How To Find The Assets And Liabilities Of The Deceased?

In this Covid-ravaged situation, when nearly every family in some or the other way has been hit severely due to the pandemic and even if you have until now come unscathed, here in the story below we will discuss on ways to know the assets and investments of the deceased.

How To Find The Assets And Liabilities Of The Deceased?

1. For mandatory insurance covers such as PMJJBY and PMSBY and other personally taken life and other covers:

If the person who has met with an unfortunate death was covered under some or the other insurance plan, his or heir nominee or heirs may get some finacial coverage as sum assured value.

Say for instance as in case of making the claims against the various policies that have been government mandated for account holders PMJJBY and PMSBY, you can confirm on the policy being issued to the person by having a look at the subscriber's bank account statement.

If there is a deduction of Rs. 330 or Rs. 12 for PMJJBY and PMSBY, respectively, then certainly it is an investment towards these insurance policies, which the nominees can go and make claim against.

For other assets and liabilities, an extensive scan of bank statement of the last 3 years shall provide you with sufficient information on the various financials of the concerned person. It is advised that you keep his or her phone active for a sufficient timeframe as financial institutions keep sending the different updates.

Also, if your kin happened to be working in the organized sector then the EDLI scheme as part of the Employee Provident Fund will also become applicable and you can claim a maximum sum of Rs. 7 lakh under it.

Other assets such as mutual funds, stocks:

For stocks, mutual fund related asset idea, primarily the best way out shall be to scan the e-mail of the concerned person. As both the depository with which you are dealing for the share transactions and the mutual funds shall send a CAS statement which is sent over by the depositories, NSDL or CDSL.

Liabilities

Liabilities if any need to be also serviced and in case the borrower dies in the interim of the loan tenure, the liability to pay the outstanding sum lies with the co-borrower or the person who gave a guarantee for it. Else the financial institution has the right to forfeit the collateral which can be anything hypothecated with the bank for the purpose.
In such a case, what comes as handy or serves the co-borrower is the home loan insurance in which case the maturity amount covers the outstanding loan amount.

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