Key Points
I write this detailed account today because a friend called about an estate left behind by a very wealthy doctor, whose wife is struggling to figure out how to take charge, manage and control the wealth he has left behind..
It is tough dealing with the consequences of a lifetime of earning and saving when the person who made these decisions is no more...
Multiple bank accounts are opened as jobs are changed; tax saving urgencies lead to hurried investment decisions in the month of March; granting favours to various relationship managers creates folios and investments one does not even know exist somewhere; some stocks are bought because friends said so and not tracked thereafter; in many cases there are plots of land and property lying in distant suburbs because work pressures left no time to pursue their sale...
Simplifying finances does not have to mean one bank account and one folio of holdings..
Complete the nominations, update the KYC with correct and complete details of address, email and phone, consolidate the folios, transfer the folios to a single or two relationships that will track them for you...
You might be interested in
Banks to bring in extra KYC verification layers
04, Mar, 24Banks are enhancing their KYC standards by adding extra verification layers to identify accounts and account holders. The plan includes updating existing accounts, especially those with a single phone number linked to multiple or joint accounts, and seeking more verification from individuals with multiple accounts opened using different documents. A committee led by finance secretary TV Somanathan is working to standardise and ensure interoperable KYC norms across the financial sector. The move aims to address concerns about slackened KYC norms by fintech companies, which may increase risks for lenders.
Mumbai man sells flat for Rs 1.27 crore, loses money to cyber criminals
18, Jun, 23After selling his flat in Mumbai for a substantial sum of Rs 1.27 crore, he was keen to invest in a new property. Unfortunately, he ended up losing all his money to fraudsters.