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Friday, October 10, 2014

10 documents to secure before you bid adieu .. for senior citizens

An important and useful information particularly to senior citizens. 
This would help our children to inherit easily what is rightfully theirs. 
Inform at least one of your family members or your reliable friend about these documents. 
A very helpful guide and a timely reminder for us all .... 
If action is taken as advised in this mail, your children need not run from pillar to post to inherit what is rightfully theirs. 
10 documents to secure before you bid adieu 

Keep these essential papers in place and inform at least one family member so that your heirs don't have to run from pillar to post to inherit what is rightfully theirs. 

1) Primary documents: These include your birth certificate, marriage certificate, PAN card, passport, election ID card and the Aadhaar card. Will be needed when transferring assets to your heirs. 

2) Insurance details: The purpose of life insurance will be defeated if your family is in the dark. Make a list of all the policies, mentioning the name of insurers, policy numbers, insured sums and the tenures. 

3) Pension documents: If you have an NPS account, mention the account number and nomination details. Give the pension account number recorded with your employer. 

4) Property papers: All property-related documents should be in one place. If the property is mortgaged, keep photocopies. Mention the loan account number and the latest outstanding amount. If property is insured, mention policy coverage. 

5) Bank account details: Make a list of various bank accounts, giving the name of the bank, the account number, holding pattern and the nomination details. 

6) Bank locker details: Mention the name of bank, locker number, ownership pattern and whereabouts of the key. Maintain an inventory of items kept in the locker and update every time you operate it. 

7) Demat account details: Give the name of depository partner, demat account number and nomination details. If possible, update the details of the securities in the demat account. 

8) Other investments: Give details of the PPF account and folio numbers of other post office investments. Make a list of mutual fund investments, mentioning folio numbers, ownership pattern and nomination details. 

9) Loans and Receivables: If you have taken or given private loans to relatives or friends, mention the amount and the date by when these are payable/receivable. 

10) Online 10 passwords: Though these are to be kept secret, keep a list for emergency reference. Mention the website, the online ID and the password. 
[Keep this in mind that this information is to be kept secret and accessed only if the main breadwinner of the family has either died or is in a medical emergency.]

Make sure to update the information regularly. How often you do this depends on your convenience and the changes in investments. 

The information listed above is very basic. You may want to add more details of other assets along the same lines. 

You may want to make an online version of this information as well, but make sure it is on a secure site. 

Store your documents online: [ But with appropriate Security Steps ] 

Worried that your documents are not secure? Digitising them could solve the problem. Many portals now offer to store digital versions of your documents, which can be accessed by anyone from anywhere, saving you the cost of buying and printing reams of paper. 

You can make changes to the files offline and this can be synchronised automatically when you log on to the Net. 

You can use services like Google Docs (docs., DropBox ( and Windows Live SkyDrive ( The latter lets you store up to 25 GB of data for free, while DropBox provides a free account of 2 GB. 

You can store your medical history on and MyHealthRecords. in, which let you upload scanned paperwork. This lets you access the information any time and avoids wastage of money on duplicate tests if you misplace a report. 

There are also apps that help organise your paperwork and make good use of offers, such as Warrantify. This app allows you to scan your receipts and warranties, and store them on the cloud. You can add information about the model, price and warranty validity. The app will keep track of the warranty period and notify you when the expiry date approaches.

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