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In this policy, the investment risk in the investment portfolio is borne by the policyholder.
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Ref. No. KLI/22-23/E-BB/492
A guide on how to manage inheritance money and make profitable investments to ensure that your wealth grows consistently.
Inheritance money can be a boon as well as a bane for you. Along with offering readily available cash, you also get specific responsibilities to manage the funds efficiently. Here is a guide on how to manage inheritance money?
In case you are expecting a large inheritance at a point in time one day, then remember you have not received it yet, so don’t count on it. Things can change with time. For example, your beneficiary or relative might incur significant medical expenses at the end of their life or even decide to give a large share to a charity that can affect the amount you receive as an inheritance. This is a good reason for you to get your own financial life, invest for the future, avoid debts and not rely on the windfalls that may or may not arrive.
When you receive an inheritance, don’t take up the decisions instantly. Coping with grief and adding money to your balance can complicate things. Moreover, your action depends upon what form your inheritance takes. If it’s in the form of cash, you might want to park it in a safer place for a while. Whereas, if you receive it in the form of assets, retirement account, real estate etc., you will need to work with the executor to get everything properly transferred to your name.
Therefore, it’s wise to take time and not decide in a hurry what to do with the amount.
Depending upon the amount involved and your comfort in making the financial decisions, you might want to pay for some guidance from the experts. A financial planner can help you know what is best for you and let you know how to handle money in the short-term and long-term financial plans. A planner can also help you understand how to deal with any asset that you have inherited.
One of the essential uses of inherited money is that you can pay off your debts quickly, exceptionally high-interest debt such as credit cards or student loans. If you feel more secure with a paid-off mortgage, by all means, you can use the inheritance amount for this reason. Paying-off debts on time will help to free you up from the financial burden.
After paying off the debts, you can decide what to do with the remaining money. Again, there is no need to take immediate action against it, with the help of a financial planner, any advisor, or on your own. Inherited money is like the money you’ve earned for yourself in terms of investing principles. Consider it in your entire portfolio if you want to keep the inheritance money separate for sentimental reasons. Aim to be adequately diversified among a variety of investments with different levels of risk.
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It is advised that you make investments towards: Wealth creation, family’s financial future and your little one’s future.
You can do this by investing in plans like ULIP, Term Plan and Savings Plan. ULIP will help you plan your finances better, ensure a certain life cover and remaining part towards investment. Term insurance will secure your family’s future. Savings plan will give you guaranteed returns after a pre-defined time frame.
Until you inherit a great deal of money, you will not have to worry about the taxes. However, there is are certain types of asset classes that do have tax implications. Therefore, it is crucial that you thoroughly understand tax implications before restlessly investing the large inherited amount.
If you want to spend the inherited money on yourself or your loved ones, you can. It’s your money now. But do remember when it’s gone, it’s gone; therefore, use the money sensibly.
If you receive a large inheritance and you use it sensibly, then you can make a massive profit out of it. Moreover, it can bring a positive difference in your life. But remember not to make rushed decisions and take expert advice if required. Instead, invest in yourself and various funds. You can even buy multiple life insurance plans or ULIPs that offer both financial and health insurance coverage.
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Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
In this policy, the investment risk in the investment portfolio is borne by the policyholder.
Kotak e-Invest
Features
Ref. No. KLI/22-23/E-BB/521
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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