Every person makes some financial investment in the form of insurance policies, real estate property/ land, gold, and other assets. But most people hide this information from their family members. Whenever or whatever investment you make related documents should be managed systematically.
If you want to hand over your property, land, or business to someone all such documents play a significant role. You should inform the person whom you trustfully.
Bank lockers provide additional security to your valuable entities like jewelry, documents, or others. These are confidential and related to your investment needs that can’t be disclosed to any third person. But you should share this information with your trusted family members.
When it comes to distributing the share of assets this attracts the attention of every member. Because over time the price of land fluctuated. When you purchase any property make sure all the legal formalities have been done so you don’t have to face any disputes in the future. Keep an original and duplicate copy of the property authorization agreements. This too is also in consideration of your valuable family members.
You must have insurance policies, mutual fund investments, FDs, or other banking statements/ documents. List all the account credentials details in a sheet of paper or excel software application. It helps you track your financial goals and activities systematically. Also save the contact details of all the people lawyers, registrars, insurance agent, bank branch no. connected with you.
There are still a few individuals that don’t debit credit money or any transactions through cards or ATMs or UPI apps. Also, they don’t use cheque books, they simply go to Bank, fill the receipt to withdraw money, or deposit money. When you will pass away or suffer from a physical disease such mediums are needed to manage your financial transactions activities or to log out to accounts.
At least, there will be one person in your family or close friend with whom you can discuss this.