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Home Finance

HOW TO RESOLVE FAMILY FINANCES AFTER A LOVED ONE PASSES AWAY?

Serlyn Shetty by Serlyn Shetty
4 months ago
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With the second wave disrupting the life of people, the world witnesses more families than usual mourning over the loss of their near and dear ones. Indeed, the COVID-19 pandemic has caused severe pain to individuals in several ways. While being grief-stricken, one also has to handle several responsibilities of added financial tasks concerning the passing away of their loved ones. This article would help you in these difficult times and provide you with a financial checklist and a financial plan that you can adopt to resolve any financial implications that may pop up due to such tragedies:

FAMILY FINANCES

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  1. Death certificate
    One needs to report and register the unfortunate incident to the concerned municipal authority by applying for a death certificate of the demised individual within 21 days. It usually takes around 10 working days for the death certificate to further get issued. Ensure that you carefully jot down the details accurately of the deceased. A good tip would be asking for several copies of the death certificate from the authorities.
  2. Is there a will?

It’s essential to check if the deceased has enumerated a will. If there is one, it would be easier to allocate the deceased’s assets among different family members. Also, if the deceased had nominated an heir, it would help get a death certificate and other identity proofs as it will fasten the process of shifting assets to the legal heir or nominee.

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  1. Tracking different types of investments
    Along with other documents, one needs to take care of the deceased’s investments. You can begin by drafting a list that lists their mutual fund investments, insurance ULIPs (unit-linked insurance plan), bank fixed deposits (FD), fixed-income securities, stocks, etc. You must also contact the underlying financial institutions to inform them about the unfortunate incident. Also, if the need arises, you can pause their SIPs (systematic investment plan) or SWP (systematic withdrawal plan).
  2. Altering bank documents
    Next, you may want to account for all the deceased’s bank accounts. Had the dead appointed a nominee or perhaps opened a joint account (along with the survivorship clause), the transfer of asset funds and ownership and funds would be comparatively more straightforward.
  3. Handle their liabilities
    Along with the assets, one also needs to account for the deceased’s liabilities. You must make sure that all bills of the dead, including and not limited to credit cards, car insurance, loan, car insurance, utility bills such as cable, electricity, water, etc., are paid time if you do not wish to pay any penalties. However, you must be aware that a legal heir or a nominee is liable to pay for the debt on behalf of the deceased only to the extent of their share in the inheritance, provided that it isn’t already settled by real estate.

Stay safe and happy investing! The death of a near and dear one can be emotionally and financially taxing, attracting certain complicated financial obligations. Though we might not provide emotional support, we hope that the above financial checklist helps you manage the situation financially better.

Tags: equity fundequity mutual fundsinvest in mutual fundsinvest in mutual funds onlinemutual fund investmentmutual fundstypes of mutual fundswhat is equity fund
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Serlyn Shetty

Serlyn Shetty

While going towards reading some of the blogs, I have learned about Blogging and writing articles of my own.I have started writing on blogs since 2014, and I give my best time in blogging for writing and learning new things daily.If you love my article, then do share with your friends and family hope they will like to read it too.

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