{"id":186367,"date":"2023-12-06T05:27:04","date_gmt":"2023-12-06T05:27:04","guid":{"rendered":"https:\/\/indiansapidnews.com\/?p=186367"},"modified":"2023-12-06T05:27:04","modified_gmt":"2023-12-06T05:27:04","slug":"urgent-update-financial-details","status":"publish","type":"post","link":"https:\/\/indiansapidnews.com\/celebrity\/urgent-update-financial-details\/","title":{"rendered":"Urgent! Update Financial Details!"},"content":{"rendered":"

Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.<\/strong><\/p>\n

With just days left for the new year, it’s an opportune time to undertake a financial housekeeping exercise.<\/p>\n

Take care of a few key operational aspects of your finances, which would then set the stage for more complex activities like goal review, portfolio check, rebalancing and so on.<\/p>\n

Update your nominations<\/strong><\/p>\n

Make sure that all your nominations and addresses are up-to-date. It ensures that your heirs don’t face any complications in the future.<\/p>\n

Nominations and addresses are of paramount importance in bank accounts, insurance policies, mutual funds, etc.<\/p>\n

Says Aashwyn Singh, associate, SKV Law Offices: “They (nominations<\/em>) determine who will receive the benefits from these instruments in the event of the account holder’s death or accident.”<\/p>\n

“Regular reviews and updates are crucial to ensure that your nominations align with your current circumstances and wishes,” he adds.<\/p>\n

Singh advises maintaining a secure record of all nominations and addresses in a secure place for future reference.<\/p>\n

In a joint bank account, the operating condition could be ‘either or survivor’ or ‘jointly’.<\/p>\n

Says M Barve, founder, MB Wealth Financial Solutions: “In ‘either or survivor’ accounts, the survivor can claim the deposit. Nonetheless, it’s prudent to nominate someone even in such an account.”<\/p>\n

Review a fresh credit report<\/strong><\/p>\n

Credit reports reflect your financial history, including credit accounts, payment history, and outstanding debts.<\/p>\n

Says Adhil Shetty, CEO, Bankbazaar: “Regularly checking your credit report helps in early detection of identity theft or fraudulent activity.”<\/p>\n

“If you spot unfamiliar accounts or transactions, take immediate steps to rectify the situation and prevent further damage to your credit profile,” adds Shetty.<\/p>\n

Fintechs like BankBazaar offer credit monitoring services. Says Shetty: “If you find inaccuracies, dispute them with the credit bureau.”<\/p>\n

Jigar Patel, member, Association of Registered Investment Advisors, emphasises the importance of maintaining a high credit score.<\/p>\n

“It can help you get higher credit limits, and loans at favourable rates and terms (no penalty, fewer charges, longer tenure, etc).”<\/p>\n