New Delhi, Sept. 6 -- When you open a bank account, invest in a mutual fund, buy an insurance policy or enrol in the Employees' Provident Fund (EPF), one of the first things you are asked to do is nominate someone. A nominee is the person designated to receive or claim the financial assets after the account holder's death.

However, if your nominee details are outdated, they could create unnecessary complications for your family later. That is why it is important to periodically review your nominee details to ensure they reflect your current wishes.

Marriage is one of the biggest reasons to review your nomination choice. Someone who nominated their parents when they started working may later want to include their spouse or children.

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