Saturday, October 19, 2019

What to do when your parents cross age of 70?

When you parents(any of them) cross  70 years of age, there are few simple but important things which needs to be done for better personal finance.

1. Talk to your parents. See how their finances are managed

2. some of them could not sign properly .  Be prepared for such things. Selling Real Estate in this country is impossible if the person cannot go to the city of the property, and sign in the presence of the Registrar. Getting a Power of Attorney is just as painful. Get ready for that.

3. some of them could not sign properly hence bank cheques clearing might be an issue.Get all bank accounts, mutual funds, etc. to Either or Survivor mode, and ensure digital access

4.Outsource AS MUCH AS POSSIBLE. Stop guessing. Prepare for a real long innings. Get an extra maid. Cook. Driver (Ola Uber may help). If you need a nurse start looking. Trained nurses are far more expensive. Take a call.

5.Either you will have to move to the location of your parents or they will have to move to your city. Is your neighboring flat available for rent – or if you can buy it, buy it off. You will need the space. Especially if you have kids growing up

6.Share the load with siblings -Although it’s common for one adult child to bear the majority of the care giving burden, there are a variety of tasks that can be spread among siblings.