Following the loss of a loved one, families are frequently faced with the daunting responsibility of locating the deceased's investments. The process can be particularly challenging as assets may be spread across multiple mutual fund portfolios and demat accounts, adding to an already difficult time.
For families trying to trace a deceased investor's wealth, a Consolidated Account Statement (CAS) serves as a valuable starting point. The statement compiles investments tied to a PAN into one report, enabling legal successors to locate and access assets that may be distributed across various investment avenues.
By aggregating data from mutual fund portfolios, demat accounts and eligible bond investments, a CAS provides a comprehensive overview of an individual's electronic holdings. The PAN-based statement acts as a single access point to investments maintained with different depositories and asset managers.
A closer examination of the Consolidated Account Statement (CAS) highlights why it can be a valuable resource for legal heirs. The document captures mutual fund investments held across different asset management companies, making it easier to identify the deceased's fund holdings. It also includes shares and other securities held in demat accounts, providing visibility into market-linked assets.
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In addition, the transaction history helps establish ownership and track investment activity over time. As all information is linked to the investor's PAN, the CAS offers a consolidated view of assets spread across multiple financial platforms.
Five-Stage Process For Claiming Investments Left Behind By A Family Member
1. Search for the investor's CAS
The first step is to locate the latest CAS, which is often delivered electronically. Checking the deceased's email inbox using statement-related search terms can help uncover a record of their investments.
2. Examine the portfolio details
After accessing the document, review the holdings listed across different asset classes. The PDF is generally protected with a password derived from the investor's PAN, enabling access to information on shares, mutual funds and debt instruments.
3. Create a record of investment details
Document key information such as folio references, demat account identifiers, investment balances and the names of fund houses or financial institutions involved.
4. Contact the institutions managing the assets
Approach the relevant asset management company (AMC), depository participant or registrar and transfer agent to obtain details of the claims and transmission process.
5. Submit documents for transmission
Complete the formalities by furnishing supporting documents, including proof of death, legal heir certificates and identity records, allowing the investments to be transferred to eligible beneficiaries.
Although physical shareholdings and certain conventional savings schemes fall outside its scope, the CAS remains a key document for mapping an investor's digital financial footprint. With most modern investments now maintained in electronic form, the statement provides a streamlined overview of PAN-linked assets.
This can prove invaluable for legal heirs seeking to identify investments, establish ownership and ensure that no assets remain dormant or unclaimed.
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