That’s when a visit to the bank locker became a blessing in disguise. Rahul had written a note to Priya, that in case something happened to him unexpectedly, she was to access a file on their laptop, which carried all the information she wanted. It had details of bank accounts, investments, loans, insurance, legal documents, certificates, income tax records and other important details. Priya then pulled herself together to take care of the financial future of herself and her children.

Are you also keeping a record of your finances like Rahul which can help your family in your absence? Or are you someone who does not have anything recorded? It is seen in a majority of cases that the immediate family is not aware of financial affairs, either because of the lack of involvement of the earning member, or because of sheer disinterest by the family members. Many a time, even if both the husband and wife are earning, the wife stays away from financial matters, relying completely on her husband. This is not only unhealthy in the short term, but is also dangerous for the long term, as in the case of Priya.

•  Put all the information in one place for easy accessibility.
•  Remember to secure this with a password if it is in electronic form or keep it under lock and key if your record is in physical form.
•  Share this password with your immediate family, atleast with your spouse.
•  In addition to keeping a record of your bank balances, credit cards, loans, retirement savings, insurance policies, shares, mutual funds, real estate, gold investments and fixed income investments, also mention the names of the respective persons whom your family can contact in case of an emergency.

Keeping this in mind, we have designed a template which captures all the essential aspects of your finances. It is a simple excel sheet which can carry all material details. Please click here to download this. Similar templates are also available online. HDFC Life’s – The Little Book of Legacy and Good Moneying’s – My Personal Financial Record Book are some useful templates to go by.

Physical record keeping is the way out for many cases. However, opting for a digital locker is the preferred approach for maintaining documents. Digital lockers help in reducing the use of paper, and save the hassles of physically storing the documents. Further, it allows you to access the documents anywhere and at anytime. The Government has recently introduced Digital Locker, which allows you to store and share Government issued documents online. In the private space, kleeto allows you to store documents such as sale deeds, insurance policies, merit certificates, Income Tax documents, degree certificates and medical records among other things.
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We understand this may look like a mammoth task if you have not yet started. But maintaining a record is necessary. After all, what good is all the wealth you accumulate if it doesn’t reach your family after your time? What is the use of protecting your family when you are alive if you leave them in the lurch when you pass away? Take baby steps and build out your template. Start today! Start now!