Benefits of financial planning

️Jayesh_SME-Advisory❕

TO-DO by family members/beneficiaries upon Sudden Death scenerio:

I} Deceased while living To Do: the individual could do a few things to ease the burden on his/her family post their passing. To make the revelation, we all should do the following:

✓ Make a diary & write down all your Assets and where-about their respective certificates and papers and name of the nominee(s); Alternatively, explore Jayesh_SME's Personal Asset Super Sheet *PASS| for computer savvy

✓ Make a Will - identify beneficiaries, and an inventory of assets you own. Write the name of nominees for all assets such as equity portfolio, mutual fund, bank account, lockers etc. (draft available with Jayesh_SME if required)

¶ Share the details of the diary & the Will (if any), with your loved ones &/or the persons you trust outside your family in person or through email. (Ensure your family members know your *financial planner* like Jayesh Sodha in my case?)

II} Family Members To Do List post demise of asset owner:

Family members are left picking up the pieces post the sudden death of the loved one - understanding the financial implications of the loss of an earning family member is inevitable and essential ~ _to get the deceased's finances in order and to ensure that the heirs receive their dues.

@Jayesh_SME, we suggest below guide post losing a loved one:

• Secure Death Certificate & get it notarized along with a copy of the probate. Further, a copy of the Succession Certificate in case the deceased has not left a Will.

• Secure the deceased's SIM card, mobile phone and emails - both personal and professional/official. Remember OTPs, verifications & other password change requests are communicated through these mediums. incl. the due receipts and payments of the deceased.

• Check for all Bank Account - S/b, C/c, R.D, F.D.,.... Inform banks of the event. Also look for all mutual fund holdings, equity shares, demat accounts etc. ~ find such details in the NSDL statement.

• Check for Life Insurance policy and intimate the insurer duly so that the claim can be made.

• If the deceased was employed, get in touch with his/her company to ensure all benefits and support from the company are available to the family. Check for validity of the group employee insurance provided by the deceased's employer.

If deceased was a businessman, Check for Receipts & liabilities that were due to the deceased - from clients or from employers and ensure recovery of the same along with outstanding payments to vendors, employees. This could be a little tricky. Ask for proof with conversations on e-mail, etc and cross-verify with bank statements to ensure money already paid is not being claimed again