It is important to keep our house in order at any stage of life.. Pandemic has taught this very well. Legal documents are necessary to protect everything from finances to medical treatments. They help making important decisions once we are no more. Orderly documentation eases the trouble faced by family members and help in smooth transition of assets. Do you or your senior loved one have the proper legal documents in place?
The legal checklist for aging parents includes:
• A current, updated will, duly registered.
• Insurance policies
• Passport / Adhaar Card /Pan card
• Birth certificates, if available
• Property ownership documents
• Bank account / locker information
• Stocks, bonds, and brokerage information
• Antiques/Jewellery /precious Gems estimates
• Income Tax Return details
• Pension benefits, if any
• Debt documentation, including information for credit cards, loans, purchase.
• Other Contracts, Rental agreements, Royalty
• Death certificate of spouse, if applicable
• Power of Attorney for spouse / child for financial decisions.
• Contact details of personal attorney, finance consultant/CA
• Company details, incorporation & trade licences etc, Debt & credit details , contact details of company secretary
• Vehicle details, licence, registration
• End of life instructions (DNR, organ donation, funeral wishes)