Financial Checklist

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

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

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?

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

Real Estate
List of all the properties owned and in whose names,Location of property documents (original purchase   agreement, shareholding certificates, nomination registration etc.)

Investments
Statement of all other investments   like bank fixed deposits, bonds, jewelry, art, antiques, etc.,Location of the relevant documents

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

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

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

Statement of Outstanding   Liabilities
Loan,details (personal, housing, vehicle etc.) Credit card details

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.

You may also like