- This topic has 3 replies, 4 voices, and was last updated 1 year, 5 months ago by
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CHave a chat with your father. You need to make sure you know where all the investments and property documents are kept.
– He should have a will in place preferably registered and drawn by a lawyer.
– His children should be added as nominees in all investments.
– If you are an adult you should be the second holder in most accounts.
– Keep a Google sheet with all this data shared between the kids, have details of locker numbers and all account details (not the passwords). A Google drive with digital copies of everything, including ID proofs, FD copies, one bank statement or passbook copy, property papers etc.
– You should know that you cannot access the account in case of death of one party (it is illegal). You have to go to the bank etc and get the account transferred to your name.
BTW me and my wife have this setup shared between us, our kids are too young but will share the data with them too soon. It takes a bit of time to collect and organize all your financial data but everyone needs to do this.
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BYou can hire services of fee only RIA from http://www.feeonlyindia.com. They will help you.
First thing is your dad should add you as nominee everywhere in bank accounts, stocks broker, MF etc.
For real estate flat and farm, write a will right now which says upon demise of dad, those assets will be transferred to your name. If something happens to him and If you don’t have will, then you will have to apply for legal heir certificate through court which takes 1 year even if there are no contestants and cost 50 k to 1 Lakh.
If something happens to him, you should get death certificate minimum 20-25 original copies because everywhere you they will ask for original death certificate.
You need to pay his taxes for your dad for same year so have a CA. You can google CA near me or hire good CA through friends. It’s legal heir’s responsibility to file taxes of dead person for income earned untill date of death.
Ask him if he has loans or insurance or any other gold given to anyone. When someone dies, loan givers storm at home asking for money back.
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UYou can ask your dad to prepare a will. Becoming a nominee only means you will be able to collect it. Anyone with a rightful claim to your dad’s estate can raise claim n dispute.
If your dad is having a health risk, either you should get him to transfer it to you or should ask him to prepare a will making you the heir.
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