It is said that “If we all perform our duties meticulously then we are surely on the path of prosperity.” Every individual should be aware about his or her duties towards family members, relatives, friends, and society. In addition to social responsibilities, it is imperative that every individual should also have basic financial literacy.
To take the fist step towards financial literacy, following is a financial check list that you should prepare in consultation with your family members and professionals. This activity will make you more aware about your personal finance documents and will get you motivated towards knowing more about your finances.
| S. No. | Financial Aspect | Checklist |
| 1 |
General Details |
PAN (Permanent Account Number) of all family members.
Passport details Driving license and ration card details Location of all these documents Income tax ward number and location where returns are filed |
| 2 |
Bank Accounts |
Various bank account numbers, bank names, branch location, address & telephone numbers.
What is the nature of the bank account i.e. current, savings, checking, etc. Where are the bank pass books, cheque books & slip books kept at home? Who are the signatories and nominees for each bank account? |
| 3 |
PPF Accounts |
Name, account number, post office/bank names, branch location, address & telephone numbers
Where is the PPF pass books kept at home? Who are the nominees and after how many years does the PPF mature? Name, address, & telephone number of PPF agent, if any |
| 4 |
Real Estate |
List of all the properties owned and in whose names
Location of property documents (original purchase agreement, shareholding certificates, nomination registration etc.) |
| 5 |
Investments |
Statement of all other investments like bank fixed deposits, bonds, jewelry, art, antiques, etc.
Location of the relevant documents |
| 6 |
Direct Equities |
DP names, address & telephone numbers Name of contact persons and their contact details Client ID, account numbers, signatories, & nomination details Location of contract motes and share files |
| 7 |
Mutual Funds |
Mutual fund names, quantity of units, name of holders, nomination details
Location of these statements/records Name, address, & telephone numbers of agents, if any |
| 8 |
Insurance Policies |
Details of all insurance policies (Life, Mediclaim, Property, Business etc.)
Names of policy holders, sum insured, annual premium details Dates of paying insurance premium and relevant amount Location of all the policy documents Name, address, and contact number of insurance agent (s) and the insurance company |
| 9 |
Statement of Outstanding Liabilities |
Loan details (personal, housing, vehicle etc.)
Credit card details |
| 10 |
Wills |
Location, if prepared |
Preparing this document will go a long way in enhancing your financial literacy. Do make a resolution to sit with your family members this weekend itself and prepare this important document.
Priyesh Shah is Chief Financial Planner, working with SRE Financial Planners.
November 18th, 2008 at 1:32 pm
Hi Priyesh,
Nice Article. Can you share any format made by you for the same.
November 18th, 2008 at 4:02 pm
Priyesh,
You have actually prepared a black box for financial status. I feel if one can really figure all the above data in a sheet, at the time of crises or need one would be able to actually analyze the financial conditions in the best way. This data would even help the future generations who would not require to search for documents and get hassle free transfers etc. I appreciate your effort.
November 18th, 2008 at 4:02 pm
Hi Chirag,
The Above table should be prepared in excel and the details against each of the questions can flow horizontally. This would help you to link the questions and the relevant details when required.
November 19th, 2008 at 2:26 pm
Why is the Driving license needed?? You have your photo proof on the PAN card and residential address proof is on the ration card… So then why is the driving license needed? There are so many who do not know how to drive and so obviously don’t have driving license… So my question is why do you need to have driving license as a part of financial check list??
November 20th, 2008 at 11:29 am
I think Driving license cross verifies the photo id proof with the PAN card. And the address metioned in the driving license can be cross verified with the ration card.
November 20th, 2008 at 11:46 am
Hi Fiza,
The Financial Checklist is a comprehensive list. It is made with an intention to ensure that every individual is aware of the basic documents relevant to him and his family members. If particular person doesn’t have a driving license, the field relevant to that can be left blank.
November 20th, 2008 at 2:13 pm
Very precise, yet comprehensive list. I’m sure each of us can individualise it to our own/client’s specific requirements/assets, & so there is no need to get worked up over individual items.
One major point is, this list comprises very valuable data pertaining to the individual. This gives rise to security concerns, esp.if there is danger of exposure to outsiders. e.g.,you can very well understand the danger is if your list of Real estate assets & where the original deeds are kept, falls in the hands of thieves and anti-social elements.
And (in a lighter vein) this final P.S. Where do you note down, of where you have stored this list????
November 21st, 2008 at 12:01 pm
Hi Priyesh,
Wonderful Article…this gave me a chance to sit with my family and came to know many minute details yet very important ones and helped me to enhance my role in the family…Can you share any format for direct equities and how to maintain the same..
November 21st, 2008 at 3:43 pm
I do have a list of my affairs, but this is nice and comprehensive. With limited assets it will not take to compile either - a job for this weekend.
Good job.
November 21st, 2008 at 8:27 pm
Dear Mr. Priyesh,
Suggestion-Under investment maturity date column be inserted to know the availibility of funds after investment. your table is bound to be useful for data access for the family.very good. thanks vijay idnani
November 21st, 2008 at 9:53 pm
Hi Priyesh,
Wonderful Information given… which has to be known by each and every responsible member of the family … i mean despite of knowing my financial status and the above mentioned checklist still i sat nd discussed it with my family members….. good job