How are making sure your family is aware and will manage finances "Just In Case"?

raksrules said:
Here is what I have written till now. As mentioned, it is constantly evolving. This is written as if I am writing this to my wife.
If anyone has any suggestions, do mention so those points can be added. I haven't talked to my wife about this part yet as she tends to get upset when we talk this. But have to show her this "In case of" sheet soon.
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This is an excellent list.. will help a lot of us for sure
 
That great man just you might have to do correction in point 12 I HAVE DO DEBT...DO NOT LISTEN TO ANYONE WHO SAYS I OWE ANY MONEY...PEOPLE WILL TRY TO TAKE ADVANTAGE.

I think it should be I have NO debt..
 
nRiTeCh said:
That great man just you might have to do correction in point 12 I HAVE DO DEBT...DO NOT LISTEN TO ANYONE WHO SAYS I OWE ANY MONEY...PEOPLE WILL TRY TO TAKE ADVANTAGE.

I think it should be I have NO debt..
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Yes fixed, was a typo.
greenhorn said:
2. Term insurance for wife and kids paid out in installments which she is aware of
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You mean the term insurance is never paid in full in one shot? If installments, why so and also what is the installment payment schedule?
 
raksrules said:
Yes fixed, was a typo.


You mean the term insurance is never paid in full in one shot? If installments, why so and also what is the installment payment schedule?
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Term insurance is usually a subscription model. You decide the coverage and the duration in years , and that determines the annual premium amount that you keep paying until you reach the end of the term period or you die. I pay 24k a year for 1.8cr coverage until I'm 65.
 
greenhorn said:
Term insurance is usually a subscription model. You decide the coverage and the duration in years , and that determines the annual premium amount that you keep paying until you reach the end of the term period or you die. I pay 24k a year for 1.8cr coverage until I'm 65.
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I am aware about that. I thought you meant repayment to nominee post death of insurer is paid in installments.
 
raksrules said:
I am aware about that. I thought you meant repayment to nominee post death of insurer is paid in installments.
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Sorry i misunderstood. Yes your can choose lumpsum vs installments. I chose installments as I'm not to confident about my wife's financial planning and management skills
 
Some of us adventurous souls might also need to add one more point to raksrules list.

How access the cryptocurrencies, keep them safe or transfer them to Indian exchanges and cash out
 
Passwords and access to the phone linked to IDs & accounts are the most important. Make a list of assets and where they are. Put all these in writing somewhere, excel sheet or hard copy. Update regularly. Simplify assets. The lower the numbers of banks for example, the easier it would be settling stuff.
 
@raksrules I have recently set up the Google Inactive Account Manager to handover control of all my google accounts to my wife and my brother in case of inactivity over 3 months. Felt logical to do so. They would have complete access to my account and the data in it in case of inactivity on my part.
 
logistopath said:
@raksrules I have recently set up the Google Inactive Account Manager to handover control of all my google accounts to my wife and my brother in case of inactivity over 3 months. Felt logical to do so. They would have complete access to my account and the data in it in case of inactivity on my part.
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Thanks, I will need to read on this. My Google account is not my primary email but i use Google drive extensively and my main finance and everything sheet / excel is located there.
I think i will do what you have done.
 
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