There was a scene in a film where the villain asks the hero,
“tell me how you want to die”
The hero replies, “as an old man”
That’s our wish right we want to die as an old man but when
we die is not in our control.
We should definitely try to form good habits and take care
of our health but death just happens sometimes and mostly when we are not ready
for it
Some of my colleagues died due to COVID leaving young dependent children behind… and that got
me thinking
When we leave our family unexpectedly we have to let them
know what they have to do.
There are 2 aspects
- inheritance
of wealth
- inheritance
of memories
Since we are in digital age lets speak about the above 2
only from the digital point of view since I feel that’s going to be very
difficult.
If you have physical document about your investment in a
suitcase your family know exactly where to look but with digital investments
how many demat account, MF Folios you have .. you may yourself may not know.
With ease of paperwork in digital you would have tried
zillions of investment products and even though you have placed a nominee in
each of the account the nominee needs to know about them then only they can act
on it.
So please think about this… do you want to create a will or
at least print out the consolidated investment statement once a year and keep
it somewhere so your family can see. Please plan this and discuss with your
family
Next comes inheritance of memories, nowadays we don’t take
print of our photos and also not even copying it in a cd and its all in some
cloud platform say google.
There are ways to make these assets /memories to be
transferred to your dear ones on your demise.
Please read this article
We cannot afford to think about legacy planning at our 60s.
Legacy planning is an ongoing process and we have to start very early and keep
on updating them as things change over years.
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