Most information, such as bank and credit card statements, is going paperless. FILE PIC

DAY by day, we see our personal records and transactions going paperless.

To most people, this is a relief as they no longer have to contend with papers piling on desks or spilling out of cabinets.

Nevertheless, there are disadvantages in going paperless in some circumstances.

For example, when a person dies, the family members have to go through the deceased’s belongings to take an inventory of his or her assets and liabilities. They would piece together information from bank, credit card and central depository statements, as well as bank account books.

However, more and more of these have become paperless and can be accessed only through the individual’s e-mail account.

If the deceased did not leave any physical records of such information, the family will have an uphill task accessing these documents.

If currently, we have about RM5 billion in unclaimed monies, I believe there would be much more in the future.

In the case of the deceased’s liabilities, there would no doubt be notices of demand coming in through the letter box, but information on monies in the bank would silently come into the in-box for nobody to see.

It is, therefore, important that everyone keeps records of their transactions as there is a danger that what a person owns may go with him or her to the grave.


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