There are 8 essential financial decisions you should help your parents with in their old age before it is too late.
Joint accounts
Ensure that your parents have a joint accounts in the bank, if one passes away the account will remain functional for some time. Cheques can be issued and transaction can take place till the time the account is closed and new one is not opened.
Appoint nominees
The sum can be transferred with the help of a death certificate and identity or residence proof is it a bank account for insurance or investment having a nominee. In the absence of a nominee, the interests go to legal heirs which desires a valid will and in its absence, a succession certificate.
Make a will
To reduce the hassles for survivors get your parents to make a will today considerably. Make a list of the assets and the people to whom these are to be passed on. In its absence, there is an uninteresting, long-winded process of authenticating legal heirs through succession certificate and identity proofs.
Sort documents
Your parents should sort out all the financial documents in separate, marked folders under various heads and keep them in a secure place that is available to the spouse or a family member.
List creditors & debtors
Make a list of all the liabilities which include home, car or personal loans and credit card payments. Even add another list where the names of all the friends, family members or associates who incur money to your parents. Generally, the money lent is written off by the debtors if there is no such record to keep a track of it.
Keep spouse in the loop
Generally, women have little idea about the financial dealings and are left in the lean if the husband passes away. So ensure that the mother is confidential to all the financial decisions, documents and investments at all times, exclusively in the old age.
Note all passwords
Most financial dealings in these days are digital not having access to e-mail, bank account or mutual fund account can delay with all the Given that most financial dealings are digital these days, not having access to e-mail, bank account or mutual fund account can delay all the action ceaselessly. Your parents should note down all the passwords and save it in a secure place.
Know the names
You can run into the never-ending delays while acquiring the documents if the parent’s name in the hospital doesn’t match with the one in official records. The hospital may refuse to exemption the papers for procuring a death certificate in such a case. So ensure that you know the name used in the official records like in the Aadhaar card or PAN card.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
Joint accounts
Ensure that your parents have a joint accounts in the bank, if one passes away the account will remain functional for some time. Cheques can be issued and transaction can take place till the time the account is closed and new one is not opened.
Appoint nominees
The sum can be transferred with the help of a death certificate and identity or residence proof is it a bank account for insurance or investment having a nominee. In the absence of a nominee, the interests go to legal heirs which desires a valid will and in its absence, a succession certificate.
Make a will
To reduce the hassles for survivors get your parents to make a will today considerably. Make a list of the assets and the people to whom these are to be passed on. In its absence, there is an uninteresting, long-winded process of authenticating legal heirs through succession certificate and identity proofs.
Sort documents
Your parents should sort out all the financial documents in separate, marked folders under various heads and keep them in a secure place that is available to the spouse or a family member.
List creditors & debtors
Make a list of all the liabilities which include home, car or personal loans and credit card payments. Even add another list where the names of all the friends, family members or associates who incur money to your parents. Generally, the money lent is written off by the debtors if there is no such record to keep a track of it.
Keep spouse in the loop
Generally, women have little idea about the financial dealings and are left in the lean if the husband passes away. So ensure that the mother is confidential to all the financial decisions, documents and investments at all times, exclusively in the old age.
Note all passwords
Most financial dealings in these days are digital not having access to e-mail, bank account or mutual fund account can delay with all the Given that most financial dealings are digital these days, not having access to e-mail, bank account or mutual fund account can delay all the action ceaselessly. Your parents should note down all the passwords and save it in a secure place.
Know the names
You can run into the never-ending delays while acquiring the documents if the parent’s name in the hospital doesn’t match with the one in official records. The hospital may refuse to exemption the papers for procuring a death certificate in such a case. So ensure that you know the name used in the official records like in the Aadhaar card or PAN card.
Tax Assist is a professional income tax consultancy in India for both corporate houses and individual tax payers; the latter comprising Salaried Individuals, Seafarers, Professionals and Non Resident Indians.
With the help of Tax Assist and its team of income tax professionals, taxpayers can minimize their Income Tax liability, maximize their net income and create opportunities to save for current and future needs while maintaining proper accounting standards and income tax returns which are compliant with the Law.
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