Be Prepared, Be At Peace

Not sharing your financial details with your family can throw them into chaos if something untoward were to happen. Anindita Ghosh helps you put together everything you need

- Anindita Ghosh

Kolkata-based entrepreneur Sujata Sanyal’s husband was 42 when he died of a sudden cardiac arrest. She and her young son were devastated, and had to also face the turmoil of financial uncertainty. Sanyal says, “Not only was I not earning then, I was also clueless about where my husband had invested money; what my legal status would be in the family home since he had not left a will; where the life insurance papers were… It was a mess.” Unfortunately, hers is not the only case. Often, women tend to leave all financial matters to the men of the house. But a sudden death or mishap could leave them floundering with no idea where to start looking for crucial information and documents. This is why it is so important to create a ‘black box’—a physical or digital repository—that has all the essential information and documents of each member of the family, as well as all financial information, in one place. We help you get started.

Why do you need a black box?

According to Dipika Jaikishan, VP, strategic alliances and partnerships, Finwizard Technology Pvt. Ltd, a single place where important data and documents are kept can come in handy for your family in the case of any eventuality. “It helps ensure that your absence or inability does not come in the way of your family’s financial safety,” says Jaikishan. Remember to give your spouse and older children or trusted inner circle access to the black box via nominations or log in details.

Where do you maintain it?