As a married couple, you will look forward to create your wealth together. Like how you plan and execute together in saving and investing, you should also look into how your assets are owned (jointly or individually). This is because it’s not possible to predict who will pass away first.
In India nearly 43% of women have no idea about their husband’s financial status, insurance, or other mortgage details. If they are unaware of the financial situation, they are most likely to live a hand-to-mouth existence or depend on other parties for financial assistance. This means that all the efforts their husbands took in saving, investing and planning the family’s financial security have gone for a complete toss. If one spouse handles most of the family’s financial affairs, and the other spouse is less involved, it’s wise to make sure that the latter is aware of all the investments and savings to continue to live a life of comfort, security and happiness, even when you are not around.
Make sure your beneficiaries are up to date on the assets, including investment and bank accounts. Most importantly, give details about the money you have borrowed or loaned out. Their ignorance could be taken advantage of!
