DON'T LEAVE YOUR FAMILY IN LURCH

CASE STUDY

PLEASE READ THIS CASE STUDY VERY CAREFULLY -  Life lessons shared   on the Web---

           We always  believe we will live forever. Bad things always happen to others. Only when things hit us bang on your head you realise... Life is so unpredictable.... My husband was an IT guy ...all techie...And I am a chartered accountant...Awesome  combination you may think...

             Techie guy so everything is on his laptop ...his to do list... his e-bill and his bank statements in his email...  He even maintained a folder which said IMPWDS...wherein he stored all login id and passwords for all his online accounts...And even his laptop had a password ... Techie guy so all the passwords were alpha-numeric with a special character not an easy one to crack ...Office policy said passwords needed to be changed every 30 days...So every time I accessed his laptop I would realise it's a new password again... I would simply opt for asking him 'What's the latest password' instead of taking the strain to memorise it.

            You may think me being a Chartered Accountant would means everything is documented and filed properly... Alas many of my chartered accountant friends would agree that the precision we follow with our office documents and papers do not flow in to day to day home life...At office you have be epitome of Reliability I Competent I Diligent etc but... at home front there is always a tomorrow ... One fine morning my hubby expired in a bike accident on his way home from office. His laptop with all his data crashed...everything on his hard disk wiped off  No folder of IMPWDS to refer back to... But that was just the beginning... I realised I had a lot to learn... 9 years married, no kids, just the two of µs to fall back on, but now I stood all alone and lost.

          Being a chartered accountant helped in more ways than one but it was not enough... I needed help...His saving bank accounts, his salary bank accounts had no nomine...On his insurance his mom was the nominee and it was almost 2 years back she had expired ... but this was just a start .... I didn't know the password to his email account where all his e-bill came ...I didn't know •which expenses he paid by standing instructions...

    The house we bought with all the excitement...on a loan...thought with our joint salary we could afford the EMl... when the home loans guys suggested insurance on the loan...we decided the instead of paying the premium the difference in the EMI on account of the insurance could be used pay towards prepayment of the loan and .get the tenure down...We never thought what we would do if we have to live on a single salary. So now there was huge EMI to look into  I realised I was in for a long haul...  Road accident case,  so everywhere I needed a Death certificate, FIR report, Post Mortem report. For everything there were forms running into pages, indemnity bonds, notary...surety to stand        up       for        you...No       objections       certificates        from        your        co-heirs.. I learnt other than your house, your land ... your car, your bike are also your property ... So what if you are the joint owner of the flat...you don't become the owner just because your hubby is no more... So what if your hubby expired in the bike accident...and you are the nominee but if the bike is in a repairable condition ...you have to get the bike transferred in your name to claim the insurance...And that was again not easy... the bike or car cannot be transferred in your name without going through a set of legal documents ... Getting a Succession Certificate is another battle all together ...

          Then came the time you realise now you have to start changing all the bills, assets in your name...Your gas connection, electricity meter, your own house, your car, your investments and all sundries... And then change ati the nominations where your own investments are concerned...And again a start of a new set of paperwork...

             To say I was shaken...my whole life had just turned upside down was an understatement. ..You realise you don't have time to mourn and grieve for the person with whom you spent the best years of your life...because you are busy sorting all the paper work ... I realised then how much I took life for granted...! thought being a chartered accountant I am undergoing so many difficulties...what would have happened to someone who was house maker who wouldn't understand this legal hotchpotch...

             A sweet friend then told me dear this was not an end...you have no kids...your assets will be for all who stand to claim...after my hubby's sudden death...I realised it was time I took life more seriously... Inow needed to make a Will... Iwould have laughed a few months back if he had asked me to make one ...But now life had taken a twist. ..

Lessons learnt this hard way were meant to be shared...After all why should the people whom we love the most suffer after we are no more...Sorting some paperwork before we go will at least ease some of their grief ...

1.            Check all your nominations... Bank Accounts, Fixed Deposits, NSC, Bank Lockers Demat Accounts,Insurance (Life,Bike or Car er Property}, investments, PPF etc.

2.            Passwords.... We  have  passwords  for  practically   everything   What   happens   when your next of 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 an 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...t know you will smile even I would...had I not gone through all what Idid...lt would have made my life lot easier...a lot less paperwork...I wouldn't have 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 ifs...what  if I am not there tomorrow ...what if I lose my job ...Will the EMI still be within my range...lf not get an insurance on the loan...The people left behind will not have to worry on something as basic as their own  house...

         My battles have just begun...But let us at least try and make few changes so that our loved ones would not suffer after we go...We do not know what will happen in the future...But as the Scout motto goes: Be prepared!!Learn from my experience and prepare today for the unexpected. A little effort now will save your loved ones a lot of trouble later.

THERE IS STILL TIME TODAY WITH YOU TAKE ACTIONS IMMEDIATELY, THERE IS ENOUGH MATERIAL AVAILABLE UNDER THE VETERAN'S LIBRARY HERE FOR YOU TO DRW OUT YOUR DOCUMENTS.




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