Edelweiss’ Radhika Gupta’s 10 financial tips for asset transfer in case of death

Edelweiss CEO Radhika Gupta emphasised on the importance of preparing for transmission of assets in the event of death. In a detailed post, she highlighted the importance of proper documentation and planning to avoid unnecessary complications saying, “What’s the part of money that we least discuss, but really need to? The part that can make life very difficult if the simple things are not done. Transmission in the event of death.”

Here are ten financial tops that Radhika Gupta shared:

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1. Organise bank information: Radhika Gupta said that in case of multiple accounts and customer IDs, you need to “make sure that you keep all your information documented and share it with the family. It will be a wild goose chase otherwise.”
2. Make comprehensive files: Consolidating financial information- details of all financial assets and liabilities including bank accounts, credit cards, loans, policies, properties, and investments- is important, she said, adding, “Many times, people don’t even know the number of credit cards they have or policies they have taken.” Read more: Edelweiss MF MD Radhika Gupta on why many young people are depressed: ‘Pressure of…’
3. Creation of will and updating nominees: Radhika Gupta said that creating a will to facilitate easier asset transmission is important and all you need to do is “check the easy boxes and have nominees everywhere, including real estate. Make sure those nominees are updated at the right intervals.”
4. Track your income and expenses: She also said that knowing your income and expenses well is important as it helps to understand household cash flow needs for future planning.
5. Reduce accounts and investments: She said, “Every extra bank account, investment, small property, little loan… is an extra headache for someone else to track and manage.”
6. Maintain liquidity: Radhika Gupta said, “It’s heartbreaking to see people have savings and investments and not be able to access them because they can’t be sold or they have huge exit barriers.” Read more: Google on errors in AI tool: Users asking ‘uncommon queries’, replies doctored
7. Avoid unregulated and undocumented investments: Advising against loans without proper paperwork, she said, “These will be the biggest nightmare in an already difficult time.”
8. Talk to your spouse: Radhika Gupta said that is important to share financial information with your spouse and you should “involve them in reviews, sit down once a quarter and share financial updates.”
9. Educate children about finances: Radhika Gupta suggested, “Our children are more capable than we think. It takes time to get comfortable with money, so the sooner they start, the better.”
10. Get help: Radhika Gupta said, “In all times but especially these times, a good financial advisor is invaluable… in guiding the family through all the documentation and then retooling the portfolio for new circumstances.”

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