Make sure you get your nomination right
At any discussion about money and investments, people agitate about every 0.25% difference in interest rates. Yet, large chunks of money are lost to temptation (lured by dubious ponzi schemes, hot stock tips, or weak companies offering higher interest on fixed deposits). People agonise over saving enough for their families (parents/children) but don’t observe basic financial hygiene to ensure that their heirs and loved ones are protected and get access to their savings without hassles. The simple precaution of mentioning a nominee for your financial assets like fixed deposits, shares, debentures and apartments (in Maharashtra) will ensure that the assets don’t remain locked in litigation but go to your heirs or a person you trust. Unfortunately, people are notoriously lazy about filling out the nominee column; and even those who do, often, forget to update it, sometimes with disastrous consequences.
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