Understanding Unclaimed Assets: Causes, Impact, and How Indian Families Can Prevent Asset Loss with Tijori.ai

In India, unclaimed assets are an often overlooked financial phenomenon, yet they represent a significant portion of personal wealth left untouched or forgotten over time. These assets include bank accounts, fixed deposits, provident funds, insurance policies, and other financial instruments left inactive for extended periods. They may be “unclaimed” due to a variety of reasons, such as the death of the owner, lack of awareness among heirs, or simply a lapse in monitoring by the rightful owner. In many cases, assets go unclaimed, sitting dormant in financial institutions or eventually being transferred to government custody under the Reserve Bank of India (RBI) regulations.

Why Do Assets Become Unclaimed?

1. Lack of Proper Documentation: Many families in India do not keep an organized record of their investments, bank accounts, or insurance policies. Often, asset details are not shared with family members, leading to confusion or ignorance after the owner's death or if they become incapacitated.
2. Inadequate Succession Planning: Estate planning is still not widely practiced in India, which means assets are often not adequately accounted for in legal documents. Without clear nominees or a will, these assets become harder to claim for family members, who might not even be aware of their existence.
3. Overlooking Nomination Facility: Not all account holders use the nomination feature in banks or financial accounts, which can streamline the process for beneficiaries. Without a nominee, the process of claiming assets becomes complex, especially if the family is unaware of where to start.
4. Migration and Family Separation: As families spread across different cities or even countries, tracking and maintaining financial records can be challenging. Distance and busy lives often lead to lapses in tracking these assets, which then become inactive over time.
5. Unfamiliarity with Financial Tools: Many families may not have the financial literacy to manage or track assets effectively, especially when dealing with diverse investment products. This lack of awareness increases the chances of assets being left unclaimed.

The Impact of Unclaimed Assets

Unclaimed assets represent lost wealth that could benefit families. In addition to depriving individuals of their rightful inheritance, unclaimed assets can cause financial strain for families, especially during emergencies. For the economy, these unclaimed funds, often lying dormant with financial institutions or custodial authorities, represent a wasted opportunity for growth and investment.

Preventing Assets from Becoming Unclaimed with Tijori.ai

Indian families can take proactive steps to prevent their assets from becoming unclaimed, and here’s where a platform like Tijori.ai can play a vital role. Tijori.ai is designed to help families organize, track, and share their financial information securely, ensuring that all assets are accounted for and accessible when needed. Here are some ways Tijori.ai can help:

1. Consolidated Financial Records: Tijori.ai allows users to store all financial details in one place, from bank accounts to investments, making it easier to keep track of assets.
2. Secure Sharing with Family Members: By giving access to trusted family members or assigning “view-only” rights, Tijori.ai enables families to ensure that loved ones can easily access information in case of an emergency.
3. Financial Literacy Support: Tijori.ai offers resources and support to enhance users' financial knowledge, empowering families to make informed decisions and secure their assets effectively.

Conclusion

Unclaimed assets are a growing issue in India due to a lack of awareness, documentation, and organized succession planning. By utilizing Tijori.ai , Indian families can streamline their financial documentation, ensure asset visibility among trusted members, and proactively manage nominations and succession. Taking these steps helps safeguard wealth, ensuring it stays within the family and can be accessed when needed.

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