Disclose Your Finances As Duty To Your Family
Outlook Money|June 2021
With the pandemic fostering an air of uncertainty around us, it is time you disclosed all your investments, accounts and assets as well as your liabilities to your family members and also made a will
Jyotika Sood
Disclose Your Finances As Duty To Your Family

Shelling from across the border has been an unusual routine for the last two decades in the life of Lt Col (Retd) Vivek Sharma. There was nothing more indefinite about life than the definite possibility of falling dead – at least till the retired army man encountered something that took the world by surprise last year. A year and nearly 35 lakh deaths later, the Covid-19 pandemic has redefined uncertainty in an altogether different way to the world, stoking fear and striking alarm bells.

The damage has not been confined to the loss of lives and livelihoods alone, the collateral damage has been colossal, inflicting countless households. Most relatives of over 3 lakh Covid victims in India found themselves completely in the lurch after the main earning members of the families passed away suddenly. Even before the pain of the loss could sink in, a staggering financial crisis stared at them, and most couldn’t find a way out of the wreck because they were never part of the financial planning of the breadwinner.

Ignorance is not always bliss, indeed. Jolted awake by the reality, Lt Col (Retd) Sharma called a meeting of his family members on a Sunday afternoon. The retired couple was settled in Chandigarh, while their two daughters were working from Bengaluru and Hyderabad. He sat down with a sheaf of documents, comprising all his bank account details, insurance policies, investments, and properties.

He shared every single detail of his assets with the family members. Over the next few days, he settled all issues over nominees for bank accounts, lockers, and other investments, and distributed his properties with complete clarity between his wife and the daughters.

Diese Geschichte stammt aus der June 2021-Ausgabe von Outlook Money.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der June 2021-Ausgabe von Outlook Money.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS OUTLOOK MONEYAlle anzeigen
Gold ETFs And FoFs
Outlook Money

Gold ETFs And FoFs

While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.

time-read
2 Minuten  |
November 2024
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Outlook Money

PLANNING TO BUY CHILD INSURANCE? THINK TWICE

Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs

time-read
7 Minuten  |
November 2024
How Do You Define Happiness?
Outlook Money

How Do You Define Happiness?

Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness

time-read
5 Minuten  |
November 2024
Avoid Crypto As It Is Highly Volatile
Outlook Money

Avoid Crypto As It Is Highly Volatile

I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?

time-read
2 Minuten  |
November 2024
Invest Right, Don't Speculate
Outlook Money

Invest Right, Don't Speculate

The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital

time-read
4 Minuten  |
November 2024
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Outlook Money

The Wedding & Budget: Is Minimalist Trend The Right Knot For You?

Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it

time-read
9 Minuten  |
November 2024
Here's How To Buy An ETF?
Outlook Money

Here's How To Buy An ETF?

Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.

time-read
1 min  |
November 2024
How Passive Funds Help Diversify
Outlook Money

How Passive Funds Help Diversify

Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio

time-read
2 Minuten  |
November 2024
The Rise Of Passive Funds
Outlook Money

The Rise Of Passive Funds

The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?

time-read
10 Minuten  |
November 2024
Tax Reforms: What's In Store?
Outlook Money

Tax Reforms: What's In Store?

The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms

time-read
10+ Minuten  |
October 2024