Heirs must know what you own to claim wealth: HNIs should opt for trusts

Appoint nominees and write a Will to make the transfer hassle-free

The Reserve Bank of India recently announced that it will start a new portal that will provide information on unclaimed bank deposits to facilitate the search for untraceable money.

Not just unclaimed bank deposits, there are thousands of crores locked in unclaimed shares and insurance policies lying with many institutions across India. While policymakers and regulators will do their best to ensure that this money reaches the right person, it is better to ensure such a situation never arises.

Make a list of investments

The starting point for smooth wealth transfer is to make a list of all your investments.