The second wave of COVID-19 has turned out to be one of the scariest movies, watched ever and the most tragic thing about this movie is that hardly we have any trace of its ending part. Losing suddenly one of your family members is no more like the scariest nightmare that turned out to be true, but this part becomes worse when the surviving family members have no clue of the finances that the deceased person handles. The situation becomes more drastic when the person demised suddenly was the breadwinner of his/her family.
Well in case if the deceased person left, leaving a will behind, the finances managed by him can easily be traced but how would anyone go about searching for assets left behind when there is no Will?
However, to handle all these situations, experts discuss ways that can help track the money and investments left behind. We know the situation is tough and the time is hard to pass, but as you are the heir, the money belongs to you. You need that money to sustain yourself and your family.
Bank Account Statements Can Give Many Clues!!
In today's times, your updated bank account statement has details for all your transactions and transfer of money carried out from your bank account. Also, many of our investment transactions like SIP (Systematic Investment Plan) payments and withdrawals are also made directly out of your bank accounts.
You can also get to know about any EMI paid or about insurance premiums paid out if any, through the details in the bank account statements.
Thus, a close analysis of bank account statements of last three years, of your loved one’s bank accounts, that has a sudden demise, can give you vital clues on fund movements.
Email, Mobile Phones Are Second Source Of Information!!
You can also get a lot of information from the mail inbox of the demised person. It is necessary for every investor to provide their email details and phone number details while registering for their KYC. It is mandated because every month, the investors receive their Consolidated account statements (CAS) by the National Securities Depositories Ltd (NSDL) or Central depositories Securities Ltd (CDSL), via email. Thus, we advise you to keep a regular check on the departed person’s email.
Secondly, keep the mobile phone of the demised activated for few months and keep checking it for any alerts from insurance companies, mutual funds, or banks.
Get A Succession Certificate!!
There have been many cases witnessed where the surviving heir has not been mentioned as the nominee of mutual fund units or insurance policy by the owner or nominee may be no more. In that situation what only helps out is the succession certificate.
In the absence of a Will, make sure that you at least announce yourself as the legal heir. A succession certificate gives legal standing to your claims.
Check Out If there Is Any Insurance Claim!!
The life insurance claim settlement process is only initiated by the insurance company after they get an intimation request either from the family member or the insurance agent. The executives often receive such information, during service calls or during renewal calls. As soon as they receive the information they initiate the process of the claim settlement process.
During this pandemic, to initiate the process of claim settlement, relatives, guardians, or agents will have to step forward to send the death intimation to the insurance company and file a claim. To check whether your deceased loved one had any insurance policy, go through their mobile phone messages or emails to see if any premium has been paid.
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For any kind of query you can contact us at Shri Ashutosh Securities Pvt Ltd., we are here to help you in any way possible.
(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).