Here's a small lesson I learned very recently, when a friend of mine lost her husband in an accident. These are a just a few things one needs to remember to take care of financially so that those left behind aren’t left foundering in the wake.

 

Yes, your bank account PIN is strictly classified data and as such should not be revealed. But there should still be that one person in your family, be it your parent or your spouse (especially your spouse if you have children) who should be privy to this information. This is most important in cases where you happen to be working in another country.

 

Otherwise, in the absence of an either/or survivor bank account, your spouse or your parent will have to file for a succession certificate, which will then be submitted to the bank after which they shall have access to the account. This tedious process can become mind-boggling if you happen to be in a different country (as in the case of my friend). Sharing the PIN can mean that the partner can withdraw the money and be done with it.

 

Most companies offer some sort of insurance policies to employees. In addition to that are the various PF, Medical, etc forms that one fills when they join a new organization. Typically, once the formalities are done, no one bothers to re-check them. However, one needs to remember that these nominations should be checked and/or amended if one happens to get married afterwards. Why is this important? Typically, if you are single, the nominees to your insurance, etc will be the parents, and not too many people remember to add the spouse to the list post nuptials. Now god forbid, something were to happen, the spouse is not included in any insurance claim.

 

While this may seem like a technicality or perhaps unimportant, it's still prudent to ensure you leave all those close to you well provided for. The spouse nomination becomes more essential if kids are involved.

 

There are plenty of people who are convinced that their spouses don’t have any head for investments. While this may be true, it is still essential to maintain a file of all the investments and discuss each one with the spouse (or parents) so that they are well aware of how much money is spent when and where.

 

If you have a home loan or are intending to get one, it is sensible to add a life cover to the loan. This way, in the event of an unforeseen circumstance, no one is burdened with the EMIs.

 

Most home loans have this provision; some offer it as a default. In any case, when enquiring for the loan, do check this provision and if it is not mentioned in the policy document, then it would be a good idea to include it. Most people figure their life insurance policy should be sufficient to cover expenses. But in case you are leaving dependants who have no other means of income then a life cover on your home loan will go a long way in easing the financial burdens.

 

As was said earlier, nothing compensates the loss of a loved one and such unforeseen circumstances are best not thought of, but when we can take steps to insure ourselves for the benefit of our family, it is only common-sense to have a financial confidante so that those whom we love don’t have will at least not have to deal with any financial implications.