When a family member who manages finances passes away or becomes incapacitated, a lack of knowledge about bank accounts, investments, or insurance can cause major delays. Having a clear list of every account helps avoid this chaos.
Start with bank accounts and fixed deposits. Your spouse or a trusted relative should know which banks you use, the account numbers, and where the statements and passbooks are kept. They do not need the passwords, only the location of the documents.
The same rule applies to demat accounts and mutual funds. Shares, bonds, and mutual fund holdings can be overlooked if the family is unaware of them. SEBI’s nomination framework now lets you name beneficiaries, and the new process is simpler than before.
EPF is another crucial account. People change jobs often and may have old employment records tied to a UAN. A family member should know the EPF account exists and that the nomination details are updated, especially after the EPF Scheme 2026 took effect on July 1.
Insurance policies deserve a separate mention. Knowing the insurer, policy number, sum assured, and premium status is essential. A policy that no one knows about can be difficult to claim when the family needs the money most.
Loans and credit cards should also be listed. Outstanding home loans, personal loans, and credit card dues do not vanish when the borrower dies. The family should be aware of all liabilities, automatic payments, and where the loan documents are stored.
Don’t forget less obvious accounts such as post office savings, PPF, NPS, corporate deposits, and joint investments. A simple financial inventory should note the institution, account type, nominee or joint holder, and document location.
Do not turn the list into a collection of passwords. Sensitive login details should stay protected. Instead, inform a trusted person where the financial information is stored and how to access it when needed.
Use two‑factor authentication and secure password‑management systems to keep online accounts safe. These tools add an extra layer of protection while still allowing authorized family members to retrieve necessary documents.
Review the list after major life changes such as marriage, divorce, the birth of a child, a death, or a significant investment. SEBI’s 2026 changes reinforce the importance of keeping nomination information current for all investments.