Why you must revise nominations after marriage to secure the future of your dependents

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Marriage is a significant milestone in life—not only emotionally, but also financially. One of the most forgotten but important measures after marriage is to modify the nomination information on your financial tools. Whether it is your life insurance, employee provident fund (EPF), mutual funds, bank accounts, or demat accounts, making your dependents the nominees could safeguard them from legal and financial obstacles in the future.

Nominations determine who becomes access—not always who owns

A nomination is a statement of who will become the beneficiary of proceeds on a financial account or asset upon your passing. A nominee does not always have to be the legal beneficiary, but they do become the custodian of the asset and take the amount directly from the institution. If you have not updated your nomination upon marriage, a parent or a sibling might be included—possibly hindering or delaying your spouse's access to money when time matters most.

Avoid disputes and legal delays

Outdated nominations cause confusion and family conflicts, particularly if your nominees are not the same as your legal heirs. Without an evident, up-to-date nomination, your dependents might be forced to follow long legal procedures or provide succession certificates to inherit the money. Often, institutions will pay the asset to the nominee irrespective of their or your will, putting your spouse or children in a weak position.

Spousal financial independence

In case you pass away suddenly, your spouse might instantly require money for living expenses, loan repayment, or childrearing. By revoking the old nomination on your insurance, bank accounts, and investments and replacing it with a new one, you can allow them to get the funds swiftly. It is a functional and humane step to ensure financial stability in a time of emotional shock.

Adjust according to your life stage and responsibilities

Your financial planning changes after marriage. You're no longer saving just for yourself—you're creating a future with your partner and, potentially, children. Your designations should be adjusted to this new situation. As your family expands, you might like to include your spouse as a primary designation and your children as contingent designations on various assets.

Peace of mind for you and your loved ones

Ultimately, updating your nominations is about peace of mind. It’s a simple step that ensures your assets go to the right hands, without legal wrangling or emotional stress. You’ve worked hard to build your wealth—it should benefit those who depend on you.

Marriage is the start of a new page—financially as well as emotionally. Re-nominating brings your spouse and children into your here and now while protecting them in your there and then too. It's an important act of obligation that shelters their financial fate when they need it most.