Importance of Will and Life insurance

POSTED BY TheZionView ON August 22, 2012 11:06 pm COMMENTS (2)

Here is a blog post on real life experience,how NO WILL created a lot of paper work and problems. Reiterating the point of WILL and Life Insurance

http://thingslearntaftermithun.blogspot.in/2012/04/few-things-i-learned-after-mithun.html#comment-form

2 replies on this article “Importance of Will and Life insurance”

  1. bemoneyaware says:

    An eye opener article and a must read. Our condolences with Priya.
    Your family’s is of paramount importance to you. You have been diligently investing to take care of your family needs now and in the future. But have you done the right paperwork to ensure that your family has access to your investments with ease in case of any unfortunate event?
    Most of us assume that our family will get access to our investments, bank accounts when we are no more but the law doesn’t recognize things this way. It needs valid papers in the form of Survivorship mandate, Nominations, Will. At a time of loss, loved ones are usually in deep turmoil and legalities can compound the turmoil. The right paper work goes a long way in getting your money to those you love

    Survivorship Mandate :Investment can be made by an individual in his own name, single account or by two or more individuals jointly, called as joint account. In joint account keep EITHER OR SURVIVOR mode.
    Nomination is the process of appointing a person to take care of your assets in the event of your death. For all investments except company bonds and equity, nomination does not provide ownership of your assets. The nominee will only be the custodian of the asset till it is given to its beneficiary.
    Will A will is an official statement prepared by a person that describes how they want their assets to be divided among their heirs after their death. Preparing a clear will ensures that the heirs are left in no doubt about their inheritance

    Details are in our article Right Paper Work For Those You Love: Part 1

  2. Dear TheZionView, thanks for sharing such a nice article. It should be a real eye opener to many of us.

    Thanks

    Ashal

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