Thread by @vineetpatawari

The untimely death of actor @sidharth_shukla reminds us again about the fragility of life.

Losing someone is tragic, but lack of knowledge of what to do with the deceased’s #finances can be an added stress.

Here's what you need to do when you lose your loved ones-

First things First:

Death certificate is a must have. Check if the deceased left behind a will or not. A death certificate helps in closing bank accounts, claiming insurance, selling property of the deceased, or any work related to #banks or financial institutions.

Check if the person had the following and clear its dues:

Credit Card
Loans: Personal, Home, or Car
Debts to 3rd parties

Insurance:

Find out the policies purchased by the person and file for claims from #insurance company/companies.

Investments:

Get hold of their #investments records in:
Shares and Mutual Funds
Bank accounts
Property
Gold
and find out the nominee of each.

Taxes:

You might forget this but it’s important to file the #ITR of the deceased after checking with an accountant for the last financial year, the legal heir of a deceased person is responsible for payment of any penalties, fee or #interest on non-filing of ITR.

Despite the loss of a loved one, life goes on.

Hence, it's extremely important to create a new financial plan with all that’s left behind.

Do like & retweet if you find this helpful!