News & Articles Be careful about transferring your property
Be careful about transferring your property
3 Nov 2016
It is heartening that EPF has made arrangements with the banks to help first time buyers with their initial payments to own their homes.
People must plan to have some savings to enable them to enjoy their retirement with a roof over their heads.
Health care is going to be expensive, and good lifestyles are necessary to enjoy good health during retirement.
A reader of The Star wrote expressing regret after transferring his only property to his son, “Think again before you transfer your house to your kids” (Sunday Star, Oct 30).
In fact, people can make a will to give their properties to their children instead of transferring to them.
This is even more important when people have only one property, which they live in.
I have witnessed some elderly people ending up homeless after transferring their properties to their children. Some of their children lost the properties due to financial difficulties.
Some were asked to leave the house when they had problems with their children.
I witnessed one case where an elderly man resorted to legal action to recover his property when his only son passed away and his daughter-in-law chased both him and his wife out of the house.
Sadly, the man died during the lengthy legal process.
I also witnessed many people who helped their children by mortgaging their properties. The children were successful in their undertakings and they were grateful to their parents.
We can help our children by mortgaging our properties, but it should only be a certain percentage, not the whole property.
People should be aware that circumstances and situations change in the course of time.
People must plan to have some savings to enable them to enjoy their retirement with a roof over their heads.
Health care is going to be expensive, and good lifestyles are necessary to enjoy good health during retirement.
A reader of The Star wrote expressing regret after transferring his only property to his son, “Think again before you transfer your house to your kids” (Sunday Star, Oct 30).
In fact, people can make a will to give their properties to their children instead of transferring to them.
This is even more important when people have only one property, which they live in.
I have witnessed some elderly people ending up homeless after transferring their properties to their children. Some of their children lost the properties due to financial difficulties.
Some were asked to leave the house when they had problems with their children.
I witnessed one case where an elderly man resorted to legal action to recover his property when his only son passed away and his daughter-in-law chased both him and his wife out of the house.
Sadly, the man died during the lengthy legal process.
I also witnessed many people who helped their children by mortgaging their properties. The children were successful in their undertakings and they were grateful to their parents.
We can help our children by mortgaging our properties, but it should only be a certain percentage, not the whole property.
People should be aware that circumstances and situations change in the course of time.
Source: Thestar.com.my