Rs 80,000 Crore in Unclaimed Wealth: SEBI RIA Highlights Families Struggle to Access It
Published by Outlook Money
Abhishek Kumar's role: Quoted
Abhishek Kumar raised the issue in a LinkedIn post that the article cites, sharing client cases where families did not know of holdings or lacked nominations. He stressed nominations, documented wills, open family conversations and picking the right executor.
What Abhishek Kumar said
Why does so much money in India end up unclaimed?
Around ₹80,000 crore is lying unclaimed, and in my view the cause is one conversation people keep putting off: telling the family what they own. I have seen it with my own clients. Last year, one client's wife did not know that he held ₹15 lakh in mutual funds. In another case, a family spent two years trying to get to a bank account only because no nominee had been recorded.
Is making a will enough to protect my family?
Not even close. A will is not something you write once and then put away. I suggest backing it with proper documentation: obtain a doctor's certificate on the day of signing, make a video recording of the signing and have the will registered. Without these steps, the will rests on a weak foundation and your family may struggle to rely on it.
Why does a nomination matter more than a will?
A nomination wins over a will every time. With a nominee in place, the money goes straight to that person, with no courts, no waiting and no lawyers. I have seen families receive their inheritance in about 15 days where nominations existed, while the same process can take years without them. So I urge everyone to add nominees on every financial account and to talk openly with the family about their holdings.
How should I choose the executor of my will?
A will with no executor is like a car with nobody at the wheel. Pick someone you trust, who lives close by, preferably younger than you, and who is willing to make sure your wishes are carried out. Do not simply assume that the person will agree; ask them first before you name them. Choosing the executor deserves as much care as writing the will itself.
In our words, from what he said in the piece. General information, not personal advice.
More of Abhishek's views on insurance
The article looks at the large pool of unclaimed money in India and why heirs struggle to access assets they do not know about. It discusses keeping an asset register, updating nominations on every account, preparing a will properly and choosing a dependable executor.
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Rs 80,000 Crore in Unclaimed Wealth: SEBI RIA Highlights Families Struggle to Access It