Highlights
- Your family needs to have access to your key financial documents
- In your absence, your family would be in charge of all your financial affairs
- Letting your family know about your financial documents is one of the most crucial steps while getting your affairs in order.
When you are planning to let your family know about your financial plans, it is important for you to know which documents to share with them, and you must do it when the time is right. You need to keep these documents safe for your future heirs so that they can make use of them when needed. Below is a list of key financial documents you need to preserve and tell your family about.
1. Bank, Investment, And Financial Account Details
Your family needs to stay updated about your bank account, financial account, and investment account. They need to be aware of your account balance, credit cards, debit cards, checkbooks, and other related things.
2. Debts And Liabilities
The loans and liabilities are a part of your financial affairs and it is important for your family to be aware of these. The amount of debt you have, or the amount that you have paid off already is important information.
3. Information Of Insurance Policies
Information regarding your health insurance, vehicle insurance, life insurance, and other policies needs to be preserved for future use by your family in time of need, and they need to stay updated about these policies. They need to be aware of the agents you bought these policies from.
4. Wills, Power Of Attorney, And Estate Planning Documents
Your wills, power of attorney, and other such documents are very important from a financial point of view. These play a crucial role in your family’s future, and hence, they need to know about these documents too.
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5. Cryptocurrency Wallets
Cryptocurrency has become really dominant in the financial sector and significant in recent times. It is important you make sure that your family is updated about your investments in cryptocurrency or any such related platform.
6. Bank Lockers And Assets
Important documents and jewelry are stored in bank lockers, and since these are your assets, it automatically becomes a key financial asset for your family to be aware of. You can inform your family about these lockers and other related information when you want to.
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7. Real Estate And Other Property
Be aware and update your family regarding your properties and real estate. Maintain a record of your home buyer and sellers, i.e., the person you bought the property or estate from. If you have an apartment, then keep the share certificates. Intellectual properties, patents, and trademarks are also included in these. All these documents are key financial documents and will come in handy for your future generation.
Final Words
Life is uncertain and we need to prepare ourselves for what is to come. It is very important that you keep your family informed about not just your key financial documents but also other important information. Your legacy will be carried on by your future generation and you must make sure you are keeping your assets safe for your children and grandchildren. So, keeping your family informed about your financial whereabouts is crucial.
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