In India, thousands of families lose access to hard-earned savings — not because the money isn’t there, but because no one knows where to look. From abandoned bank deposits to forgotten mutual funds and insurance payouts, a huge pile of wealth is lying untouched.
Sebi-registered investment adviser and founder of Sahaj Money, Abhishek Kumar “Rs 80,000 crores sitting unclaimed funds. Because people won’t talk about the one conversation that matters most.”
The issue, he points out, is not lack of wealth, but lack of communication, paperwork, and family awareness.
“Does your family know what you own? Your money could be sitting in accounts no one can access. This isn’t a movie plot. This happens every single day in India,” he warns.
Kumar shared real cases to show how common this is. “Last year, I helped a client document his entire portfolio. His wife had NO IDEA he had Rs 15 lakhs in mutual funds,” he said.
In another instance, a family spent nearly two years trying to unlock a bank account, simply because no nominee name was added.
“Another client? His family spent 2 years trying to access his bank account because there was no nomination,” he added.
“Most people think a will is enough. It’s not even close,” Kumar said. He stresses that a
“A will without proper documentation is like a house without a foundation. Get a medical certificate the same day. Video record the signing. Register it. These aren’t overkill but essential steps,” he advised.
Even if assets are safely invested, families may still be clueless about them. “Bank account. Demat account. Mutual funds. Fixed deposits. Digital locker. Each one needs a different process for your heirs to access it,” Kumar explained.
“Your wife might inherit Rs 50 lakhs and not even know where to start looking,” he added.
His solution is simple but extremely effective: maintain a single, updated record.
One of the biggest myths is that a will always overrides a nomination. In reality, a nominee helps families get faster access to funds.
“With a nomination, your money goes directly. No courts. No waiting. No lawyers,” Kumar stated.
“I’ve seen families get access to their inheritance in 15 days because there was a nomination. It could take years without one,” he added. His advice is direct: update nominations now, for every bank account, investment and insurance policy.
“Most people won’t talk to their families about money. They find it uncomfortable. But you know what’s more uncomfortable? Your kids figuring out what you owned after you’re gone,” he said.
He suggests a simple step: sit down with your family, show them account details, investments, nominations, and the reasons behind decisions.
“Call your spouse. Call your kids. Show them where the money is. Explain why you made certain choices. Do it this month,” he emphasised.
Even a perfectly drafted will needs the right person to carry it out. “A will without an executor is like a car without a driver,” Kumar said.
He advises choosing someone responsible, willing, and accessible.
“Someone trustworthy. Someone younger than you. Someone nearby. Someone willing. This person will make sure your intentions are actually carried out. Don’t assume. Ask them first,” he said.
In other words, we spend our lives building savings, but rarely build a system to transfer it smoothly to the people we love. The cost of not planning is not financial — it’s emotional stress, delays, disputes and loss of legacy.