A fortnight ago, I heard a talk on how senior citizens should manage their money. Recently, a person died after a protracted illness. Neither his family members, nor his own brother, who is a banker, cared to check whether he had nominated anyone to operate his bank account after his death. As a result, his widow cant take a single rupee from his account. His children are abroad and they all have to come and file separate affidavits to enable any one of them to operate the account. Lesson No. 1. Make your account joint, which can be operated by either you or your spouse. Alternatively, nominate a person to operate your account after your death. Keep at least one person in the family in the know of all your savings, bank, insurance accounts etc. If you are a senior citizen and does not have any money to manage your basic needs and if your children do not support you, you dont have to suffer unnecessarily, provided you have some property like a house or a plot of land. You can go to the bank with your documents and the bank will assess the value of the property. It is called reverse mortgage. The bank will give you a monthly loan which will continue till your death. Afterwards, your children or anyone who is entitled to inherit the property will have to clear the bank loan with interest before they can get possession of the property. Hope this post was useful to some of my friends.
Posted on: Fri, 18 Jul 2014 12:58:45 +0000
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