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It is a good idea to make a list of all my properties. If I have a list, I will be able to manage my properties better during my lifetime. It will take at least 15 days to make this list with all details. I must be patient. This list is necessary, whether I make the will or not.
In this list, I will include all movable and immovable properties, investments, vehicles, insurance policies, credit cards, and those things like electronic equipment, jewellery, antique pieces, and the like, that I consider valuable or important enough to mention in the list. From this list I should also be able to locate later whether the document or record about each item is complete and uptodate.
I will need a notebook, or a file with many pages. Physical notebook or pages, not the ‘e’-one. But I can do some cheating. I will make the list in MSWord or MSExcel, print it, and paste it in the notebook or page, and then make additions in hand. That will be faster. If I have a physical document, I will feel secure. After me, all details will be available at one place.
There will be separate lists for different properties. Each list will have:
- The property details
- Who owns it? Me alone, or jointly with others. I will write all names as they appear on the record or document of that property.
- With whom is it kept? Eg, names of banks, mutual funds, companies etc.
- Identification of property. Eg. Account or folio number, distinctive numbers, insurance policy number.
- Amount (eg. of deposit), or Units (if shares or mutual funds)Maturity date, date of redemption (if lock-in asset like tax saver investment)
- Name of nominee recorded
- Any other information. Like email addresses and contact numbers of banks or fund managers for emergency contact
In the list of goods, like SmartTV or Vehicle, I will also write the name of the manufacturer, the seller, date of purchase, and warranty period. For jewellery or silverware, I will list the traditional name, description, weight, and how I obtained it : whether inherited, gifted or purchased.
I will also make a list of debit, credit and other cards, and also my e-wallets and online payment accounts like Paypal.
If I am a writer or artist, I will have copyright in my works. If I am an inventor, I will have patent rights. If I have a business, I will have assets of the business and goodwill. All these will go into lists.
I will realise that I am richer than what I thought!
Nilima Bhadbhade, PhD (Law)
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