What My Family Should Know?
Everyone we know has faced various complications due to COVID-19. During this pandemic, the rate of uncertainty has increased tenfold. The unpredictability of the situation makes one worry about their family, friends and relatives.
One must make sure that his/her family is aware of the Family Finances. This databank of information regarding your finances may come in handy to your family and loved ones, in your absence.
While one takes precautionary measures for their family’s future, there may arise a situation where someone else might need to step in and handle/execute the financial responsibilities.
Keeping this in mind, you should fill this databank-form which will be beneficial for that person to know your sources of income and assets. It will give them an overview of your finances in your absences so that necessary actions can be taken for beneficiaries. Generally, one makes sure that there is sufficient investment and income for one’s family. However, due to the lack of information with the family members/beneficiaries, they may not have the knowledge to receive the benefits from the above-mentioned income or investment. It is our responsibility that your family gets complete and systematic information about your finances in your absence in the simplest way.
Hence, Incorp would strongly recommend everyone to fill this What My Family should know? (‘WMFSK’) Form so that your family gets easy access to relevant information without wasting precious time. This form will help minimize effort at the time of absolute necessity to collate information on savings and personal belongings.
Once you begin filling the form, you can discuss it with your close family members or financial consultants and you may come up with better suggestions about securing your investments, savings, and channelizing spending in the right direction, etc. ou may use this form/tool together with your family and you can aim to build a better financial future with their help. This is important for both married and unmarried Individuals for securing the future of your dependent family members
To summarize we have all heard the phrase that your family is your anchor during rough waters but once you are done sailing do you want to be the rock to sink their boat? And the Answer to this is certainly “NO”.
Who Should Fill WMFSK Form?
- Everyone who has earning capacity be it significant or nominal and has family dependent on him/her;
- Everyone who has Investments/ Policies/ Properties; or
- Everyone who has financial assets scattered all around and who needs to start organizing it.
How Should One Fill It?
- Based on documentation maintained.
- Based on information collected or available on records.
When Should One Fill It?
At the earliest. Better late than never. It must be updated on periodic basis.
In case of any queries, please feel free to contact our Family Office Management Team
