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Apply NowYour skills in finance management become especially important after the death of a loved one. Even through the painful moments, you must be resolute enough to handle pressing financial decisions when a loved one dies. Here are a few points you need to address.
A death certificate is the first thing to obtain after the death of your kin. A few facts you should know about death registration are:
The presence of a will and succession plan will make posthumous finance management much easier. If you are handling the finances of your deceased loved one, see if the person had registered a will.
If the deceased was a businessperson, the financial decision involves the use or creation of a succession plan. It ensures that the business continues uninterrupted and without dispute or confusion. It will identify the key positions in the business and nominate the right persons as deemed fit by the deceased.
There are various institutions that need to get the news of the death. This includes banks, insurance companies, telephone service providers, and credit card companies.
When a bank customer passes away, the bank must be informed of the same. IDFC FIRST Bank Privilege Banking customers can get in touch with their private banker and/or relationship manager to be guided by them as financial advisors through the process.
Various Scenarios
After the passing of your loved one, you will have to browse through the records and check if the deceased had a life insurance policy.
Process to Follow
You should inventory all the investments the deceased person had made or was maintaining.
Regular investments like an SIP or a recurring deposit should be paused after intimating the bank or financial institutions about the death of the investor. If multiple mutual funds are maintained, informing the Register and Transfer Agents can ensure the closure of all such funds.
Addressing the liabilities is something that will need more meticulous finance management. Here are a few points that may help you handle your loved one’s liabilities:
It is easy to identify and take care of the assets that are right in front of your eyes. However, keep in mind, for instance, the title deed of a plot of land owned in a distant town.
IDFC FIRST Bank ensures that its customers are well-informed when it comes to their legacy settlement and succession planning for a better finance management. The FIRST Private program offers expert financial advice on legacy and inheritance planning so that customers can streamline their posthumous finance management in their lifetime.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.