Life after you!
AJAY MEENA
Operations Manager Tim Hortons MENA | ISO 22000:2018 FSMS LA | seeker of IKIGAI | practicing KAIZEN | READER | WRITER |Talks about personal finance. I create Leaders who create leaders.!
Consider these astonishing figures:
While these numbers are in itself staggering, more wealth might be hidden in other investment avenues like real estate, physical jewellery, etc. which remain unclaimed.
As individuals, we toil tirelessly to secure our future and that of our loved ones. We invest, we save, and we insure ourselves against the uncertainties of life. However, what happens if tragedy strikes, and our family is left unaware of the financial safety net we've painstakingly built?
Many families have found themselves in a tough spot, never realising that their departed loved ones have left behind substantial wealth meant for them.
In many Indian households financial matters remain with only one individual. This lack of transparency leaves families vulnerable, as heirs may be unaware of the wealth left behind for them. That's why it's important to engage in open conversations about finances within the family. Along with such conversations, we must take these proactive steps to safeguard our legacy:
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Without a designated nominee or Will, accessing these assets can become a bureaucratic nightmare. Banks may demand cumbersome paperwork and legal affidavits, with no guarantee of a smooth transfer to your family.
Even if a nominee is assigned, having a Will remains essential for two primary reasons:
Vijay Kuppa Thank you for sharing such insights.