Preparedness !

Heard on the Television that the more the hits taken by a stone, it matures into a better statue ! How true it is . Most of the lessons in this world are learnt through experiences , though one always start with text books. We always believe that things will always be rosier for us - assume and take things for granted. Whenever we see an incident, we sympathize  and safely assume that this shall not occur to us! If you could dwell for  a few minutes on the topic, one will realize how short are we on preparation for the eventualities. As a  typical common man, we travel only along the positive sides of occasions and desist from going through negative paths. Instead of always dwelling on negatives, occasionally, it pays to encourage such thoughts too!

For instance, when we obtain a loan from any bank, we never bother to read the fine prints. When we open a bank account, we never bother to specify a nominee. I know of people who consider it a bad sign to even think of nominations ! Can you believe that the major proceeds of a PPF account without a valid nomination will go to the Government coffers ! How does it feel to see your hard earned savings being gobbled up by someone because of your thoughtlessness ? When in the unfortunate event of any such incident striking us, we feel about the lack of foresight or silently suffer the consequences.

Past few months, added some more pages to my already badly dog eared experience book but I feel it is worth sharing with my friends. If one has an ailing elder in the house, what are the suggested precautionary activities, that we need to take:

• Make sure that the bank accounts of the person are in "Either or Survivor" operational format, wherever possible.
• There are some bank accounts like specific categories of Pensioners, where the rules does not permit E Or S status. In such cases, ensure that only a minimum balance is left in the account and the rest is transferred to a joint account.
• Despite E Or S status, please also specify a nominee for the account. After indicating the nominee, please insist on an acknowledgement form the bank and preserve it.
• Make sure that the above are made for all Savings accounts, Fixed Deposits and Safe Deposit Lockers.
• If the account holder is unable to sign the cheques, due to ailment or age,  you can arrange for a power of Attorney to be made, so that the operations in the account are not hampered. Approach a lawyer and he will guide you. Take my word - it is a simple process, which could save a lot of heartburns later.
• Make sure that the Deposit Receipts, Bank pass books, Credit and Debit cards, Locker keys are kept at a safe place and properly intimated to the next of the kin.
• It is advisable to maintain a Journal or a Notebook, indicating all such items and this could act as a single source of reference to the family.
• In case of immovable properties, please make sure a Will is written- it saves a lot of complications. Please approach your lawyer for the same.
• Getting a succession certificate is a thankless job, which i will not curse even to the worst of my friends. The number of trips you need to make, the lack of system and records at the office will frustrate you and when the activity is achieved, you will not care less about the status of the Lokpal bill !

The above are fresh from the experiences and if there are more, I will come back to update this !