A very difficult but important subject you have brought up.
For those seniors who are not covered by a nest egg built up over their lifetime, there is really no other option but to depend on their children for their survival. Not the best of situations no doubt.
But even for those of us who have no need for financial support leaving a Will may give us some imagined comfort, but real comfort comes only from caring children who are not doing so because of the money but purely because they feel it's the right thing to do. Our next generation mostly are doing better than we did and I doubt if an expected windfall from a Will is going to be a major factor at all.
Along with me let's just hope that our children will be there for us when we need them. Let's also ensure that we act maturely towards them, not letting our expectations show.
Dilemmatic options for us silvered! Maybe make regular gifts in appreciation of their care? And how about a living revocable trust? Sigh, any which way seems such an important but discomforting topic!!
Dear Brother you have touched on a very delicate and complicated topic to "Will or not to Will"
With the disintegration of joint family, the issue has aggravated. I remember seeing a whatsap message where a single mother is looking after two children and in old age two children are unable to look after one mother. There are cases where the children are impatiently waiting for the parent to die and then set claim to the property. The recently introduced "reverse Mortgage" is an ideal solution apart from making a proper will wherein the parents enjoy the value of the property and need not depend on their children. Dear Brother request you to legally analyse the Reverse Mortgage and enlighten us.
Vaanaprastha (the last stage of life acc to ancient Indian culture) as understood by most, leads one to renounce materialistic world and move on. In today's world, that stage of life & modern monk-hood are interdependent with material world! Thus arrives this dilemma!
I wish that it were true for all. Human nature being what it is, greed overcomes all filial considerations and thereby one or other of the siblings venture to discredit the intelligence or ability to think straight at the time of penning the will, even if drafted in consultation with & by legal eagles.
Is Reverse mortgaging a better solution to exclude possible acrimony between siblings while the parents continue to live without interference in their lifestyle. This would also imply that the most attached / affluent of the "waris" would be the successful heir possessing the property in due course of time.
There is no "One size fits all" solution in my view.
To each their own, as No1 knows anyone until adversity strikes… true blood / kin also leave your side those times…
Lovely Sunday morning read… just last week my sister was talking of making a will at this age- having no kids… so I think kids or no kids, will or no will… everyone wants to gift something to someone and leave a legacy behind too!
A very difficult but important subject you have brought up.
For those seniors who are not covered by a nest egg built up over their lifetime, there is really no other option but to depend on their children for their survival. Not the best of situations no doubt.
But even for those of us who have no need for financial support leaving a Will may give us some imagined comfort, but real comfort comes only from caring children who are not doing so because of the money but purely because they feel it's the right thing to do. Our next generation mostly are doing better than we did and I doubt if an expected windfall from a Will is going to be a major factor at all.
Along with me let's just hope that our children will be there for us when we need them. Let's also ensure that we act maturely towards them, not letting our expectations show.
Profound observations. The points that you make are indeed very real and relevant.
Dilemmatic options for us silvered! Maybe make regular gifts in appreciation of their care? And how about a living revocable trust? Sigh, any which way seems such an important but discomforting topic!!
Happy Holidays!!
Thank you Padma for your cryptic and yet resonating comments.
Dear Brother you have touched on a very delicate and complicated topic to "Will or not to Will"
With the disintegration of joint family, the issue has aggravated. I remember seeing a whatsap message where a single mother is looking after two children and in old age two children are unable to look after one mother. There are cases where the children are impatiently waiting for the parent to die and then set claim to the property. The recently introduced "reverse Mortgage" is an ideal solution apart from making a proper will wherein the parents enjoy the value of the property and need not depend on their children. Dear Brother request you to legally analyse the Reverse Mortgage and enlighten us.
Excellent observations as usual. I will deal with reverse mortgage in my coming post.
Vaanaprastha (the last stage of life acc to ancient Indian culture) as understood by most, leads one to renounce materialistic world and move on. In today's world, that stage of life & modern monk-hood are interdependent with material world! Thus arrives this dilemma!
Excellent observation!!
A fair well thought out will is a good idea... Makes life easy for all.
I wish that it were true for all. Human nature being what it is, greed overcomes all filial considerations and thereby one or other of the siblings venture to discredit the intelligence or ability to think straight at the time of penning the will, even if drafted in consultation with & by legal eagles.
Is Reverse mortgaging a better solution to exclude possible acrimony between siblings while the parents continue to live without interference in their lifestyle. This would also imply that the most attached / affluent of the "waris" would be the successful heir possessing the property in due course of time.
There is no "One size fits all" solution in my view.
TK gives his preference to a Will and Manju, you present an entirely different perspective. Thank you!
To each their own, as No1 knows anyone until adversity strikes… true blood / kin also leave your side those times…
Lovely Sunday morning read… just last week my sister was talking of making a will at this age- having no kids… so I think kids or no kids, will or no will… everyone wants to gift something to someone and leave a legacy behind too!
Well said Damandeep.