Information like customer ID, savings account number, demat account number, insurance policy number is necessary for making a will. In case of joint account and investment, names of joint holders are also required.
By making a Will, there is no scope for fighting between family members over property. Despite this, people do not have much interest in writing a will. A big reason for this is that for writing a will, many information about yourself and your family members is necessary. If any relative is included in the beneficiaries then his/her information is also necessary. Therefore, before writing a will, it is important to know what information you will need.
Collect this information first
Information like customer ID, savings account number, demat account number, insurance policy number is necessary for making a will. In case of joint account and investment, names of joint holders are also required. Gathering all this information can be a difficult task. Therefore, it would be better to collect this information in advance. With this, you will not have to face any problem while writing the will.
Must be informed about savings accounts
Information about your savings/current account as well as FD and RD in all banks will have to be mentioned in the will. Savings account numbers do not change but FD numbers do. The reason for this is that when an FD matures, its number becomes worthless. Then the person opens another FD. Therefore, instead of writing the numbers of all the FDs in the will, it would be sufficient to mention only the numbers of the savings accounts and the FDs and RDs linked to them.
Information about mutual funds investment will also have to be given
Common Account Services (CAS) of NSDL collects information of all mutual funds and demat accounts. This will provide folio and demat account numbers of mutual funds. Since the folio number keeps changing, it would be sufficient to mention the mutual funds linked to PAN. Along with this, the latest CAS statement can be attached.
Complete details of the property are necessary
Small savings schemes, insurance and other financial investments are generally in physical form. Therefore, it is necessary to give the unique identification number, folio number and policy number of all these in the will. It is important to have complete information about the property in the will. These include property address, plot number, survey number and names of all joint owners. It is not mandatory to give details of all assets in the will. But, by doing this, the possibility of a fight over the property after the death of the person writing the will is eliminated.
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