accessible at one place. Give one to your wife/NOK and another as a added measure one to be kept in a safe location known to your wife/NOK.
These include your birth certificate, marriage certificate, PAN card, passport, election ID card and the Aadhaar card. Will be needed when transferring assets to your heirs.
A copy of your latest will should be in the folder, along with details as to where the original will is located.
Bank account details.
Make a list of various bank accounts, giving the name of the bank, the account number, holding pattern and the nomination details. Give out as many details as possible, including the Current/Savings account details, Fixed Deposits, Recurring Deposits, Systematic Investment Plans and include details such as
- Account Number
- Latest amount in the account
- In whose name/joint account holder/nominee
- Date of maturity (for FDs and RDs) and value of maturity
Bank locker details.
Mention the name of bank, locker number, ownership pattern and whereabouts of the key. Maintain an inventory of items kept in the locker and update every time you operate it.
Give details of the PPF account and folio numbers of other post office investments. Make a list of mutual fund investments, mentioning folio numbers, ownership pattern and nomination details.
The purpose of life insurance will be defeated if your family is in the dark. Make a list of all the policies, mentioning the name of insurers, policy numbers, insured sums and the tenures. Please be aware of all your insurance entitlements and note them down. I.e if you have taken a loan, you may get an automatic insurance with it, certain credit card companies also offer free insurance. If possible also note down the manner of claiming the insurance.
If you have an NPS account, mention the account number and nomination details. Give the pension account number with your employer.
All property-related documents should be in one place. If the property is mortgaged, keep photocopies. Mention the loan account number and the latest outstanding amount. If property is insured, mention policy coverage.
Demat account details.
Give the name of depository partner, demat account number and nomination details. If possible, update the details of the securities in the demat account.
Loans and Receivables.
If you have taken or given private loans to relatives or friends, mention the amount and the date by when these are payable/receivable. Outstanding loans taken from banks/ other financial institutions should also be noted in details to include amount of loan, outstanding amount, monthly instalments to be paid, from which account is the instalment paid, time frame in which the amount is to be cleared.
Though these are to be kept secret, keep a list for emergency reference. Mention the website, the online ID and the password. One of the most important passwords to be shared is the Bank Netbanking ID and password. Though this should not be revealed to any except your wife/NOK.
It may be prudent to keep a book of cheques signed and crossed and made out in your wife/NOKs name with the amount left blank. IT SHOULD BE KEPT IN AN ABSOLUTLY SAFE PLACE. It could come handy in hastening procedures for release of funds.
This information is to be kept secret and accessed only by your wife/NOK or someone you trust implicitly. Do not share it will all and sundry.
Make sure to update the information regularly. How often you do this depends on your convenience and the changes in investments.
The information listed above is very basic. you may want to add more details of other assets along the same lines.
You may want to make an online version of this information as well, but make sure it is on a secure site.
i am agree with you all document are required on someplace so and it our need to save documents and pan card document is most important document it can be used all place even in foreign country as id proof so keep it carefully.