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  • Category: Miscellaneous

    What have you done to safeguard the money and asset you possess?

    Members,
    We human beings buy assets and save money in banks. Many of us don't disclose our assets and savings to our family members, but keep it as a secret until we lie on the death bed. At that time, we may be in a position or in sense to disclose our assets and savings to our next of kin. At times, we may not be able to speak out or write about our assets and savings. In that case such assets and savings will go as a waste or would go into the wrong hands.

    To overcome this, what should we do to safeguard the money and asset we possess?
  • #627865
    The normal procedure is to prepare a legal will in which particulars of all moveable and immoveable properties are listed along with the names of the recipients and their share. However, in India people generally refrain from executing a proper will. Many believe that they will die soon after writing a will as it is the last step before dying.

    The Reserve Bank of India has directed banks to publish a list of inactive or inoperative accounts for 10 years or more on the bank's website. It is possible for the depositor or legal heir to claim such amounts by following prescribed procedures.

    As for as bank lockers are concerned, it is best to incorporate one of the children as a joint operators also besides naming then as nominees.

    Let us encourage each other in sharing knowledge.

  • #627937
    I disclose all my savings and other properties to my wife. In fact, many of them are in a joint account or in her name. Another thing I do is I have given a small to my wife on which I listed all my assets and other datils. If any addition is there she will update and show it to me. All bank accounts and other savings will have the name of the nominee and their addresses will also be there with the companies. So there will not be any problem. There is a file with my wife in which she will keep the registration papers of land and plots we possess. That can be opened and seen by my both the sons at any time. They also no completely about our assets. So I don't anticipate any problem. Anyhow it is always better to write a legalised will so that there will not be any disputes. This is very important for very rich people and who have more children.
    drrao
    always confident

  • #627942
    As Dr. Srinivasa Rao mentioned in his response, I also have joint accounts in banks. My pension amount comes to my SBI account which is also operated jointly. Only one account is in my name, but there also my wife's name is given as nominee.
    Also the landed property records are written in joint names. Hence the preparation of a will is not necessitated. However, if any changes are to be made a new will or some other records can be created.

    T.M.Sankaran
    Gold Member ISC

  • #627948
    I always try to share the financial information with my wife. But unfortunately, she is not at all bothered to understand these. So, as a second-best alternative, I keep all the details (in respect of my investment and my wife's investment) in a sturdy register and keep it safe. I have already advised my wife and my daughter to check the register in case of an emergency.

    Needless to say, I have to spend considerable time to regularly update this register.

    Non-violence is the greatest Dharma; So too is all righteous violence.

  • #627967
    Normally financial issues are managed with due consultations between me and wife, so there is no question of difference of opinion or something. Since the house was sold, I am now staying in rented house. So the house proceeds have been parked in different accounts for getting good interest and through which we are managing the rents. Still we have to wait for two years when our boy would get the job and he shall take care of having our new house then. For two wheeler Insurance is must and that is taken care off and I have no other special expenses for the safe guarding assets.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #627983
    Dear all,
    I have written the complete details of my assets and bank balances, fixed deposits, recurring deposits etc. with the ATM cards and their secret pins in a A4 size paper, and put it in a envelope marked "To be opened only when I am absent from this good earth." and placed it on my desktop glass table. Once in six months, the envelope is opened, updated, sealed and kept back in its place. All the records, documents bank pass books and cheque leaves are kept separately in a file"marked "SUN's private". I have instructed my family to withdraw all the bank balances by using the ATM cards, sparing no time after my departure. The Fixed deposits I have, has its nomination to avoid any complication.

    I think, this is what we should do to ensure our hard earned money and assets doesn't go as a waste and get into wrong hands.

    No life without Sun

  • #627989
    I want to share here one thing which I came to know sometime back.

    The nominee of a bank account doesn't mean that he/she is legal heir of that money. The nominee can merely receive the money by following the procedure of the bank but it has to be handed over to the legal heir of the money if the legal heir happens to a different person.

    Suppose one person has two children but has put the name of only one child as nominee in all of his/her bank accounts and dies intestate i.e. without writing a will, then the nominee will not automatically become legal heir of all the money. It will have to be divided between the two children.

    Please correct me, if I am wrong.

    Let us encourage each other in sharing knowledge.

  • #628462
    A thoughtful thread Mr.SuN. We all earn during our life times for our children and family. We trust that it would be used appropriately and shared fairly. But we keep hearing about how property and money being taken by trusts and vested interests or even one member of the family which is basically the opposite of what the person would have wanted.

    It is a good idea of updating at least one family member about what, where and how much is present. What Mr.SuN has mentioned later on is a simple but effective holographic will. A handwritten will to be effective would need witnesses and a doctor to say that the person is of sound mind. Such wills can be registered or unregistered.

    Whatever it is a good practice to keep things updated so that family would have clarity and simple directives as to what to do next?


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