Think about it

Copied from WhatsApp post , forwarded by Shri T.K. Subramanian, in our Retirees Group.

I had already read it somewhere else, and articles in Magazines / News paper etc. about keeping your family informed about your financial transactions etc. But had no idea  whatsoever,  it has come to this extent.

Thank You Sir for sharing.

I shall be posting an interesting incident / anecdote on the subject matter.  Regret I started the blog but did not continue nor post anything.

Please read this forward:

The forward is not edited by me

*Think before it is too late*

Secret Investments or keeping the Investments unknown to your family members may cost you very dearly. Just see the DATA and think yourself:

📈Rs. 82,025 Cr estimated investor wealth is idling in unclaimed Accounts

📔Rs 18381 Cr lying in unclaimed Bank Accounts

📑Rs. 15167 Cr lying unclaimed with Insurance Companies

🗂️Rs. 17880 Cr lying in inactive Mutual Fund folios

📃Rs. 4100 Cr of unclaimed dividend lying in IEPF

📚Rs. 26497 Cr is lying unclaimed in Provident Fund Accounts

*⁉️What is the Solution*

👨‍👨‍👧‍👦Keep family informed about finances 

👨‍❤️‍💋‍👨Always ensure, in all your investments/accounts, you register your nominee without fail

📜Write a Will as that will ensure a seamless settlement/flow of assets

📩Keep updating details regarding changes in nominee, address, redemption, top-ups etc  - if any, as and when they take place

🗄️Keep your Deposits in one Branch, as far as possible.  Remember, if you keep in many Branches of multiple Banks, your are making way for unclaimed deposits in future

💳Maintain one Credit Card, as far as possible. This would help you to manage your repayments properly and on time. Remember, each Credit Card carries a handsome personal insurance and be aware of the same

📑Keep your Trading and Demat account with one or two Brokers. However, it is advisable to shift to one entity

📁Be aware of and do visit your Brokers office,  Bank Branch, Insurance Company offices once in a while and maintain relationship. In case of eventuality, they will inform your family

💶Never invest on your own as you may not always be proficient in investments and money market operations.  Engage the services of an experienced Advisor or Intermediary to get the best and remain with them to avail seamless services.  Even if you forget, all your investment info will be with the Advisor and he shall pass on to your family 

📝Last, but not the least, see that your data is documented properly. Write down details of all your investments - Bank Accounts,  Insurance Policies, Provident Fund, Mutual Fund folios, Post Office Saving Schemes, Credit Cards, Shares, Outstandimg loans in a book and let all your family members be aware of it

After, it is your hard-earned money and you and your family have all the rights and privileges to enjoy the same!

💐🇮🇳🙏👍