Money matters: don't delay the 'talk' with your family

Soon after his retirement, Prasun Sharma had distributed all his savings into multiple investment instruments. From FDs and insurances to post office schemes and stocks, his portfolio was well-balanced, with his sons and wife as nominees. However, assuming death was years away, he neither consolidated everything nor wrote a will. After a sudden brain haemorrhage, Prasun passed away. The sons, both of whom lived outstation, discovered it was a riddle that would take years to solve.

Indian households and trust issues

How many of us are familiar with this situation? If reports are to be believed, only 2-3% of Indians make a will during their lifetime. An even lesser number of people create a portfolio to consolidate everything. Most others believe death can be delayed forever. Why this apathy? You prefer to delay it for any of the following reasons: patriarchy, trust issues, living in denial, and the like.

Despite evolving with time, most Indian households are still steeped in patriarchy, knowingly or unknowingly. Even if some families boast of treating female members with equal respect, when it comes to property and financial decisions, many feel it is the man's domain.

There can also be a possibility where you steer away from talking about properties with family for fear of being cheated. Well, such instances are not uncommon, but it doesn't mean you need to hide things from your families.

Why the talk matters

Living in denial that death is inevitable and can come in any form at any time is common. There's no better example than the pandemic when thousands of people lost their lives much ahead of time. The 'talk' is necessary if you want to save your family from never-ending trips to courts, municipalities, banks, lawyers, and brokers.

You can start by creating a profile on EasyInherit and get a portfolio with information about your assets. Involve your family in the process and take a positive step to secure their future.