As you get on in years it is not easy to look after your assets. Let me give you some examples:
A childless couple in a posh locality (stand alone Bungalows in the capital of the country) got a new ‘nephew’ to stay with them. No clue what happened, man found dead. Police arrested the nephew. Yes he killed the GOLDEN GOOSE. Anyway the old man was to give that house to that ‘nephew’. Property worth about Rs. 80 crores.
A cook and house maid took away all the silver ware from a senior citizen’s house. They found out, did not know whom to ask. They were too scared to ask. Sacked her. Loss? well about Rs. 80,000 AT LEAST.
Maids, drivers, etc – police keeps saying do a police verification, but we know it all, right?
What about your OWN children eyeing your property? Your son and daughter in law wanting your house NOW (you are 72, and with a chance of living up to age 100).
What about your tenant who does not pay the rent on time – knowing that a 73 year old cannot make too many trips to collect the rent?
Or your longish equity portfolio – and you are incapable of tracking all the dividends?
As you get on in age SAFEGUARDING your own assets is more and more difficult, and is becoming more challenging.
So once you reach a particular age (your call, not mine, but say 73) you need to much simpler assets. I am assuming that you and your spouse are the same age, you are childless, and thus, theoretically no interest in what happens to your assets AFTER you are gone.
What should those assets be?
Income funds, liquid fund, index funds, bank fd and savings bank account.
However once you hit say 80 years of age, you are better off if you can shift to just bank accounts. FD, and SB accounts. HOWEVER do remember if this amount is big, you will attract unnecessary attention of the bank. You are better off if you split the amount of money to 3-4 banks so that people do not know you as a HNI.
Tough, is it not?
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