Ramesh
and Radha were a very happily married couple and their
happiness had lasted for 10 years. If they have any worries, it
is that they are yet to enjoy the parenthood. All efforts were on the
way in that front.
Ramesh
is working in IT industry and is a senior executive in a leading IT
company, Radha too is a well educated person and she is working as a
senior partner in a 'Top 4' audit company.
Ramesh
being a techie, always believed in the IT protocol, he regularly
changes the password of his Laptop and even the Bank account
passwords are periodically changed. He used to ensure his passwords
were as complex as possible. Radha though a chartered account by
profession, while prescribes documentation needs to her
clients, always followed that in the breach when it came to the
home front.
One
day at the office, Radha gets a call, asking her to rush to the
hospital, because Ramesh's car met with an accident. Ramesh died in
the road accident and it was a horrible crash, it was difficult for
the doctors to give a shape to the body. Radha was inconsolable and
had to carryout the necessary formalities with the help of the near
and dear.
As
she settled down to lead the normal life, the reality hit her very
badly, Ramesh is no more and all the passwords of his laptop, bank
accounts all gone with him. Even the laptop and the phone were badly
damaged in the accident. making it more difficult to retrieve
anything.
Ramesh
who was just 36 at the time of his death, had never thought of
writing a will, a thought that will not occur to even senior citizens
and for an young man it was just not a happening thing. Few of his
bank accounts had no nominees and for those which had a nominee, it
was his dead mother. Nominee not changed, post her death, a thought
that never occurs for young and old alike.
Radha
had another problem, since Ramesh had recently shifted his
department, she didn't even know
the name of the new
reporting boss of Ramesh. That made it that much more difficult to
deal with things at his office.
With
no passwords to access his mail and his bank accounts, Radha had to
depend on direct contact with the bank, there she was told that she
needs to get the consent of other legal heirs, since she is not a
nominee and the nominee mentioned is no longer alive. Being a child
less person, the job was more difficult with the Indian laws not
being too friendly for that situation. She had to get consent from
lot more people than she expected and it is all not that easy for a
women who had just lost her husband in a tragic accident.
To
claim insurance for the car, she had to face another set of problems,
before she could claim insurance, it was needed for her to change the
ownership to her name, their again whole set of paperwork to prove
she is the surviving and sole legal heir.
Though
she was a joint owner of the flat they had purchased together, She was
not considered an immediate owner, since she had to get acceptance
from her husbands close relatives that they have no objections. While
taking the loan for the flat purchase, they were suggested to have a
insurance cover, in case of sudden demise of one of them, The
suggestion was not heeded and they preferred to put the insurance
money for a shorter tenure of the loan. Now the thought of paying the
entire EMI with one income is something impossible.
Woes
never ended there, changing the name in everything possible, like the
Gas, Electricity, property tax, the list goes on, everywhere the
paper work is different and always requiring the necessary NOC or
legal heir certificates.
Radha
being a chartered account, life was little better, imagine, someone
who is less informed and educated, how much more trouble they have to
undergo and whom all they have to depend on for all this.
Radha
has a bigger task ahead, being childless, she can have all kind of
claimants for the properties that now she gets to own, how is she
going to protect all that and more, lets look at what she did there
after. Something we all should follow in our own life too
1.
Check all your nominations...
(It's
a usual practice to put a name (i.e in the first place if you have
mentioned it) and royally forget about it. Most of us have named our
parent as a nominee for investments, bank accounts opened before
marriage. We have not changed the same even years after they are no
longer there with us. Even your salary account usually has no
nomination.. Kindly check all your Nominations.)
-
Bank Accounts
-
Fixed Deposits, NSC
-
Bank Lockers
-
Demat Accounts
-
Insurance (Life, Bike or Car or Property)
-
Investments
-
PF Pension Forms
2.
Passwords..
We
have passwords for practically everything. Email accounts, Bank
accounts, even for the laptop you use. What happens when your next in
kin cannot access any of these simply because they do not know your
password... Put it down on a paper.
3.
Investments.
Every
year for tax purpose we do investments. Do we maintain a excel sheet
about it. If so is it on the same laptop of which the password you
had not shared. Where are those physical investments hard copy.
4.
Will.
Make
a Will. I know you will smile even I would had I not gone through all
what I did. It would have made my life lot easier a lot less
paperwork. I wouldn't had to provide an indemnity bond, get it
notarised, ask surety to stand up, no objections certificates from
others...
5.
Liabilities.
When
you take a loan say for your house or car. Check out on all the what
if, what if I am not there tomorrow, what if I loose my job. Will the
EMI still be within my range. If not get an insurance on the loan.
The people left behind will not have to worry on something as basic
as their own house.
Would
you like to be another Radha or a Ramesh, is it not time to act
NEVER
TAKE LIFE FOR GRANTED DO THINGS APPROPRIATE FOR THE ONES WHO DEPEND
ON YOU WITH LOVE.
It
could be anyone of us in this situation, better act now, rather than
feel bad later.
All pictures used in this blog have been taken from the net, Copyright for the same rests with the respective owners
