The legal and financial aspects of family properties are mostly looked after by the male head of the family. When this male head of the family passes away, the spouse finds it extremely difficult to find these documents and handle the matters herself since she wasn’t included in discussions on such issues in the past.
TOPICS/ SUBJECTS TO BE RECORDED IN ASSET REGISTER
- Bank and De-mat account number
- Mutual fund details
- Date of maturity of bonds, debentures, etc.
- Life insurance policies
- Balance in the joint savings accounts
- House/flat related documents including the registered deed and details.
- Loan documents, if any.
- Details of the med claim policy.
- The electricity company papers/bills.
- The water company papers/bills.
SPECIAL ADVICE TO ELDER WOMEN
- Please make it a point to visit their banks, the DDA office, the municipal office, the Delhi Jal board office, the BSES (Electricity) office and other such offices with their husbands/children and sometimes alone too, in order to familiarize themselves with the working of these offices.
- You ought to know about financial and legal matters, whether it’s their own or their husband’s, such as details regarding his source of income, such as- the name of the company, the location of the office, the salary, the account in the bank where the salary gets deposited and so on.
- In the case of a family business, details regarding how much share the husband has got in the business and what is the constitution of the partnership, can spouse be included in the partnership and so on.
- Keep a track of the registered documents of the property(s) with correct spellings of names of owner(s). Any rent agreement for rented property, locker number and the name of the bank and address, with either/or survivor option for operation of the locker.
- Keep a record of the income tax files of the last 6 years.
- Also, insist that husbands must write and register their will in favour of their spouse and if the spouse is also earning and has her own property, she could also write her will in favor of her husband.