Woes of a sudden death

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.


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