Just in case,
In my 13 years experience as a PA I have worked with many self-made millionaires who inspired me and gave me the guidance and view on the world of business which can’t be found in books. I have a very big respect for elderly and many of my clients are in their senior years. The world has progressed so much in the passed 20 years that I can’t stop admiring people in their 80s who manage to keep up with this madness. This is one of the reasons I started PCc, to give service to anyone who needs a help with a task, a project or an going assistance.
There are still many older entrepreneurs that are active and doing well. But we must remember that the devil is in the detail and a lot of companies are using age to their advantage instead of being concern about people. Just 4 months ago a good friend called me to ask for help. He had been in the hospital for over 6 months and nobody had really looked after his affairs so I gathered together all the mail that had accumulated and had a shot at sorting it out. I soon realised that one of his accounts has been frozen. The bank didn’t detect any activities for over 6 months and they decided to close down his account!!
I called the bank and asked what had happened to the money that was in the account. Spoke to five different clerks who didn’t have a clue. In the end, I managed to speak with someone who gave me some idea of the problem suggested steps I could take to resolve the problem. I followed the advice but it still took 12 weeks to sort it all out. In the end of the story, We needed to wait 12 weeks to get back his owes money.
My last observation over the phone?
“Please explained to me the why it is necessary to wait so long to recover this? If he had not paid back an overdraft on time, the bank would have upped the interest and demanded an immediate solution. Why does it take 12 weeks when the situation is reversed? Where is the justice in that? If my client had not called me would you have just kept the money? “.
This little episode is worth mentioning because the banks are run on a different way to what they were in years gone by. We can no longer expect institutions to look after our businesses so we should be more cautious!
Have you ever asked yourself, what happens to savings accounts and the money they hold when you die? The answer depends on whose name is on the account and whether it is held in a trust.
If the bank account is held in a lifetime trust, the successor trustee named in the trust document can present the death certificate and a copy of the trust to the bank to take over the accounts. If an account is solely held by the deceased, the bank will freeze the account soon after being notified of the death.
Keep track of relevant accounts your parents or bosses have by access to online statements. If a current account is here and saving account is there, just merge them. Designate one or more payable on death beneficiaries for the account. Planning ahead alleviates that stress during an emotional time.
I know that this is one of the subjects that nobody really wants to think off or mention, however, It helps to be organised in case of emergency – Banks have enough of our money already, don’t give them free bee opportunity.