Do your family know about your finances?

Did you know that nearly 43% of women in India have no idea about their husband's financial, insurance, and personal details?

You should make sure that your family - definitely all adults but also older children - are on the same page when it comes to the family’s finances. This could come in handy if you fall ill or suffer an accident. Your family especially your children and wife should have knowledge of money, If they dnt have knowledge they are likely to live a hand-to-mouth existence or rely on other parties for financial help.

So, ensure your family does not fall into the same trap.

Here are the things your family should know about your finances.

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Bank account: Ideally should keep all the track records of your bank account and maintain one bank account for per family Member.

Investment accounts: Make a list of all your investment accounts.

Financial Physical Assets: Details of home ownership, bank lockers, large refundable deposits with institutions other than banks, as well as your provident funds' details.

Loans: If you have loans, the details of loans (car/home, etc.), such as EMI amount to be paid, time remaining to repay the loan, etc. should be informed to your family member.

Credit cards and debit cards: A list of all credit and debit cards, with their respective numbers (on the card), contact details of the card company. If in case a fraudulent event is reported, your family members can block the cards immediately.

Health Insurance Policy: Make a list of your health insurance policies – personal as well as provided by your employer and any top ups. List of network hospitals, co-pay amount, the process of informing the insurance company etc.

Life Insurance Policy: Make a list of your life insurance policies, amount, type of policy, beneficiary, nominee, riders, date of premium payment, date of maturity.

Will: keep your will in a safe place and let your family know where it is.