Organizing Your Finances: Do You Have A Nominee Assigned For Each of Your Financial Assets?

[sniplet organizing your finances]

One of the most common mistakes that we make is to not assign a nominee for each of our financial assets especially when this facility is readily available to us. We know the value of assigning a nomination but somehow procrastinate from doing so. And at times, we do assign a nominee for new financial assets that we acquire but forget to do the same for the older ones (I’m a good example).

Given the critical importance of nomination in managing your finances, here’s what you should do today:

  1. Make a list with three columns. Use the headings: Financial Asset, Current Nomination, and New Nomination.
  2. Under Financial Asset, list each of your financial assets (bank accounts, brokerage/trading/investment accounts, certificates of deposit, mutual funds, life insurance, etc.).
  3. Under Current Nomination, against each Financial Asset, write “YES — [Nominee ‘s Name] if that asset already has a nomination registered or “NO — N/A” if it doesn’t.
  4. Under New Nomination, against each Financial Asset,
    • If Current Nomination has a “YES,” either retain the nominee or change the nominee.
    • If Current Nomination has a “NO,” add a nominee.
  5. Highlight the Financial Asset for each change or addition done in Step 4.

An example:


For each highlighted Financial Asset, obtain the necessary nomination forms, fill them up, and submit them. A couple of days later, verify that the nomination has been successfully registered.

What do you think? Do you have all your nominations in place?

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