Last year I received a WhatsApp
message which was basically intending to spread awareness about how husband and
wife must share the information about their financial and day to day practices.
There are so many day to day activities which are being done by either husband
or wife and the other person is not even aware about the same. For example,
paying bills, banking transaction, investment, dealing with house maid and the
list may be long. As per the convenience/liking of the couple the
responsibilities are divided. Most of the times, the division is such that the
other partner is not even aware about anything related to other’s task. Still
as per our culture financial dealings are being handled by male counterpart. Now
the point is that if suddenly something happens to husband or wife, how would
the other person cope up with the situation? At this point, apart from the loss
of your nearest one you are also faced with so many other problems. Relatives
around you would be there for some time but ultimately it is you who will have
to fight the way. So the solution to it is share every minute details of all such
things. I am listing some of the things
here but the list can be long and can differ from couple to couple…..
1) Log
in id and password for all the financial belongings like, internet banking,
demat account, password of debit card, credit card, bank locker.
2) Account
numbers of all the accounts, pan detail, aadhar detail, election card details
etc..
3) If
the utility bills are paid online detail about the same. Also if any bills are being
paid through ECS it should be known to both the partners.
4) Investment
details and contact details of financial advisers.
5) Detail
about the loan taken or any other financial liabilities or if you have given
money to anyone.
6) Nomination
details
7) If
you own a property where are the property papers, share certificate etc.
8) Details
of the insurance and policy life and
general
Apart from this I think whenever
earning partner dies it becomes difficult for the other partner to meet the
financial requirements. So to meet the requirements,
one must have following as a part of insurance…. (Details on this policies I
will share some other time)
1) A
term plan equivalent to minimum 10 times your annual income. (Just a thumb rule
which I read somewhere, one can decide ones requirement)
2) Critical
Illness policy covering critical/terminal illness like stroke, cancer, heart
attack etc.
3) Personal
Accident Insurance covering total and partial disabilities.
I know money can’t replace the
loss but it will certainly give you an extra edge to concentrate on your life
and your kids in absence of your loved one.
I wish no one come across such a
situation but, the life is full of uncertainty and as they say “Hope for the
best but, be prepared for the worst”
Suggestions and ideas welcome.
Though I have written the above
post keeping in mind Husband and wife the same is true for other relationship
sharing similar things.
