Share your networth regularly with your spouse/trust worthy relative.

9 Mar

At least once in 6 months prepare your net worth and share with your spouse or someone trustworthy. You can set a recurring calendar alarm so that you would do it without fail.

Sample networth report.
1. PPF  Institute Account_number latest_balance
2. EPF  company Account_number latest_balance
3. EPF  company Account_number latest_balance
4. EPF  company Account_number latest_balance

Yes most have many EPF accounts these days(thanks to failed PF transfer or not sure how to redeem the existing PF)

5. If you own stocks of one or two companies mention the balance, ISIN number(I say ISIN as ISIN would change when they issue BONUS/SPLIT), folio number, DP/ClientId, latest known market value.

6. If you own too many stocks record them in valueresearchonline.com and share the folio name, username and password.

7. If you own units of one or two mutual fund schemes mention the balance, ISIN number(I say ISIN as ISIN would change when they issue BONUS/SPLIT), folio number, DP/ClientId, latest known market value.

8. If you own too many mutual fund units record them in valueresearchonline.com and share the folio name, username and password.

9. If your company gives ESOP share what is the remaining options and exercise value of each lot and expiry time of each lot. Record the same for past employer alslo.

10. If your company gives RSU share what is the remaining options and vesting schedule. Record the same for past employer alslo.

11. Insurance policy number, agent’s name, agent’s number, Death benefits etc.

12. Insurance policy number, agent’s name, agent’s number, Death benefits etc.

13. Insurance policy number, agent’s name, agent’s number, Death benefits etc.

Yes many have too many insurance policies than the number of dress they own.

14. All SB/Current account, bank name, account number.

15. Fixed deposits with account number and institution, maturity date.

16. Personal loan lent to friends and colleague and remaining principle.

17. Land you bought with all the details.

18. Houses you bought with all the details

19. List all the loans you have taken with interest rate, remaining principal, whether you pay for accident cover etc.

20. Share your netbanking all internet credentials in a secure way to trusted way.

This report would ensure your heirs would have smoother transition of your hard earned wealth.

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One Response to “Share your networth regularly with your spouse/trust worthy relative.”

  1. Menka April 30, 2013 at 1:34 pm #

    This is one of the most useful suggestions, thanks Kamesh. It just does not occur to most of the couples that even if there is a single earning member, how and where he manages the money needs to be shared in the best interest of the family.

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