So, my friend's parent passed away due to cardiac arrest. He is clueless about his dad's policies, savings, stocks. Not that they're strapped for cash, but he'll be spending months sorting through this mess.
My father caught wind of this and sat me down. Turns out, he's already got an excel sheet with bank acc ids, nominee names, mother's financials, shared on the google drive. That's when it hit me - that my father has accepted that he's old, anything can happen at any moment.
Couldn't focus on the convo after that. My mind kept playing out weird scenarios, and damn they're all scary.
I guess that's life? We'll all go through losing someone close eventually.
I’ve created an excel having details of investments, insurance policies, back accounts, FDs, CCs and loans. I have shared it with my wife, cousin and a friend. It’s not about accepting that we are getting old, it’s about accepting that life is fragile, anything can happen with anyone.
I lost my father when I was young, he had files of some MFs, bonds, policies etc but scattered, it’s been years and I am still not sure if I have been able to recover all the investments he made from his hard earned money.
I almost lost my dad last year, have been trying to organize investments and assets since he recovered. It was a scary experience, shit got too real too fast. wasn't prepared at all for anything. Now he's also making his will, didn't have one before.
These are wake up calls no one expects, sadly. that's life indeed.
Dumb question, but what's a cc?
Damn my friend. That’s a heavy post. You got me thinking
My dad passed away almost 6 years back and a little over a month before he passed, my brother & I had to sit down with him when his recovery from heart surgery wasn't going well. It took us over a week to convince him that we needed to know. And with all the information he told us, we were able to make a will in his name. He passed away a few days after the registration.
I'll tell you this, a will (especially a registered one) is incredibly useful. It made the work after his passing, much more easier to manage, even though it was still tedious, bureaucracy be damned!
Even if the will isn't there it will get passed to the son/daughter. Only death certificate is required.
Not really. In the event of a death without will, it gets split between the Deceased's spouse, mother and Kids in equal proportion. This is where a lot of internal strife happens between families. A registered will ensures that it's ironclad. But more than that, as far as transferring properties and bank accounts goes, it becomes much easier to go about the whole process than without it. I speak from experience here.
I was in college.. My father passed away one sudden night when he went to sleep. He didn't wake up the next morning. No policies, no stocks, no savings , no FDs. My mother was jobless for 2 years that time. Next day there were bunch of people at door asking to return their debts. I asked them to give me little time. Took a job, first three months salary went in clearing debts.. so I started from negative.. Good to know ur parents are well planned..
Everyone should do this once they start earning and build assets. It’s must and the next if kin should know how to access.
Also a will is necessary - typically from the time you are 25 yo.
Try EZIT Guardian, this exactly solves the inheritance and wealth retrieval problems. www.ezit.club ; www.ezit.club/help
If it is okay, can you share the template I want to have one for my family as well 🌻
I don't have any kind of savings for that reason I am out
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