We live in an age of planning where we plan everything from what to eat for lunch to which cloths to ware or where to go on the weekend. We plan for each and every dream but why fail to planned for unplanned. Yes I am talking about death. None of us want to think about death but still death is certain it will happen sooner or later. In order to secure life style of our family we purchase life insurance or term insurance, but most of us failed to pass adequate knowledge about our financial assets and liabilities to key member of our family.
Death is painful event but if your family does not have idea about your asset and liability it will create big problem in your absence. So what my advice to you is to maintain systematic record of your finances. Yes I am talking of brining your asset and liability at one place.
Take pencil & paper or open spreadsheet and make two sheets assets & liabilities. Note down what you have in asset sheet like cash, funds in bank accounts, including account number and detail of bank, stocks & bonds details, mutual funds, PF account details, Insurance details, real estate and jewelry details. Apart from your asset do write down your liabilities including home loan, education loan, personal loan etc.
In addition it is also important for you to mention the contact details of the person who can be contacted by your family, in case of an unfortunate incident with you. Keeping this in mind we are herewith template which can help you to compile all these information together at single place.
Please click here to download the template. Hope you will find this useful!