The truth, as disclosed by a group of old folks

Ourselves, ourselves, only ourselves

(The truth, as disclosed by a group of old folks)

 

A GENERAL BIT OF ADVICE

 

• Have your own abode. No matter what, do not lose it, until your death!
• If you have an old companion, keep each other good company.
• Watch your health while it is still good.
• Maintain a positive outlook and you will be happy.
• Now, our health is still good, our mind still clear.
• But on whom can we depend in our old age?

 

We will have to analyse in various stages.

 

1st Stage:

• Just after retirement, between 60 to 70 yrs old, our health will still be comparatively good. So too our financial means.
• Eat moderately while we have the means. At times, wear what we fancy.
• Those who like it, have some fun.
• Do not be hard on yourself
• Our days are numbered, so, grasp the opportunity.
• Have some savings!
• Keep the house!
• Make arrangements for the days ahead or retreat.
• If the kids are well off, it is their business ...
• If the kids are filial, they have good traits ....
• We need neither decline financial help from our kids nor decline their respect.
• But we should remain independent and live our own life well.

 

2nd Stage:

• If no mishap and illness strike after we are 70, we will still be able to take care of ourselves. Not a major problem.
• However, we must realise we are really getting old gradually, our body and mind will give way.
• Our reflexes will slow down with time.
• We will have to eat slowly, to avoid choking.
• We will have to walk slowly, to avoid falls.
• We can no longer put on a front, we have to look after ourselves!
• Do not meddle anymore with this and that, or control the kids!
• Some even interfere with the third generation!!!
• We have intervened our entire life, It is time for us to be a little selfish!
• Take hold of ourselves. Life must come full circle.
• Help with the cleaning chores.
• Try to maintain our health for as long as possible.
• Give ourselves more opportunities to take control of our own life.
• We lead an easier life when we do not have to solicit help from others.

 

3rd Stage:

• Our health begins to fail. We have to request help from others. We have to be mentally prepared for it.
• The majority of us cannot escape this hurdle.
• We have to prepare ourselves, emotionally, to accept that in life, living and aging, sickness and death are milestones we have to encounter.
• This is the final stage in life.
• Nothing to fear!
• Be prepared for it in advance and we will not be too depressed.
• Either check into a private nursing home or an old folks home.
• Depending on affordability, of course.
• There must be a way out.
• The idea is not to add to the kids'; burden, emotionally, increase their chores and their financial commitments.
• Try our best to overcome -
• What hardship has our generation not endured?
• What disasters have we not experienced?
• Trust us to take life';s last lap in our stride.

 

4th Stage:

• Our mind is still clear, but we are terminally ill, when our quality of life has deteriorated drastically.
• We must be courageous enough to face death!
• Insist that the family not try to prolong our life: Do not incur unnecessary expenditure.

================================================

Sex after 60's................from Baidynath

Sex after 60's................from Baidynath

Sat Aug 9, 2014 10:07 am (PDT) . Posted by:

"Alok Tholiya" tholiya

* Sex after 60's*

Some times blind acceptance of cultural myths can dampen desire to the
point of extinction. That is especially true of sex and the aged. "In the
geriatric field, one of the last bastions of culturally enforced ignorance
persists in the area sex & sexuality" observed a renowned sex therapist.
The widely accepted cultural dogma that sexual interaction between older
persons is not only socially unacceptable, but may be physically harmful,
results in thousands of men & women withdrawing from active sexual
expression every year. This results in impotence.

It is true you can’t do at 60 what you did at 20. As a man grows older, he
walks slow, he talks slow. One needs to remember that this is a normal
phenomenon. Some are under the impression that "one failure in making it
means an end to sex life". As a result, many men move from effective sexual
functioning to various degrees of impotence. the misconception that "sex
after 60 is not possible" needs to be changed. Men & women can continue to
remain sexually active till the last day of their lives provided they are
in sound physical and mental health. The common reasons for a reduced sex
drive in later years are:

-

Monotony and loss of interest
-

Changes in physical appearance
-

Misconception about one’s waning sexuality
-

Lack of communication
-

Depression

These hurdles can be overtaken. We assure the older people that a healthy
conjugal relation ship is a normal and acceptable form of behavior, at any
age, because sexuality is as important for the old as it is for the young.
Our herbal preparation rejuvenates the body mechanism so as you can feel
young and perform like young.
*Ayurvedic Supplements for Sex after 60's :*
* Keshri Kalp Royal Vita-ex Gold Plus Musli PakStress Guard *

10 documents to secure before you die

Documents to secure

IMPORTANT FOR AL OF US... Keep these essential papers in place and inform at least one family member so that your heirs don';t have to run from pillar to post to inherit what is rightfully theirs.   1) Primary documents  These include your birth certificate, marriage certificate, PAN card, passport, election ID card and the Aadhaar card. Will be needed when transferring assets to your heirs.  2) Insurance details  The purpose of life insurance will be defeated if your family is in the dark. Make a list of all the policies, mentioning the name of insurers, policy numbers, insured sums and the tenures.  3) Pension documents  If you have an NPS account, mention the account number and nomination details. Give the pension account number with your employer.  4) Property papers  All property-related documents  should be in one place. If the property is mortgaged, keep photocopies. Mention the loan account number and the latest outstanding amount. If property is insured, mention policy coverage.  5) Bank account details  Make a list of various bank accounts, giving the name of the bank, the account number, holding pattern and the nomination details.  6) Bank locker details  Mention the name of bank, locker number, ownership pattern and whereabouts of the key. Maintain an inventory of items kept in the locker and update every time you operate it.  7) Demat account details  Give the name of depository partner, demat account number and nomination details. If possible, update the details of the securities in the demat account.  8) Other investments  Give details of the PPF account  and folio numbers of other post office investments. Make a list of mutual fund investments, mentioning folio numbers, ownership pattern and nomination details.  9) Loans and Receivables  If you have taken or given private loans to relatives or friends, mention the amount and the date by when these are payable/receivable.  10) Online 10 passwords  Though these are to be kept secret, keep a list for emergency reference. Mention the website, the online ID and the password.  Keep this in mind  This information is to be kept secret and accessed only if the main breadwinner of the family has either died or is in a medical emergency.  Make sure to update the information regularly. How often you do this depends on your convenience and the changes in investments.  The information listed above is very basic. you may want to add more details of other assets along the same lines.  You may want to make an online version of this information as well, but make sure it is on a secure site.

Senior citizens can get priority hearing in courts

PTI  

MUMBAI, DEC 8:  

For the convenience of senior citizens, Bombay High Court has decided to give priority in its roster to the cases where at least one of the parties is above sixty years old, if such a request is made by the concerned party.

A circular issued on December 3, signed by the Registrar General of High court, says that Chief Justice and other Judges of the Bombay High Court, after have directed that precedence be given to the cases wherein senior citizens are involved.

“The Chief Justice and Judges have now directed that precedence be given by courts for hearing and final disposal of the cases wherein one of the parties has attained the age of sixty years and above,” it says.

This circular replaces a circular issued in 1999, whereby precedence was to be given to persons above 65.

“The courts may grant such an indulgence on written request,” added the circular.

The direction would be implemented at all the benches of the High Court and at the subordinate courts in the state.

Principal Judge of Bombay City Civil and Sessions court Shalini Phansalkar-Joshi has issued direction that the circular should be followed.

(This article was published on December 8, 2013)

http://www.thehindubusinessline.com/news/states/senior-citizens-can-get-priority-hearing-in-courts/article5436651.ece

singing competition between seniors and middle aged

My dear Friend Sathayam and his friends have started Sarthi Society for conducting activities for Sr. Citizens. I provided my “Marigold the little hall “free for conducting singing competition between seniors and middle aged. The competition was held yesterday and there was tremendous response so it went on from 10am to 5 pm. There was a participant who came on wheel chair. If everyone does this little for our own society then we can change the world. — at Marigold Hall, Tholiya Bhavan, Santacruz East, Mumbai . 
Pl. click on photo to see more videos and photos:

Post by Alok Tholiya.

Novel way of facilitating elder brother and senior citizen

Alok Tholiya added 18 new photos.

May 18 at 10:49am · Edited ·

Click for Going to photos of event

81st birthday and 60th marriage anniversary. I uploaded these photos but did not get time to write synopsis. And I thought that someone from my family will fill the gap but no one did so And I am doing so now. Firstly I avoid personal things being broadcasted unless it has a message for others. This is step in that direction. My Jijaji ( sisters husband) Shri D C kala lost his father at an early age. He and other young siblings were brought up, given education, good guidance ( sanskar) and upbringing by eldest brother Shri Hukamchand ji Kala. At that time he too hardly had any money and yet he shared and cared for all of them with his mite.As times passed all these young brothers and sisters have become a very successful persons in life. My jijaji thought of making this fact known to all and thus he and his brothers decided to felicitate Babaji ( as eldest brother is popularly known as ) on his 81st B'day.Incidentally this was his 61st marriage anniversary too so respected Bhabhi Tarabai too was in full life light. This is an era when most of us forget contributions made by others in our life ( specially except parent and some are so low that they even fail to acknowledge sacrifices of parents) and in that era this grand felicitations. Day long function : Puja and archana in Jain Temple. Then Babaji and Bhabhiji ( brothers wife) were taken to hall in a ratha yatra( chariot) with band and dance, then all brothers and family did pada prakshal ( washed feet to bhaisahab / Babaji ( highest honour normally only allowed for saints), then Tula daan where Babaji was made to seat on side of weighing balance and other side was filled with items of variety and then donated to needy besides 41000/- cash was donated to various temples. It did not end here then we had modern B'day celebrations with toast to B'day baby, cake cutting , free for all dancing and singing , lavish dinner and so on. BUT I WAS MOST MOVED BY THE NOVEL WAY OF FACILITATING ELDERS OF FAMILY. MAY ALL OF US RECOGNISE CONTRIBUTIONS OF OTHERS AND ELDERS IN OUR LIFE WHILE THEY ARE LIVING AND DO IT OPENLY INSTEAD OF KEEPING IT AS A SECRET AS A MEAN MINDED WOULD.

https://www.dropbox.com/sc/mb4ruy0egx96iz2/AACnB-5atKZtQF3gQjeKjySBa

after you are gone

Don't worry about what will happen after you are gone, because when you return to dust, you will feel nothing about praises or criticisms. Don't worry too much about your children for children will have their own destiny and find their own way. Don't be your children's slave Don't expect too much from your children. Caring children, though caring, would be too busy with their jobs and commitments to render any help. Uncaring children may fight over your assets even when you are still alive, and wish for your early demise so they can inherit your properties. Your children take for granted that they are rightful heirs to your wealth; but you have no claims to their money. 60-year olds like you, dont trade in your health for wealth anymore…………. Because your money may not be able to buy your health……… When to stop making money, and how much is enough (hundred thousands, million, ten million)? Out of thousand hectares of good farm land, you can only consume three quarts (of rice) daily; out of a thousand of mansions, you only need eight square meters of space to rest at night. So as long as you have enough food and enough money to spend, that is good enough. So you should live happily. Every family has its own problems. Just do not compare with others for fame and social status and see whose children are doing better, etc. but challenge others for happiness, health and longevity…………. Dont worry about things that you can't change because it doesnt help and it may spoil your health. You have to create your own well-being and find your own happiness; As long as you are in good mood, think about happy things, do happy things daily and have fun in doing, then you will pass your time happily every day. One day passes, you will lose one day;…One day passes with happiness, and then you gain one day. In good spirit, sickness will cure; in happy spirit, sickness will cure fast; in good and happy spirit; sickness will never come. With good mood, suitable amount of exercise, always in the sun, variety of foods, reasonable amount of vitamin and mineral intake, hopefully you will live another 20 or 30 years of healthy life. Above all learn to cherish the goodness around ……and FRIENDS……..they all make you feel young and "wanted"…without them you are surely to feel lost!!

DR MANOHAR SOBHANI TV interviw Diabetes and SEXUAL PROBLEMS

PLZ TYPE DR MANOHAR SOBHANI ON YOU TUBE

OR

LINK

http://youtu.be/bThzGGyIkVo

DR MANOHAR.SOBHANI
MUMBAI400005
9322252449

"GIVE TO THE LIVING"

"GIVE TO THE LIVING"

When I am dead, 
Your tears may flow.
But I will not know, 
Cry for me now instead.

When I am dead, 
You will send flowers,
But I will not see, 
Send them now instead.

When I am dead, 
You will say words of praise,
But I will not hear, 
Praise me now instead.

When I am dead, 
You will forget my faults,
But I will not know, 
Forget them now instead.

GIVE TO THE LIVING, What will you offer to the dead

Is an Overactive Bladder Disrupting Your Life?

Article Link: http://www.webmd.com/urinary-incontinence-oab/oab-13/kegel-exercises?ecd=wnl_sxr_032214&ctr=wnl-sxr-032214_promo_4&mb=37dz9PaVSpmjqdfYp%40TOnuHnVev1imbCkGiMegP%2f4k0%3d

Urinary Incontinence: Kegel Exercises for Pelvic Muscles

Kegel exercises are one of the most effective ways of controlling urinary incontinence naturally.

Kegel exercises can help many women and men with urinary incontinence, regardless of cause or age. Kegel exercises aim to strengthen pelvic floor muscles that support and hold up the bladder.

When the pelvic floor muscles are weak, you are at greater risk for involuntary urine leaks. The value of improving urinary incontinence with Kegel exercises is now widely accepted.

Here's what you need to know:

• Who can benefit from Kegel exercises? Anyone, at any age, who suffers urinary incontinence or leaks urine. While the exercise mainly helps those with stress urinary incontinence, it can also help those with another common type, urge incontinence from overactive bladder. With urge incontinence, you have a sudden urge to urinate and don't always make it to the bathroom. Men with urinary incontinence problems can do Kegel exercises, too. Studies on men have shown that these exercises improve urinary incontinence that can happen after prostate surgery.
• How are Kegel exercises done? To exercise the pelvic floor muscle, pretend you are trying to stop the flow of urine. Pull in and squeeze those muscles. Hold the squeeze for about 10 seconds, then rest for 10 seconds. Try for three or four sets of 10 contractions every day.
• How do Kegel exercises help? Kegel exercises strengthen the muscles that help control the urethra. When these muscles are weak, the result can be urinary incontinence.
• When should I expect to see results from my Kegels? Just as it takes time to build your biceps and strengthen any other muscles, it takes time to strengthen muscles in the pelvic floor. Give the Kegel exercises three to six weeks. And remember, you must keep doing them, and you should do them daily.
• When and where should I do Kegel exercises? The beauty of Kegels is that you can really do them just about anywhere, anytime. No one would know unless you tell them what you are doing. Try doing a few sets of Kegels when you are in your car, sitting at your desk, or watching TV. To be sure you are doing Kegels correctly, ask your doctor or the nurse to describe the proper form. They can also check that you are doing them correctly.
• Do I need any equipment for Kegel exercises? Not for doing Kegels alone. For women, some doctors may suggest using weighted cones as they do Kegel exercises. The idea is to insert these vaginal cones, available in various weights, and perform the Kegel exercises with the cones in place. A woman would gradually increase the weight of the cone she inserts. Sometimes, Kegel exercises are used in combination with biofeedback, a monitoring system that helps you gain control over bodily processes such as urinary control. And sometimes Kegels are done in combination with electrical stimulation, in which very brief doses stimulate muscles in the area. But you can choose to do Kegel exercises by themselves, with no equipment.
• Are there any other benefits to Kegel exercises? Yes. Kegel exercises aren't just good for improving urinary incontinence. They are often recommended in sex therapy That was an accidental "side effect" discovered by Kegel. He heard back from his patients about these sexual benefits. The pelvic floor muscles contract more strongly during orgasm once they are strengthened.

WebMD Medical Reference

SOURCES: American Academy of Family Physicians: "Urinary Incontinence: Kegel Exercises for Your Pelvic Muscles." National Kidney and Urologic Diseases Information Clearinghouse: "Urinary Incontinence in Women." National Library of Medicine MedlinePlus Medical Encyclopedia: "Urge Incontinence." WebMD Medical News: "Kegel Exercises Help Women With Urinary Incontinence." WebMD Medical News: "Kegel Exercises Ease Stress Incontinence." WebMD Health Guide: "Benefits of Kegel Exercises for Incontinence." WebMD Sex Matters: "What is a kegel and can it really help my sex life?

Reviewed by Brunilda Nazario, MD on July 11, 2013

© 2012 WebMD, LLC. All rights reserved.

© 2005-2009 WebMD, Inc. All rights reserved.
WebMD does not provide medical advice, diagnosis or treatment.

Why do we assume that as we age, our desire for sex is going to fade?

Why do we assume that as we age, our desire for sex is going to fade?

Dr. Ruth, Westheimer, PhD, Sex Therapist:

God forbid! Don't assume it. People after 50 should continue to have a wonderful sex life if they so desire, if they say they don't want it anymore, I say goodbye, but if they so desire, but they have to be sexually literate. A woman has to know that after menopause she needs a lubricant, not to engage in intercourse with a not well lubricated vagina, it's painful, she's going to say, who needs it. And men must know and even physicians don't know, that after a certain age, there is no psychogenic erection. After a certain age, a man does not have an erection when he wants one, when he thinks about sex. A man needs physical stimulation, rubbing against the partner, his hand, or her hand on his genitalia in order to obtain and to maintain the erection.Here is what happens. They are trying to have sex, he doesn't have an erection, she thinks I'm not attractive any more. I don't look, my body has changed, I don't look like I looked 10 or 20 years ago, and then there is more to that. She also doesn't want to have the feeling that she is going to make him unhappy, because if they try to have sex, and he doesn't have an erection, he gets very unhappy, so she avoids it. There is an avoidance pattern by both. Then he starts to think, I would like to have sex but I know I have problems, and if he thinks that, he can be assured that he is not going to have an erection. Male sexual apparatus is very delicate. The moment he thinks, oh my gosh, what happened to me yesterday is going to happen again, he will not have an erection.

My take on joint property: advise to all to keep clarity........

My take on joint property:   
One leading doctor Bhat in his 80's had come to me for an advise. He loved his son and daughter equally. So he  said that I am going to make my daughter and son joint owners of flats he had as flats were of different size and different area so valuation were different. 

It took long time to convince him that his sentiments does not work and in future a time  may come when heirs of brother (son) and sister ( daughter ) may not gel with each other and then your wish to keep them tied togather with a joint property may turn in to a reason for quarrel. 

Finally he gave one flat to daughter , one to son , one he kept in name of wife. I believe things settled without anyone going to court and relationship between son and daughters family is great even after 10 years of Dr Bhat's death. 

But at times situation can be different: 

One of the great person in the family purchases a property. Circumstances are such that unable to divide property and thus becomes co owned / joint.

The person purchases have a typically fatherly wish that his all sons / grandsons live together.

But as time passes all members get spread out and hence no scope of living together. Long time passes and then the closeness / intimacy / tolerance become difficult.

Some become busy and some do not hv vision and others have greed, some have need and others do not hv, some are having enough flare and time for  litigation, some hv relative specially piharside of new daughter in laws who may misguide / intervene ….and so on and finally property becomes disputed. And once disputed then andha pise kutta khaye.

Police, advocates, courts make money. In Indian conditions courts take decades .

Ambani, Birla, Tata to all families have had disputes. But they hv army of lawyers and staff to assist so they do not hv to spend time. They hv more than enough so expenditure is not a burden.

But in other cases in smaller families those in service can not take leave, those abroad can not come frequently to take care of joint property, they can not attend court, many employer will not see it right if their staff is in court ( and many disputes take ugly turn and become criminal offence which no  govt, and multinational will like and remove the person. The value of the property may be good so everyone expects big fees/tips/bribe which one of the person may not b able to pay or may not wish to pay or may not know to pay but those who pay may still get cheated , waste whole life, increase BP/ Diabetes/ stress/ heart ailment / depression and so on.

There are incidences where whole family / several ppl r in court. As time passes the number of legal heirs increases and there is no understanding and tolerance between them and things become difficult. If some co owners  or their children r abroad then can they come to settle disputes, do transactions, ………..and so on.

Ball is in everyone‘s court. It is all co owners and their family members call. Take it or leave it.

Why I am taking initiative?

Thanks and Regards,
Alok Tholiya,

09324225699 /   02226125699/26173203

What is a nominee ?....will he / she get your money after ....

JagoInvestor manish@jagoinvestor.com via aweber.com	5:10 PM (42 minutes ago)

 

So we heard from everyone that nominee gets the money from your Insurance policy or Mutual funds or Fixed Deposits, and we happily believed it . Can you afford to beleive that this is WRONG ! . 

 

Did you think that your nominee is the person, who will get all the money legally from your Life Insurance Policy and Mutual funds investments? Ha! That is exactly what you'd think if you aren't aware of the legal aspects. We assume a lot of things which sounds like they're obvious, but are not true from the legal point of view. Today, well concentrate on nominations in financial products, Insurance policy, and when you are dead and gone, all the money goes to person X and he/she becomes the sole owner? You are wrong, dude ! It doesn't work that way. Lets see how it actually does!

For whom are we earning? For whom are we investing? Who, do we want to leave all our wealth to, in case something happens to us? It might be your children, your spouse, parents, siblings etc., or just a subset of these. You also might want to exclude some people from your list fo beneficiaries!. So you think you will nominate person X in your

What is a nominee ?

According to law, a nominee is a trustee not the owner of the assets. In other words, he is only a caretaker of your assets. The nominee will only hold your money/asset as a trustee and will be legally bound to transfer it to the legal heirs. For most investments, a legal heir is entitled to the deceasedâ€^(TM)s assets. For instance, Section 39 of the Insurance Act says the appointed nominee will be paid, though he may not be the legal heir. The nominee, in turn, is supposed to hold the proceeds in trust and the legal heir can claim the money. A legal heir will be the one whose is mentioned in the will. However, if a will is not made, then the legal heirs of the assets are decided according to the succession laws, where the structure is predefined on who gets how much. For example, if a man during his lifetime executes a will. In the will, he mentions his wife and children as legal heirs, then after his death, his wife and children are the legal owners of his assets. It is essential that one needs to execute a will. It is the ultimate source of truth and replaces the succession law. Nominee can also be one of the legal heirs.Important

• Mention the Full Name, Address, age, relationship to yourself of the nominee.
• Do not write the nomination in favour of "wife" and "children" as a class. Give their specific names and particulars existing at that moment.
• If the nominee is a minor, appoint a person who is a major as an appointee giving his full name, age, address and relationship to the nominee.

Why is the concept of nominee ?

So you might be wondering, if the nominee does not become the sole owner, why does such a concept of "nominee" exist at all? Itâ€^(TM)s pretty simple. When you die, you want to make sure that the Insurance company, Mutual fund or your shares should at least get out of the companies and go to someone you trust, and who can further help, in process of passing it to your legal heirs. Otherwise, if a person dies and hasnâ€^(TM)t nominated anyone, your legal heirs will have to go through the process of producing all kind of certificates like death certificates, proof of relation etc., not to mention that the whole process is really cumbersome! (For each legal entity! The insurance company, the mutual funds, for the shares, for the real estate..) . So, to simplify, if a nominee exists, these hassles don't happen, since the company is bound to transfer all your money or assets to the nominee.The company the goes out of scene & then, itâ€^(TM)s between nominee and legal heirs.

Example of Nomination

Ajay was 58 years old who died recently in an accident. As his children were settled, he wanted to make sure that his wife is the sole owner of all the monetary assets. This includes his insurance policy and mutual funds. So during his lifetime, he nominated his wife as a nominee in his term insurance policy and mutual funds investments. However, after Ajayâ€^(TM)s death things didnâ€^(TM)t turn up the way he wanted. The reason being Ajay did not leave a will. Though his wife was the nominee in all his movable assets, as per the law, his wife, along with children, were the legal heirs and all of them had equal right to Ajayâ€^(TM)s assets. One simple step which could have saved the situation was that Ajay should have made a will which clearly stated that only his wife was entitled to get all the money and not his children.

Nomination in Life Insurance

A policyholder can appoint multiple nominees and can also specify their shares in the policy proceeds. Nomination in life insurance has one limitation, as insurance policies are bought to secure your financial dependents, your first choice of nominee has to be your family members. In case you want to nominate a non-family member like a friend or third party, you will have to show/PROVE the insurance company that there is some insurable interest for the person. This happens because of a Clause called PRINCIPAL OF INSURABLE INTEREST in insurance. Note that provision of nomination in life insurance is related to Section 39 of the Insurance Act. Note that as per LIC website

 

Nomination is a right conferred on the holder of a Policy of Life Assurance on his own life to appoint a person/s to receive policy moneys in the event of the policy becoming a claim by the assuredâ€^(TM)s death. The Nominee does not get any other benefit except to receive the policy moneys on the death of the Life Assured. A nomination may be changed or cancelled by the life assured whenever he likes without the consent of the Nominee.

 

Make sure, you have a nominee for your policy for easy settlement of the claim, if you do not have any nominee mentioned in the policy, it can turn out to be a disaster for your dependents to get a claim.

Nomination in Mutual funds

In case of mutual funds, you can nominate up to three people, who can be registered at the time of purchasing the units. While filling in the application form, there is a provision to fill in the nomination details. Even a minor can be a nominee, provided the guardian is specified in the nomination form. You can also change nomination later by filling up a form which is available on the mutual fund company website. Nomination in mutual funds is at folio level and all units in the folio will be transferred to the nominee(s). If an investor makes a further investment in the same folio, the nomination is applicable to the new units also. A non-resident Indian can be a nominee, subject to the exchange control regulations in force from time to time.

Nomination in Shares

Quiz for you :). Now you know what a nominee means and who actually gets the money. So if there is a husband H, with wife W and nephew N, and he has nominated his nephew N to be the nominee of his shares in demat account, who will have the legal right to own the shares after husbandâ€^(TM)s death? If you answer is wife, you are wrong in this case! In case of stocks, it does not work the usual way, if a will does not exist.

 

In the verdict, Justice Roshan Dalvi struck down a petition filed by Harsha Nitin Kokate, who was seeking permission to sell some shares held by her late husband. The Court noted that as she was not the nominee, she had no ownership rights over the shares. Ms KokaTheâ€^(TM)s lawyer had argued that as she was the heir of her husband who had died intestate (without a will), she should have ownership rights of the shares, and be able to do anything with them as she wished. In this case, Ms Kokateâ€^(TM)s husband had nominated his nephew in favour of the shares. Justice Dalvi however noted that under the provisions of the Companies Act and the Depositories Act, Acts which govern the transfer of shares, the role of a nominee was different.

â€oeA reading of Section 109(A) of the Companies Act and 9.11 of the Depositories Act makes it abundantly clear that the intent of the nomination is to vest the property in the shares which includes the ownership rights thereunder in the nominee upon nomination validly made as per the procedure prescribed, as has been done in this case.â€

Source : Moneylife

 

It means that if you have not written a will, anyone who has been nominated by you for your shares will be the ultimate owner of those stocks, The succession laws on inheritance will not be applicable but in case, you have made a will, that will be the source of truth.

Nomination in PPF

Let me give you some shock first. If you have Rs 10 lakh in your public provident fund (PPF) account and you have not nominated anyone for your PPF account, your legal heirs will get maximum of Rs1 lakh only! Yes, itâ€^(TM)s so important to have a nominee, now you get it :). You can nominate one or more persons as nominee in PPF. Form F can be used to change or cancel a nomination for PPF. Also note that you cannot nominate anyone if you open an account for a minor.

Nomination in Saving/Current/FD/RD Account in Banks

FD's also come with nomination facility. While opening a new account, there is a column for nomination in the same form and you should fill it. You can nominate two persons with first and second option. Note that in case you have not done any nomination till now, you should request Form No DA-1 from your Bank which is used to assign a nominee in future. (Examples of ICICI Bank , HDFC Bank , Canara Bank) . In the same way to change/cancel the nomination you need to fill up Form no DA-2. Read about Corporate Fixed Deposits As per a famous case, A Bench of Justices Aftab Alam and R M Lodha in an order said that the money lying deposited in the account of the original depositor should be distributed among the claimants in accordance with the Succession Act of the respective community and the nominee cannot claim any absolute right over it.

Section 45ZA(2)(Banking Regulation Act) merely put the nominee in the shoes of the depositor after his death and clothes him with the exclusive right to receive the money lying in the account.It gives him all the rights of the depositors so far as the depositors's account is concerned. But it by no stretch of imagination make the nominee the owner of the money lying in the account," the Bench observed.

 

Conclusion

Now you know! Taking Personal finance for granted can be fatal :) Just investing knowledge, isnâ€^(TM)t enough to have a great financial life. You also need to be well versed with basic legal aspects and make sure you carry out all due arrangement . Nomination is one important aspect you should seriously consider, when checking for the financial products you have bought or plan to buy in future. Mistakes in Personal Finance Its important to make sure that your loved one's do not face legal issues and only say and think lovely thoughts about you when you are not around, rather than crib & grumble :)

 

So this was the last Email of the 3 part series , Now you can explore the content on the blog . Read  archives section to find out more articles of your interest .

 

Manish 

www.jagoinvestor.com