Uneasy write up but we have to face the truths at times.
Over the past 6 months, I attended wakes of 5 close relatives, one from cancer and four from major heart attacks. Their untimely deaths all came suddenly without warning. Coincidentally, last week, I also attended a wake on my nephew’s wife side of which the daughter in law died of brain hemorrhage while the father died on the same day also of heart attack. Life is so unpredictable these days. There are things we can avoid in life, there are also things we cannot. Birth, ageing, sickness and eventually death.
We also have to plan our life course in managing property investments. We are all running around chasing figures and often we neglect the health, financial stability and continuity to mortgage repayments. As I am a single income earner, I remembered there’s once I made myself to have a full medical check up before I signed the S&P. It is not that I do not have a house already but I do not want to burden my wife to carry on the paying for the extra house. At least there’s one purchase I still have a MRTA on the loan. Pay a bit of premium but I know things are taken care of.
But these days, I took the easy way out. All my properties and investments plus whatever personal stuff have joint names and accounts either with my wife or my sons. The saying goes..you may have lots of money but your wife and kids need to survive and access to those cash while going through the period of legal paperwork process which may take as long as 1 year. I may be dead but they need to eat daily, so to speak.
As for taxes, luckily in Malaysia, Singapore & Australia, there’s no estate duty tax but the estate duty / inheritance tax is UK is whopping 40%. It means that my kids would have to pay 40% to the Government before they can inherit the house. This is ridiculous as it is easily GBP1000 psf in London. Maybe a visit to the trust lawyers would be in order. Wills and the uneasy paperwork had to be done.
I remember once I was talking to a friend on what to invest and what to chase and we even queue overnight to buy houses. But a few months later, he was diagnosed with kidney cancer and everything in the world dropped. It was like a big crash and he passed on 3 years later. But at least he had time to complete and do what he needed to do as far as investments is concerned.
My point is do not chase investments as if it is the only thing in the world. Invest only within our means and free of stress. If it is too painful, it is better to let go and be one property less. Afterall we want to invest with a clear mind for any eventuality for ourselves and our kids.
