Safety Issues relating to Investments & Financials, Immovable property, Safety, Medical Do’s & Don’ts and Wills.

Investments/Financials

• Recognize that determining investment channels and patterns is a specialized skill. Therefore, obtain competent advice before making any form of investment and do not be guided purely by instinct or good faith
• Recognize that risk is inherent to every investment and, therefore, a realistic and competent evaluation of risk is essential
• Avoid high-risk investments as it is not suited to or recommended for senior citizens. Resultant mental anxiety and tension are avoidable
• Do not invest all your available funds with one entity or in one scheme. An investment mix is advisable from persons who are sensitive to elders needs
• Do not be lured or tempted by promises of high rates of interest/return on deposits. The thumb rule is – the higher the return offered, greater the caution required
• Do not implicitly believe or accept representations, promises or undertakings before or during the investment process. Be cautious and insist that all such promises/undertakings or offers be issued in writing with the signature
• Do not sign any blank paper or documents. Insist that all documents be accurately filled, dated and signed. Insist that the signature of the person signing the documents on behalf of the company/ institution, writes his/her name and designation legibly, to ensure future identification
• Insist on a signed acknowledgement under the seal of the institution for all the papers you submit to the institution. Insist that the name of the person signing the acknowledgement be clearly noted in the acknowledgement. Insist on stamped recipients in the name of the institution, for amounts paid to you. Do not accept ‘Kutcha’ receipts
• Avoid cash payments while making investments. Issue account payee cheques or demand drafts. If cash is insisted upon, treat the institution with suspicion
• Do not issue signed blank cheque leaves. Ensure that all cheques are dated, properly filled, made to the payee’s account and amounts entered. Preferably, retain the Xerox copies of all cheques issued in pursuance of your investment
• Do not finalize or agree to make any investment on your first visit to the institution which is seeking your money. Use the first visit only to collect information. Analyze and evaluate the information, if necessary, with professional assistance and only thereafter make a decision
• Investigate/enquire about the status/credibility/reputation of the institution with whom you propose to invest. Also, enquire about the reputation, both business and personal, of the promoters,partners, directors etc. These enquiries could be made to the past & current investors and generally to the market
• At the time of claiming refund of deposits on maturity do not surrender original receipts except with written acknowledgement. Retain a copy of the document for your records. If you intend to send the original receipt by post, use the Registered Post Acknowledgement Due (RPAD) mode or courier it and obtain proof of delivery (POD) from the courier. Do not dispatch original receipts/documents under the certificate of posting
• Do not feel obligated or compelled to sign any document that could result in a variation of the terms of contract e.g., the amount and/or interest payable and/or due date of repayment. You have the legal right not to accept any variation. Consult a friend/specialist or a lawyer before consenting to such alterations
• Ensure that all your investments are on a EITHER OR SURVIVOR basis.Alternatively utilize the nomination facility wherever available. This avoids future legal hassles
• Do not get carried away by the plush or fancy interiors of the offices of the institution you wish to invest n. Any evaluation based on this input is inevitably misjudged. The thumb rule is – greater the frills, greater the degree of caution required
• At all costs avoid investing in institutions that are classified as sole proprietorships, irrespective of your confidence in the proprietor as your exposure to risk is highest in such cases
• If the institution is a partnership firm, ensure and insist upon disclosure of the names and addresses of ALL the partners and obtain their residential addresses. Do not be satisfied with the details of only one partner or Managing Partner. Enquire if the firm is registered with the Registrar of Firms. If not, hold back investment until you have evaluated the firm. Refusal to furnish information indicates a lack of transparency. View this with suspicion and caution
• IF investing in a corporate entity, insist upon disclosure of the names and addresses of all the directors. Do not be satisfied with the response that the required information will be available with the Registrar of Companies
• Analyze the terms and conditions of the offer of the institution and determine whether the terms are fair and equitable or one-sided and arbitrary
• Specifically verify the provisions relating to repayment, premature withdrawal and ensure that they are fair, customer-friendly and not arbitrary
• Transact only if the institution is professionally transparent and open in its dealings. Avoid institutions that display a reluctance in disclosing information about themselves
• If an institution defaults in payment, DO NOT wait for a second or successive defaults before initiating action. Once default occurs, do not under any circumstance accept promises, undertakings and assurances, particularly if they are oral. The sooner you initiate action, greater the chances of recovery. In most cases, the first default is indicative of impending problems. Be alert and initiate immediate action
• Do not make investments/deposits in entities that promote themselves or seek your patronage through ‘house to house’ marketing techniques such as sending salespersons or ‘advisors’ as they are commonly called
• Do not invest merely because your friends/relatives have done so or recommended it. They may have been fortunate with their investments. Make an independent assessment with professional help wherever and whenever necessary
• DO NOT ENTER INTO MONEY LENDING TRANSACTIONS. However, if you are lending money, whether to friends, relatives or strangers, ensure that you obtain appropriate documentation, in the form of a receipt, promissory note, agreement or post dated cheques. Ensure that this document is drafted in accordance with the law and take professional help for such purposes
• DO NOT lend money to people (known or unknown) who promise unduly high rate of interest or returns, which are substantially higher than prevalent market rates. Mostly, it is impossible to sustain such payments over a period of time
• If you wish to lend money (for whatever reason) do not pay cash. Insist that such payments be made through accounts payee cheques only. Remember that in a “self” cheque your signature would also appear and the presumption by law would be that you have infact received money through the person to whom you have given the cheque. Avoid issuing open or bearer cheques
• Preserve all documents relating to the loan/s or transactions carefully. Copies of document are generally not acceptable as evidence and, therefore, originals need to be preserved
• While dealing with money (lending or borrowing) ensure that you operate clearly within the law. Consciously avoid transgressing law in instances such as receiving cash payments without issuing receipts, or paying cash without obtaining receipts. Maintain absolute transparency in all your financial dealings
• Before affixing your signature to any document/paper carefully read and understand the contents. If a document is in a language not known to you, obtain a clear translation BEFORE signing the documents. IN ANY EVENT, DO NOT ACCEPT AN ORAL OR WRITTEN TRANSALATION FURNISHED by any staff/ employee of the institution, that is seeking your investment / deposit

Immovable Property

• If you own immovable property, ensure that all documents of the title relating to such property are in your custody and control. DO NOT part/share these documents with any person. IF issues of safety of documents are involved, use a bank locker to store them. Do not leave them with a third person (and in certain cases with family members either) as their future conduct cannot be guaranteed
• DO NOT sign any blank stamp papers or any blank papers as it could be subsequently used to your disadvantage. It is extremely difficult to prove that you signed a blank document, as the normal presumption would be to the contrary
• Before letting out your property (particularly residential) make meticulous enquiries about your proposed tenants, their antecedents and previous tenancies etc. A tenant who offers rents and deposits substantially higher than normally prevalent rates is to be views with suspicion and caution
• Prepare a written record of the terms of tenancy, in the nature of a lease agreement/ rental agreement/ lease deed that specifies the obligations of the tenant. Take professional help to draft such documents so that a legally enforceable document is created. DO NOT act or believe in oral commitments made by the tenant
• Receive rents through cheques. However, if this is for some reason difficult, use valid, proper and stamped receipts for rent paid by cash and obtain the signature of the tenant on the copy of the receipt. In the receipt specify the period or month to which rent received relates.
• Remember that short-term tenancies are far more advantageous than long-term tenancies as long-term tenants have a tendency to “settle in” which makes it difficult to dislodge them subsequently
• Be diligent in case of default in rent. Do not condone or accept even the first default, as it is usually indicative of the tenant’s future intent. Be prepared to initiate action on the first default itself. As this issue is governed by statutory provisions act, proceed only after obtaining competent legal advice. Do not presume good faith at all times
• Create a written record of every alteration of the terms of the tenancy. For example, if you have permitted a tenant to make internal alterations, or install additional power etc., ensure these are recorded in a document which is signed by both parties
• If the premises to be rented out are in a residential area do not lease/rent it for commercial purposes (unless prescribed permissions have been obtained) as it violates the law, and could create serious legal ramifications for you and the tenant
• Do not squander or spend the amount of the deposit that the tenant gives you. You will be required to refund the deposit amount when a tenant vacates the premises. Do not wait for the next tenant to give you a deposit to refund the amount to the previous tenant. Keep the deposit money in a fixed deposit scheme so that it can be retrieved at any time. Do not invest it in securities that do not permit instant conversion to cash or that carry market risks with it.
• It you desire a quiet, peaceful and undisturbed environment do not rent out your premises to schools, tutorials, business houses, eateries, petty shops, godowns, commercial establishments, software offices, gyms, and the like and ensure that any non-residential work ceases latest by 7p.m
• If you intend to purchase property do not purchase rented out property unless you have obtained the tenant’s written assurance and undertaking to vacate. Make him/her a signatory to the agreement of sale with the owner of the property
• If you intent to purchase and desire serenity, AVOID premises that are adjacent to places of religious worship, theatres, shopping complexes, malls, schools, workshops etc. For senior citizens apartments would be the ideal investment
• Do not deposit title deeds of your property as collateral security for any loans/ credit facilities that any person may want to avail from a bank or financial institution. DO NOT sign as a guarantor for any loan as under law, banks and financial institutions are not required to initiate action against the borrower before institution steps for recovery against you or your property. Neither creditor not the law recognizes any special privileges of a senior citizen while recovering dies. In most cases recognizing the vulnerability of senior citizens, they are pressurized to discharge the liability
• If you choose to engage the services of a real estate agent, settle and obtain written confirmation of commission, if any, payable. Do not trust the judgment of the agent in matters pertaining to the evaluation of risk. As far as possible, deal only with established and reputed agents. Do not entertain multiple brokers. Do not agree to pay commission to the agent of the other party, whether he be a tenant or purchaser
• Any brokerage/ commission is payable only upon the successful completion of a transaction. Failed transactions do not require payment of commission or fee or reimbursement of expenses. Do not pay commission/ fee in advance or by cash

Safety & Security

• Be alert and vigilant, not complacent. Do not be lethargic, indifferent or over confident of safety measures
• When you are faced with criminals, act tactfully but avoid physical resistance as invariably you will be dealing with younger and physically stronger persons/li>
• As most crimes are committed by people who know you and are familiar with your movements, be careful and vigilant in choosing your housemaids, drivers, gardeners and other assistants. Check their antecedents with the Police and with previous employers
• Avoid entrusting repair and maintenance work to strangers
• Insist on identity cards for telephone, electricity, water, cable and gas service men.
• As far as possible, avoid living alone in independent and secluded houses. In the present scenario living in an apartment/ integrated housing scheme with good security arrangements are recommended
• Do not entertain door to door vendors. Do not open the door unless you are certain of the identity of the caller especially when you are alone or during the night
• Fix a magic eye and a chain locking system. A small opening or a window near the main door or a grill door is advisable
• Ideally install an alarm bell, police whistle, buzzer, or siren system so that the neighbours can be alerted in case of need. Familiarise neighbours with the system.
• Noisy door hinges are a good safety device
• Ideally fix electricity meters outside the house with the main switchboard inside.
• If you are going out of station, ensure that newspapers and magazines are not piled up near the locked door
• Avoid displaying wealth in any form
• Avoid keeping large amounts of cash, jewellery and other valuables with you at home
• Ensure that most of your money transactions are through cheques
• Build a cordial and healthy relationship with neighbours and relatives as it will contribute to your safety and security
• Encourage visits by friends, relatives and neighbours
• If possible, have trusted people living with you, or in a portion of your house or within your compound. If you are lonely, explore whether you can adopt a good family and develop new relationships for mutual help
• Even if certain compromises are required, do so willingly so as to avoid being socially isolated
• Be actively associated with elder welfare organisations in your neighbourhood

Medical DO’s & DONT’s

• Evolve a lifestyle that emphasises good nutrition, personal hygiene, adequate exercise, rest, moderation in eating habits and above all a positive mental attitude
• Do not ignore unusual and suspicious symptoms relating to your health. Have regular health checkups even if you feel healthy
• Ensure that you have a family doctor
• Try to access institutions that specialise in geriatric care
• Surgery is not dangerous for elders. However, let your doctor decide
• Avoid change of doctor unless it be under the advise of your family doctor
• Maintain a file of all your medical records which can be accessed by your family members whenever required
• Carry a card with you containing your name, address, phone numbers of contact persons and your doctor, along with particulars of your drug regime.
• Avoid self medication and over the counter drugs
• ‘A pill for every ill’ is not a rule and inappropriate drug use can lead to serious side effects
• Do not stop your medicines all of a sudden without the doctors’ advice
• Cultivate good oral care to prevent infection. Do not be averse to artificial dentures. It improves food intake, digestion, clarity of speech and facial features.
• Read and write in sufficient light
• Remember to take extra care while walking on polished, wet slippery floors and on uneven roads
• Keep yourself physically, mentally and socially active
• Have a brief rest in the afternoon
• There is no specific dietary rule for elders. Eat healthy food and avoid binges
• Avoid overeating as reduced calorie intake slows the ageing process
• Consume a diet high in fibre, low in animal fat and salt. A minimum of 40 grams of fibre per day is adequate
• Have a good, nutritious breakfast; moderate lunch and light dinner
• Include lots of fruits and vegetables in your diet. Avoid fatty and spicy food
• Ensure that you drink 6 to 8 glasses of water a day
• Ensure that you take a multi-vitamin tablet daily for better supply of Folic Acid, Vitamin B12, Vitamin D and Vitamin E
• Make an effort to be physically and mentally active as it slows the ageing process
• Attempt to acquire new skills as this process helps stave off dementia by encouraging new connections between nerve cells in the brain.
• Try to avoid depressing and frustrating situations
• Do not indulge in vigorous exercises. For elders, light exercise is recommended
• Walking is the best form of exercise for elders – walking increases the capacity of the lungs to inhale more oxygen
• Consult your doctor before commencing an exercise
• Do not be reluctant to rest and relax. There is no loss of self-esteem and pride when you want to rest
• As far as possible avoid emotions such as depression, worry, fear, sorrow, envy, hate, resentment as they can adversely affect your health and cause visible physical disabilities
• Try to avoid emotional stress as it can affect digestion, blood circulation, the nervous system, glands, eyes, skins and muscles
• Remember that anxiety places more stress on the heart than any other stimulus

Wills

• Under a Will, you are entitled to dispose of your self acquired property as you choose. A Will is required to be made voluntarily without compulsion, force or threat
• Making a Will does not imply or indicate impending death. This is an illogical presumption and has not been validated anywhere in the world
• By law, a Will becomes operative only after your death. Hence, no right under the Will can be claimed by any person during your lifetime
• A Will is a document relating to your assets and therefore, no other person has a right to know or demand to know its contents. You are not obligated to disclose its contents to any person, including family members
• You can alter your Will as often as you wish. The normal rule is that the latest (in chronological order of date) would be considered valid. Hence there is no impediment to you changing the contents of your Will without requiring permission from or consent of any person
• A Will need not be registered nor does it require stamp paper. It can be written/ typed on a plain paper. However, registering a Will before a sub-registrar will be prima facie proof of its execution and challenging its validity subsequently would be difficult
• A Will needs to be signed in the presence of two witnesses who must attest the Will. These witnesses cannot be beneficiaries under the Will. The witnesses do not need to know the contents of the Will. They are only witness to the fact that you have signed the Will in their presence. Preferably, the witnesses should be younger than you as they may need to testify in Court about your having signed the Will in their presence and chances of outliving you are greater
• A Will need not be in any particular format. It must, however, clearly indicate the intention of the maker without doubt
• Ensure that while making a Will, you appoint an executor. An executor is a person nominated by you to enforce the provisions of the Will and ensure that your directions are given effect to. As a normal rule, a person substantially younger than yourself should be appointed. This could be any person, a friend, a relative, banker, advocate, chartered accountant or any other person you trust
• It is essential that a Will is made when you are in a sound state of body and mind. The law requires you to fully understand the consequences of your actions – without your judgement being affected by any mental or physical ailments. Therefore, do not wait till you are sick or in a hospital/nursing home to make your Will. The validity of such Wills have very often been challenged on the ground that the maker was not in a fit state of mind or body and therefore, could not have been certain of his/her intentions while disposing off his/her assets. Proving the contrary is a tedious process involving the testimony of medical professionals
• If you intend to effect alterations to an existing Will do not do so on the existing Will/ document. They may be construed as material alterations affecting its validity. Prepare a second Will or codicil and only thereafter destroy the earlier Will
• Do not make multiple copies of a Will, whether signed or unsigned. Ensure that only one original exists. Destroy all drafts made prior to the execution of the final Will to avoid future disputes/ complications
• Ensure that in your Will the manner in which you want your assets to be distributed are precisely and clearly stated. Do not make vague or complicated sentences which could lead to more than one interpretation, as in every Will determination of the intention of the testator (maker of the will) is crucial
• Do not succumb to pressure, or emotional blackmail by family to dispose of property
• Try not to discuss the contents of your proposed Will with family members or prospective beneficiaries. You are entitled by law to dispose off your assets in any manner of your choice and any discussion prior to making a Will inevitably leads to stress, jealousy and resentment
• Do not distribute or divest yourself of ownership of your immovable or moveable properties during your lifetime as you can achieve the same result through a Will. Given the current trends in family life, such an action will render you vulnerable with no security. Most often (sadly) control over property is the key to ensure acceptable norms of behaviour by one’s relatives. Consequently, upon divesting yourself of ownership of property, during your lifetime, you could be rendered dispensable and, therefore subject to unfair, objectionable and cruel treatment, with no viable remedy.
• If you are the absolute owner of assets, recognise that your spouse must be assured of security after your lifetime. Hence, make adequate provisions in the Will for his/her comfort, safety and life (including access to monetary resources) so that he/she is not at the mercy of the beneficiaries under the Will. Consult a competent professional to ensure incorporation of such provisions in the Will as multiple options are available to achieve this objective
• Jewellery, Gold and silver, are valuable assets. It is not necessary or essential that they be distributed amongst family members during your lifetime. Make a list of items of jewellery, precious articles and bequeath them under your Will but retain custody, control and possession over them during your lifetime. They are encashable assets in times of necessity
• Keep your Will in a place from where it can be retrieved immediately on death and preserved safely. Quite often, Wills are suppressed/destroyed by interested parties particularly if contents are favourable to some and unfavourable to others
• If your signature has undergone changes over a period of time, write your Will in your handwriting so as to avoid future disputes about its authenticity and veracity. Disputing a handwritten Will in a Court is substantially more difficult than a signature on a typed document
• If you intent to donate your body for the purpose of medical research, explicitly state so in the Will and complete the required formalities required under the law during your lifetime. Consult a hospital or a competent legal practitioner who will advise you on the procedures prevalent under the law
• If you intend to donate your eyes after death, complete all formalities required under law during your lifetime and specifically intimate your relatives/friends of your intention, so that no difference of opinion arises among family members upon your death

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