If filling up forms bores you to tears, chances are that you have been letting someone else, maybe your distributor, do the paperwork on your behalf. That may mean that most of your investments do not have a designated nominee who can seamlessly take over your portfolio on your death. But having worked so hard to build carefully thought out portfolios to meet your family's needs, you would want a painless transition, isn't it?
It is never too late to remedy this. All financial product providers allow you to add or change nominees at any time during the holding period of your investment. If you are accustomed to the digital mode, you can even do this exercise online.
However, do note that having a nominee for your investments does not obviate the need to make a will. A nominee only holds your investments/assets in trust immediately after your death until your legal heirs can claim it. To avoid multiple switchovers or disputes in the case of your death, it is best to designate your intended legal heirs as the nominees to your investments.
A Must-Do List for Investors
Stop idling your earnings
Re-invest your interest, dividends
Start a 'Swacch Portfolio' mission
Exit insurance-cum-investment plans
Get property insurance
Digitise your documents
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