THIS IS VERY IMPORTANT FOR ALL OF US
KEEP AN ASSET REGISTER LISTING FINANCIAL AND LEGAL DOCUMENTS AND KEEPING SPOUSE INFORMED
No one knows when ONE will be called by God to other planet. After one leaves, one’s loved ones should never have to run from pillar to post searching for documents of financial-legal commitments one has made during one’s life time. Documents might be there but they can’t be accessed easily because CARE has not been taken to keep together in one place. Ideally documents should be retrievable and easily locatable IN THE HOUSE itself.
Financial and legal aspects of family properties are generally looked after/handled by the male head of the family and in spite of insistence , though reluctantly, women highly educated and even highly placed, doggedly refuse to take interest in family legal and financial matters and they remain obvious of these documents. When male head of family looking after these matters, is no more , the woman finds it extremely difficult to find these documents and handle the matters herself without such documents AND even with these documents.
PleaseALWAYS learn from the failures of others and start writing AND UPDATING ASSET REGISTER – A simple bound any register available with every book shop , to keep record of documents and one bag where such documents can be kept in one place or one can keep such documents in locker also. It is not difficult to follow this FREE ADVICE , rarely listened to, provided one goes on updating the asset register and keeping documents in the bag or locker and enters the information in the asset register. Only requirement is that one has to do it as and when it happens.
TOPICS/SUBJECTS TO BE PROVIDED IN ASSET REGISTER
1. Shares jointly with spouse with name of bank and DP ID and De-mat account number
2. Mutual Funds
3. Debentures, bonds, etc their numbers and date of maturity
4. Indira Vikas Patra/Kisan Vikas Patra
5.Company Fixed Deposits with name of companies and date of maturity of FIXED DEPOSITS
6. PUBLIC PROVIDENT FUND Number and bank name and address and spouse as nominee in pass book, balance on 1st April every year
7. PF number , last balance, spouse as nominee and to ensure whether PF balance from earlier company(S) have been transferred .
8. Pension Papers /Superannuation balance and payment every month/quarter/annual
9. Gratuity entitlement onn annual basis
10. Life Insurance policies or ULIP ; dates of payment etc and /or maturity
11. National Saving Certificates Nos. , post office from where brought and date of maturity and where kept safely
12. Equity Linked Saving Scheme (ELIS) with date of maturity after three years
13. Balance in joint savings accounts annually on every 1st of April and bank name and account number ensuring signing power to either or survivor
14. House/flat papers including registered Deed and where kept with full registration number at Registrar Office which is written at the back of the document and date of registration and where kept safely
15.Loan documents for flat, car etc. with date and amount payment every month and last instalment, etc. and loan fully paid back, copy of from the Bank/Office etc.indicating that loan has been fully paid.
16. Loan given to others, if any, with date when to be received back
17. Copy of surety given to other people/ bank/ Financial Institution , etc. which is often forgotten after signing. However, preferably not given such surety.
18. Mediclaim policy with one month before date of renewal .
19. Senior Citizens account with post office/bank etc
20. REGISTERED WILL IN FAVOUR OF SPOUSE/Children and where kept
21. Locker Noumb held jointly with spouse and name of bank and address and finally name of nominee (MUST)
22. HUF Share, if any.
23. Pan number
24. Election Id No.and where kept
25. Registered Marriage certificate, if any
26. Telephone File
27. Passport numbers, with date of issue and renewal date and place from where issued
28.Certificates of educational qualification and experience certificates, etc. 29. Electricty company papers and bills
30. Water company papers and bills
NEVER keep your PERSONAL original/duplicate papers in your office..
Don’t depend too much on your PA, if any, for your documents. It is your duty to maintain your papers.
Please also keep duplicate copies of documents duly notarised at other place so that in case original are lost/misplaced, for getting duplicate copies of original ones from the authorities.
Make a practice of combing through your financial and property records once a year , if not earlier, say in April, when one prepares one’s and spouse income tax return.
SPECIAL ADVICE TO LADIES
Ladies should sometimes visit their banks , DDA Office, Municipal Office , Delhi Jal board office, BSES(Electricity ) Office and other such offices with their husbands/children and sometimes alone to familiarise themselves with their working and as and when required, she should be able to go there to get work done also.
All over world, ladies live longer than their partners meaning thereby that lady has to live of her own without the help of partner. One has to plan for this eventuality also
Women ought to know about matters connected with FAMILY fiances and legal matters, whether their own or of their husbands such as where employed i.e. name of company, location salary, perquisites bank in which salary is sent by employer. If in family business, how much share your husband has got and what is the constitution of the partnership, can spouse be included in the partnership etc. Pf number and whether annual return received from employer, PPF number and bank in which it is deposited and updated annual pass book, and to ensure spouse is nominee in PF and PPF , LIC or private companies insurance policies with spouse as nominee. Also, t keep track of registered documents of the property(s) with correct spellings of owner(s) and to buy property jointly. Any rent agreement for rented property , locker number and the name of the bank and address, with either or survivor option for operation of locker. Wife should sometimes go herself to Bank to operate locker.She should know Fixed deposit receipts and expiry date(s), bonds with dates of expiry etc. One should buy personal Mediclaim policy , apart from the Company mediclaim policy and expiry date and to be renewed at least 15 days of the expiry to be on safer side. Keep Income tax files for 6 years ( Many persons reply that my file is with Chartered Accountant and don’t even keep copy of T return – unfortunately , these are the people who know very Little of their financial matters because consider themselves even for their financial matters), Marriage certificate, if nay. Municipal flat file with updated receipts of property tax paid, DDA flat file (whether on Leese hold or free hold or on power of attorney).. Special care should be taken to keep safely passports with dates of renewals etc.
ALSO INSIST THAT HUSBANDS MUST WRITE AND REGISTER WILL IN SPOUSE FAVOUR and if spouse is also earning and has her own property, should also write her WILL in favour of her husband. DON’T LISTEN TO THE COMMON ADVICE OF STREET WALKERS THAT ON THE DEATH OF SPOUSE PROPERTY IS INHERITED BY LIVING SPOUSE. AUTOMATICALLY.
Property can be inherited only by WILL or law of intestate which means division of property according to the religion of the dying person. Read and try to understand what is fine print in every document before you or husband signs. Last but not least never sign on dotted lines as advised by AGENTS , as they are ONLY concerned with selling products with highest COMMISSION TO THEM. Keep every document for STUDY BEFORE signing or refusing to sign on dotted lines.
RESPONSIBILITY OF HUSBAND
It is the responsibility of EVERY HUSBAND TO MAKE One’s WIFE FINANCIALLY EDUCATED meaning thereby as the ability to make informed judgements and take effective action regarding MANAGEMENT OF MONEY across the entire cycle of earning, SAVING, SPENDING, INVESTING, BUDGETING AND AVOIDING LANDING IN RETIREMENT POVERTY. This requires understanding and cooperation of both husband and wife.
Most difficult thing is to convince your woman and even to husband to cooperate with each other to become financial literate. Conversely, many husbands think ERRONEOUSLY that financial literacy is for MEN ONLY and she need not be burdened (?) with such a responsibility and many even avoid to discuss this matter with their wives thinking wives to be incapable of understanding financial matters.Such an attitude men inherit from their father – an unfortunate inheritance.
If it is true(?) when husband is alive, how will woman i.e. wife live when HE is no more. Hence, as husband it is your moral duty to convince yourself and to impress the desirability of wife becoming financial literate so that they invest their savings wisely and to make surviving partner to make the transition to life easy with you also.
વિચાર કરતા કરી મુકે તેવો વિચાર
કોઈને કાંઈક આપશો તો એની પહેલા તમે રાજી થશો !!
કોઈ મારા વિશે શું વિચારે છે એનાથી મને મતલબ નથી. હું શું વિચારું છું તે મારા માટે મહત્ત્વનું છે. - સચિન તેંડુલકર
ફક્ત ક્રિકેટ નહીં જિંદગીના દરેક ક્ષેત્રમાં આ વાત લાગુ પડે છે.…
Patience with Family is love,
Patience with others is respect,
Patience with self is confidence,
Patience with GOD is faith.
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