1. List down
a) All your tangible assets and other valuable assets you would like to be transferred to your loved ones after your death.
b) All your bank accounts and other financial investments, even of small amounts.
c) All your outstanding loans and open credit cards.
d) All your insurance policies that you have purchased to insure life, health and loans.
e) All your financial advisors and insurance agents.
2. Draw columns
Draw a few columns in the above list and write down all their essential details.
3. Collect
Collect their essential documents and keep them at one place.
4. Nominate
a) Register and update your nominees for every financial asset.
b) Make a column for them too in your list.
5. Make a will
a) Identify your beneficiaries for every asset - tangible and financial.
b) Avoid mismatch between beneficiaries and nominees to prevent disputes and hassles later.
c) By law, a Will supercedes nominations.
d) A Will can be made on plain paper, mentioning details of all assets and investments, mentioning their beneficiaries and individual proportions, and the Will's Executor.
e) Sign on each and every page of the Will, along with date and place, in the presence of two witnesses.
f) A Will need not be registered if you don't perceive any dispute after your demise.
6. Safekeep
a) Keep all documents and the Will in a safe place known to the Executor.
b) Review and update your list and the Will periodically to include any changes.