May 25, 2024



Publish-dying Money Trail: Producing the ‘If-I-Die-Just before-You’ File

8 min read

This is a bit morbid, but extends your responsibility of treatment even when you are not there any longer.

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In my e-book Let us Chat Revenue, the chapter on Life Insurance coverage asks you to do this workout to figure out what the family’s lifestyle appears to be like right after you are absent. Shut your eyes and imagine you are absent. And then see the family’s distress in attempting to piece your financial lifestyle jointly. You simply cannot information them from the other aspect or whisper passwords in their ear as they test and open up your cell and electronic mail to entry crucial money particulars.

Each individual of us who manages the loved ones funds has a responsibility of treatment to those who both count on our income or on our potential to take care of the family finances and investments. The duty of care toward the loved ones extends to immediately after we are long gone and we will need to go away an ‘If-I-Die-Prior to-You’ file.

Electronic or bodily?

The very first choice is about irrespective of whether you want to retain this file online or in a physical kind. The issue with on line written content is that its place and obtain might not be that quick in scenario the passwords are not recognized by the relatives. Also, digital articles is vulnerable to really hard disk crashes, hacking and obtaining erased by error. A bodily spot in a notebook, file or sign up is much easier to locate but is open up to slipping in the incorrect fingers.

This is a particular get in touch with that you make, but if you are not incredibly quick with working with providers like a cloud or have difficulty locating information in your computer system and ignore your passwords generally, it is greatest to keep this document in a actual physical form. You will need to be vigilant and continue to keep it safe and also be certain that the speedy spouse and children knows about the information and the place of this file. Some people obtain a be aware guide or register, some others favor to use a ring file folder in which sheets can be added by opening the steel ring to thread contemporary webpages in. Keep in mind that details in the file is dynamic and will maintain altering. A tough structure will reduce your means to change the information like alterations in company suppliers, account quantities, passwords and devices.

There are some basic principles that you will need to set into this file, but other than that you can retain incorporating whatever you assume is necessary.

Will and ID cards.

The place of the Will have to be documented. Some men and women hold a duplicate of the Will in the locker and a single copy with the monetary planner or attorney. Place down the identify of the executor of the Will alongside with his or her cellphone quantity and e mail. If you nevertheless have not built your Will. Do so now. I are unable to stress the significance of this phase adequate. Browse this piece for more on why you want a Will. Your PAN, Aadhaar, driver’s license and voter card selection and date of expiry will have to be set down. Also convey to your surviving household wherever you maintain these files.

Critical Persons.

Put down the names, e mail and telephone range of the persons who you know will help the spouse and children when you are absent. A financial planner, CA, attorney are the people who need to be there. Decide on a good friend who you know will aid the loved ones and put her or his identify down as very well. Go again to the 1st piece I wrote on this to get a in-depth checklist of men and women to make contact with right here.

Financial institutions.

The names and simple aspects of all your financial institution accounts and lockers will need to be documented below. The title of the lender, department, account variety, IFSC code, name of nominee (this presupposed that your financial institution account has a nominee), locker range are fundamental aspects. Upcoming set down your electronic banking username and password. Most financial institutions also have a established of a few concerns you will need to solution periodically. For illustration: name of your to start with pet or city of start. Set down the queries and solutions way too. Maintain a site for every single lender considering the fact that some facts will alter. Bank passwords improve and you will want sufficient room down below the password to strike out the outdated for the new. It is a fantastic notion to place a day on the new password. That also reminds you to adjust in each and every six months or so. Put down the area of the cheque books, passbooks if any, locker keys as effectively.

Credit history and debit playing cards.

Compose information like the financial institution that issued the card, what variety of card it is (Mastercard,  Rupay or Visa), card number, pin, day of expiry and the telephone quantity connected to the card. India has a two layer stage of safety on our card use where right after moving into the PIN, we also get an OTP to finish the transaction. Consequently entry to your cell cellphone will be a quite crucial section of handing around regulate to the family. See the area on ‘Digital’ for that.

Tax specifics.

Document your username and password for the e-submitting website. Also put down the place of the physical tax information in your property or place of work. Your CA’s title is currently there in the critical individuals record. No hurt in remembering to test if you have put it down previously or not.

Digital wallets and UPI.

Assume of usernames and passwords of electronic wallets like PayTM and of entry specifics to your UPI account, either via BHIM or other applications that run on UPI these as Google Pay or Whatsapp.


This will have facts of your broker account, NSDL account, the platform you use to spend into shares, bonds and mutual funds. Usernames and passwords along with particulars of each individual account. Here is a checklist of the various sorts of belongings an common family has. Set down the place of the papers and information that go with each individual account.

Real estate.

You need to have to doc all the homes you have. The spot of the papers and loans if any. Document if any of these are on hire, in which the lease settlement is located and how considerably hire comes every single thirty day period.


Life, overall health, automobile and house addresses are the most normally used insurance handles. You need to put down specifics of just about every policy. Then title of the coverage is vital. Folks normally say to me: I have XYZ coverage. Now XYZ is the name of the firm that has at minimum 25-30 merchandise. You require to place down the identify of the company, the name of your policy, the number of your coverage, the top quality you shell out every single calendar year on what date, what is the date of the policy maturity and if you know, what the coverage pays out. Doc the identify of the beneficiary of the coverage. Putting down the identify and make contact with particulars of the particular person who marketed you the coverage is also a great thought. Compose the spot of the plan paperwork.

Financial loans.

An typical domestic has a home loan, a auto bank loan and at times a particular bank loan. Place down the details of how a lot was taken, when for what interest and what is the EMI you are shelling out and when this receives over. If there is a relationship supervisor who is connected toy our personal loan, doc his or her get hold of details in this article. Once more this information will continue to keep transforming, so retain just one sheet per mortgage.


Browse this piece below to get a checklist of all the various electronic footprints we go away and how the relatives can access some of it. The specifics of accessing your personal computers, tablets, phones, e-mail accounts, social media accounts, applications these kinds of as digi-locker need to be shared. Again just one webpage for each gadget or service service provider. Recall that your mobile phone is one of the most critical parts of the economic reconstruction for the household. Intelligent phones have pins, styles, facial recognition and fingerprint locks. Whichever you select, bear in mind to place two locks, so that if your finger or facial area is not all-around, the loved ones can use the pin or sample to unlock. Some men and women essentially put the spouse’s finger print as the alternate print that unlocks the mobile phone. Just as an aside – no your useless finger or encounter will not operate on the cell phone. Morbid, but correct. Telecom service companies much too have to have to have a nominee aspect now that the mobile phone is such an important product in the economic daily life of a man or woman.


This will have aspects of all your utility provider providers these kinds of as drinking water, electrical energy, gasoline, wifi, phone and what ever else you are applying. Most of these will also have a digital interface with usernames and passwords. Hold a sheet for each individual connection. You may well even want to set down the place of the physical expenses below.


Our passwords have turn out to be the vital backlink to opening digital locks to much of our cash daily life. Distinct men and women use various strategies to remember their passwords. You will need to have a password protocol in place for you and your wife or husband. Some logic that you use to style and design PINs and passwords so that even if the password was improved right before you could doc it, the wife or husband may well be equipped to figure it out.

Update the file. This is a behavior that you will want to work on because the operate is not done when you build the file, it is ongoing. Each individual time anything variations you have to have to update the file. Most frequently it will be passwords. Less normally it will be a financial service service provider. Whatever the modify, it wants to be recorded in the file.


You could even want to depart guidelines on how to commit the money from the existence insurance policy proceeds and warnings of what not to do. Browse this for additional thoughts on what the loved ones will do in the to start with 6 months after you have handed.

Hold this details risk-free. This electronic or bodily data is truly the important to your full income daily life. So have your security protocols in area and the spouse requires to know how to come across this electronic or bodily file.

When you start out generating this file it could possibly experience like a sombre method – it is in no way quick to contemplate your own loss of life. But after you do it for a while and get extra cozy with your personal mortality, the approach will become less complicated and the unintended consequence is that you start off to price near interactions even far more. Every single time you look at that file it is a reminder on the fragility of life and the excellent fortune that you nonetheless have it. Some people today I know even put in cutesy messages in that file so that when it is at last accessed, the loved ones will get a smile in a challenging time on their faces!

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