Financial Literacy - Legacy Planning

We neither feel not understand the importance of Financial Literacy. Not its been taught in school. But in life, in practical world this is very very important. Creating a budget is one part but managing it in a right way is different. 
Doesn't matter who is taking care of our finances. We should always know about it. If not 100% atleast have a knowledge of it. Many of us think, why do we need to know, my parents/ my partner/ my friend/ some family member is taking care of that. And my friend this is where we go wrong. The other person has taken thr responsibility to do it right, but its we who are answerable as per law.
Secondly, if something happens to the person or some misundersting builds up with the person taking care of all things, we will be like I don't know anything. And then it will be a big issue and we may be like again dependent on someone else to help it sort out.

And if the person taking care have not completed/updated the basic things like nominee name, email, mobile, bank. Then again it would be a havoc for us. Example: Say our partner is working hard to earn money and invest it thinking it might come in handy to us in future, but forgot to get the PAN, nominee, email and phone no. updated in investment. It would get so difficult to even locate the investment let alone using it in case of necessity. All the things he/she done for you will be in vain and would need extra effort to get it which could have been done very easily. And that time it hurts us deeply that the person saved for us, but we are not even able to use it at time of necessity and the money is going in vain.

Thus, we should always know what is being done on our name as we are accountable for that in eyes of law plus we should let the close ones know about our investments and risk cover, we are doing it for them. So, in our absense or in need they wouldn't be clueless and no one would be able to make them fool. They should be able to reap the benefits. 

Always keep things updated and keep ur loved one know about the them, tell them the process to go about for their own benefit and to not let your hard work go in vain. Do not complicate things that you are going to pass on as a LEGACY. If things are complicated, loved one's are going to get too tired of working on it and the things would take much much longer to sort out. And in hard times doing this effort is big task especially if the person doesn't know anything about it. Financial matters are very sensitive, if thing are not set right it might attract a penalty or may need lot of effort to claim your own/ inherited wealth. 

Make sure that
1. Nomination is done right. 
2. Contact Details are updated
3. A file/ folder/ mail/ soft copies are kept separately and in reach of family/loved ones. 
4. Have a WILL. 

So, we may create the right budget and it may be very easy for us to manage but what if something happens and all the things are to be managed by our loved ones. Is our things set right for that matter? Make sure your loved ones (family & friends) are taking care of this. Tell people this is important. Unseen circumstances come right away, no one knows it and it is something which is not in anyone's hand.

Keep Investing & Be Financial Literate..

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