New Delhi, Aug. 16 -- When you invest in a mutual fund, buy an insurance policy, open a bank account, or even get an EPF membership after joining the workforce, picking a nominee is one of the first things you are asked to do. It allows these institutions to know whom to contact if the account holder dies.

Naming a nominee may seem like a one-time formality, but life is bound to change over the years after you make that choice. That is why it is important to periodically review your nominee details to ensure they reflect your current wishes and help reduce complications for your family while making claims.

Certain major life events can change who you want to nominate for your financial assets or even make it invalid. Here are some cases...