Grief is a heavy, suffocating fog. But in the days after the loss of a loved one, that fog is often replaced by a load of work. Most of us assume that a Will is a magic wand that resolves all earthly entanglements. The truth is, it isn’t! Ask anyone who has been through navigating the aftermath of loss, and they will tell you how inheritance is less about the money and more about the access.
We talk about the legacy our parents would leave behind (may they live a long healthy life), but we rarely discuss the nightmare of actually claiming it. Imagine someone in Mumbai in a hospital making frantic calls to relatives, as they are unable to settle a critical bill because their father’s primary funds were locked behind a UPI app they couldn’t access!
If you are currently the child of aging parents, or if you are looking to secure your own children’s future, these are some critical points you must have a conversation about before the silence becomes permanent.
#1 The biometric barrier: Securing the smartphone
Look around you. Most people are busy with their heads down, staring at their phones. In cities like Delhi, an AQI of 800 might not stop someone from going out. But try turning off their phone. They will gasp for breath like they lost their oxygen.
Your phone is the “Master Key” to our life. Everything lives there. Your banking apps, your family photos, and even your tax records are behind a lock. If that phone uses a face scan or a code you don’t know, the trail ends there. It is almost impossible to crack these devices open. If your inheritance is locked behind that screen, getting it back is a huge task.
The fix
Write down your master passcode yourself and also ask your parents to write down theirs. Keep it in a physical “Emergency Folder” in a safe spot. You can also use a digital password manager. These tools let you name an “Emergency Contact” who can get access if the user is inactive for a long time.
#2 The Invisible balance sheet: Fintech and digital wallets
We no longer just hold traditional bank accounts. We have UPI-linked wallets, significant reward points on premium credit cards, and cash balances stored in food, travel, or cab-hailing apps.
These assets are “ghosts” because they rarely send physical statements. One might have thousands of rupees in a digital wallet or enough air miles for a family vacation, but if there is no record of these accounts, that value simply evaporates into the balance sheets of the tech companies.
The fix
Sit down and make a list. Record every active digital wallet and fintech app. Most importantly, check the settings. Ensure these apps have updated nominee details. This ensures the money goes to the right person without a legal fight. If you have aging parents, help them through all of this.
For traditional accounts that may have already gone dormant, use the RBI’s UDGAM (Unclaimed Deposits-Gateway to Access Information) portal, which allows you to search for unclaimed deposits across multiple banks in one place.
Recently when Prime Minister Modi green flagged the “Your Money, Your Right” campaign, he wrote on an X post that Indian banks hold around Rs 78,000 crore of unclaimed money, insurance companies have nearly Rs 14,000 crore lying unclaimed, mutual fund companies have around Rs 3,000 crore and dividends worth Rs 9,000 crore are also unclaimed.
#3 The permanent void: The risks of Crypto and De-Fi
Many investors in India are now dabbling in Crypto and Decentralized Finance (De-Fi). This is the most dangerous area for inheritance.
In a bank, you can talk to a manager. In crypto, there is no manager. If you lose the “private keys” or the “seed phrase” to a wallet, the money is gone. No court and no tech expert can get it back. It stays in the digital ether forever.
The fix
You must treat these keys like physical gold. Discuss where they are kept with your spouse and kids. Also discuss with your parents and ensure they too understand this and share their details with you. Do not store them in an email or a cloud note, as hackers can find them. Keep a physical copy in a locker or a secure home safe.
#4 Global tech guardians: Activating google and Apple’s safety valves
Most of our lives are stored in two places: Google or Apple. This includes your Gmail, your Photos, and your iCloud backup.
If these accounts go dark, you lose more than just memories. You lose the ability to reset passwords for other financial accounts. Getting access to a deceased relative’s email from a global tech giant is a circus none of us wants to buy a ticket to.
The fix
Use the tools they have already built. On Google, set up the “Inactive Account Manager”. This lets the system know when to give a trusted person access to your data. Apple has a similar tool called “Legacy Contact”. Both of these are lifesavers during a time of grief.
#5 From paper to pixels: Modernizing stock inheritances
The days of holding physical share certificates are over. Today, everything is in a Demat account.
Modern brokers are entirely paperless. If your parents are active investors, their entire fortune might reside within an app untouched for weeks. If there are no physical records, an heir might not even know where the stocks are held.
The fix
Ensure all Demat accounts have a “Beneficial Nominee”. This is vital. You should also download the “Transmission of Shares” form from the broker today. Don’t wait until you are grieving to learn what papers they need. Knowing if they need a Death Certificate or a Probate now will save you months of stress later.
Clarity is the greatest legacy
Having these talks is not about being morbid. It is an act of deep love and empathy. When we are grieving, our brains are not ready for legal battles or tech hurdles.
Fixing these loose ends now, isn’t just giving money to your kids or getting your parents’ money for yourself. It is about peace of mind. Yes, the talk is awkward be it with your parents or your own kids. It is hard to think about a world without the people we love. But that small bit of discomfort is a price worth paying. It ensures your or your parent’s hard work isn’t lost in the digital void.
Start the conversation today. It is the best way to honour a life.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please consult a qualified professional before making investment decisions.
Suhel Khan has been a passionate follower of the markets for over a decade. During this period, he was an integral part of a leading Equity Research organisation based in Mumbai as the Head of Sales & Marketing. Presently, he is spending most of his time dissecting the investments and strategies of the Super Investors of India.