Hidden responsibilities that come along when you invest anywhere
TThe death of a loved one is painful and complicated for anybody, but it is a watershed moment for someone who is confronting the loss of a parent for the first time. This loss becomes even graver when the family member who died was responsible for the money management of the entire family.
However, as is the norm in India, people often tend to ignore any topic related to the death of their loved ones, especially once the initial shock of the incident has passed. Be it coping emotionally with the loss or dealing with the monetary matters – the necessary insurance and investment-related issues involved with them, the ones left behind often find themselves dealing with such huge problems all on their own.
The lack of knowledge of the investments made by loved ones for their family’s future results in the loss of monetary benefits that they had ensured for the family. Sometimes, people want to discuss the same but do not understand how to begin the conversation without emotionally jarring their loved ones. And thus, most of the time, critical discussions about the family’s money and solvency remain unsaid. Moreover, the emotional turmoil arising even by thinking about the death of loved ones makes it difficult for people even to discuss the post-death scenario. Further, there are unfortunate myths associated with thinking about post-death plans – the idea that negative thoughts attract negative outcomes.
We all know how an emergency can knock on our doors, but we all hate to believe that it can occur to us. Nonetheless, such times may very well befall one, and they will most certainly be very destructive when they do. If only the general culture in the family allowed for a more open discussion on monetary investments, at least the monetary and money management aspects of the losses could be eased.
Thus, it is a hidden but significant responsibility of the nominee to understand the process of claiming what’s rightfully theirs in the wake of the sudden demise of the loved ones. Apart from this, it is the responsibility of both the investor and nominee to be on the same page and have a plan ready for uncertain incidents.
So come, join hands together and learn to be more involved in your family’s money management plans. Let us all remove these taboos together and make money management and inheritance a smoother process.