No one knows how long they will live, but it’s better to stay prepared for all kinds of contingencies. One such preparedness is to hand over all the essential documents to your inheritor and close family members. In the absence of important documents, your asset inheritors may find it difficult to get their deserving right in your wealth. So, here’s a list of some important documents and details that you must hand over to your legal heir or the asset inheritor before your death.

Hand Over Key IDs Such As Aadhaar, PAN, Etc.

After death, your IDs can be misused if they fall into the wrong hands. For example, an Aadhaar card, driving license, passport, voter ID card, etc., should be properly closed after your demise. They can be used for opening a fake bank account, to cheat people and for other malpractices. So, you must hand over such IDs to your close family members and instruct them to close such IDs after your death.

The Final Copy Of Will 

After accumulating wealth during your work life, you must have done your estate planning, but it needs to be properly communicated to your heirs. You should hand over the final copy of the will to your heir and also inform your decision to all your close relatives and friends.

Bank Account And Investment Details

There are huge amounts of unclaimed deposits lying in several bank accounts as well as in the form of shares and other investments. The reason is that investors didn’t inform their family and legal heirs about such bank accounts and investments. Do you want your bank account or investments to go into the unclaimed list? If not, you must hand over details of such bank accounts and investments to your heirs.

Email And Social Media Log-In, Password

Usually, email service providers and social media platforms delete the accounts after a prolonged inactivity. But your family members and property inheritors may lose valuable information lying in your emails and the memories you would leave through your social media account. So, you should either close your email and social media accounts or give their access details to your inheritors before your death.

Details Of Money Borrowed And Lent

If you have borrowed money from any of your friends or relatives, it must be informed to your asset inheritors so that they can take care of the repayments. Similarly, if you have lent money, it should also be informed to the inheritors or your close family members so that they can receive the money back. The borrower should also be informed about the authorized person who’ll receive the money after your death.

The author is an independent financial journalist