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adnj
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Re: Finances

Postby adnj » January 25th, 2023, 9:25 pm

Waiting for anyone to suggest creating a personal budget.

pugboy
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Re: Finances

Postby pugboy » January 26th, 2023, 5:34 am

some big law firms provide vault service where you can keep blank signed checks for this exact purpose and release upon notification of your death.

of course, the bank could come and say the checks are invalid due to the format in which they are printed
which is what Republic has been doing all last year and had to extend due to printing issues.

fyi, republic had checkbooks with only 2 lines to write the recipient and and figures, apparently these are non standard and have to be replaced.

bluefete wrote:
pugboy wrote:what happens if the bank cards expire ?


Then yuh up a creek without a paddle.

Long ago, you get a card from the bank and the only time you replaced it, is if it was lost.

Now, it seems as if the banks are replacing the cards, every 2 years. Pressure.

Another alternative is to make the account joint - BUT - that has risks if you have a tusty child.

AND - even making an account joint in 2023 is worse than going to a dentist.

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Re: Finances

Postby bluefete » January 26th, 2023, 7:20 am

Another thing with the banks:

You can open accounts - savings, mutual funds etc - with them and name a beneficiary. Beneficiary is someone who will get your money when you die.

HOWEVER, for some accounts, like savings for example, even though you would have a named beneficiary, your family will still have to probate to get the money.

Other accounts like some kinds of mutual funds, once the family presents a death certificate, they can collect.

Unit Trust allows you to name a beneficiary and they can collect without probating.

Make sure you ask these questions on ALL your accounts - whether with the banks or investment firms.

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Re: Finances

Postby pugboy » January 26th, 2023, 7:32 am

^i have wondered this also

so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?

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hover11
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Re: Finances

Postby hover11 » January 26th, 2023, 7:38 am

pugboy wrote:^i have wondered this also

so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
You continue to have access due to survivorship, similar to where if both parties own a deed and one dies the surviving party automatically becomes sole owner.

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Re: Finances

Postby Kickstart » January 26th, 2023, 7:40 am

pugboy wrote:^i have wondered this also

so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?
Join account means you are also holder of the account and have access in case of death. No need to probate to access account.

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Re: Finances

Postby timelapse » January 26th, 2023, 8:17 am

Most important piece of financial advice.
Stay away from thots

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Re: Finances

Postby pugboy » January 26th, 2023, 8:37 am

good i just wanted to clarify that wrt joint accounts because you never know how banks could feel to squeeze ppl

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Re: Finances

Postby adnj » January 26th, 2023, 9:06 am

pugboy wrote:good i just wanted to clarify that wrt joint accounts because you never know how banks could feel to squeeze ppl
Joint account interests will also supercede any possible estate claims made against those accounts.

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Re: Finances

Postby goalpost » January 26th, 2023, 10:03 am

So what about Annuities and Critical Illness insurance.
Who do these benefit my beneficiaries?
I think the Annuity matures at age 65, so a lump sum is paid out? Can I just leave it there for my kids?
Also how does the Critical Illness insurance works

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Re: Finances

Postby bluefete » January 26th, 2023, 11:45 am

pugboy wrote:^i have wondered this also

so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?


Hover 11 and Kickstart are both correct. Once your name is on the account, you can continue to use it if the other person dies.

After, if you now want to add someone else to the account, the stress you get will depend on the bank.

RBC requires you to open a new joint account if one person dies and you want to add someone else. They like the Rastas - dey doh deal up with de dead.

Long ago, you just walked in and said who you wanted to add and that was it. Today, you have to bring the marish and the parish.

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Re: Finances

Postby bluefete » January 26th, 2023, 12:00 pm

goalpost wrote:So what about Annuities and Critical Illness insurance.
Who do these benefit my beneficiaries?
I think the Annuity matures at age 65, so a lump sum is paid out? Can I just leave it there for my kids?
Also how does the Critical Illness insurance works


Well if I start to tell you what I have learned from these issues ...

Critical Illness is for YOU. If you get a named sickness on the policy, the insurance company will pay your bills for you - up to a certain amount. This saves your family from medical financial stress. An analysis of your family history will tell you if taking out critical illness is necessary. But be aware that illness can came at anytime from anywhere.

Annuities: The stress you have to go through to cash in at maturity is something insurance agents never tell you. You have several options with your annuity and it is best to discuss your questions with your insurance agent.

The only time your children can benefit is if you die and they are a named beneficiary on the policy. When it matures, you can take a lumpsum and a reduced pension or you can take a full pension depending on the value at maturity.

You have a certain amount of time to die - upon which your children will get something from your annuity. I cannot quite remember. If you live beyond that time, your children will get nothing. VERIFY THIS WITH YOUR INSURANCE AGENT PLEASE.

At maturity, you have to fill out all kinds of government forms which will be sent to BIR for them to clear payments that will be made to you. These payments are TAXABLE!

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Re: Finances

Postby meccalli » January 26th, 2023, 12:28 pm

bluefete wrote:
pugboy wrote:^i have wondered this also

so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?


Hover 11 and Kickstart are both correct. Once your name is on the account, you can continue to use it if the other person dies.

After, if you now want to add someone else to the account, the stress you get will depend on the bank.

RBC requires you to open a new joint account if one person dies and you want to add someone else. They like the Rastas - dey doh deal up with de dead.

Long ago, you just walked in and said who you wanted to add and that was it. Today, you have to bring the marish and the parish.

Currently dealing with this, had a joint roytrin acc with my grandfather..now would like to add my parents onto it in case of anything in the future but it's lot of runaround...

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Re: Finances

Postby bluefete » January 26th, 2023, 12:34 pm

meccalli wrote:
bluefete wrote:
pugboy wrote:^i have wondered this also

so if you have a joint account with a parent and the parent passes, the account is still active and can be used by me or will the bank freeze it?


Hover 11 and Kickstart are both correct. Once your name is on the account, you can continue to use it if the other person dies.

After, if you now want to add someone else to the account, the stress you get will depend on the bank.

RBC requires you to open a new joint account if one person dies and you want to add someone else. They like the Rastas - dey doh deal up with de dead.

Long ago, you just walked in and said who you wanted to add and that was it. Today, you have to bring the marish and the parish.


Currently dealing with this, had a joint roytrin acc with my grandfather..now would like to add my parents onto it in case of anything in the future but it's lot of runaround...


I sympathize. It is really not easy. Is your grandfather still alive?

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Re: Finances

Postby meccalli » January 26th, 2023, 12:40 pm

Nope..hence the challenge now.

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Re: Finances

Postby Rory Phoulorie » January 26th, 2023, 12:44 pm

Just a word of advice on life insurance policies.

NEVER name a beneficiary in your life insurance policy. Put your beneficiary as "ESTATE" and name your beneficiary in a will.

Because if you name a beneficiary in your life insurance policy and you want to change the beneficiary for whatever reason, the named beneficiary has to sign off (through a lawyer) as giving up rights to the insurance policy. Depending on your relationship with the named beneficiary, they could make it virtually impossible for you to change the beneficiary.

With "ESTATE" being the beneficiary, you can name whoever you want in your will and change it whenever you want.

The insurance agents don't tell you the above when you are naming a beneficiary. It is in their interest to not tell you as the only way to get rid of the beneficiary if named is to cancel the policy and take out a new one, which in all likelihood will incur increased premiums for the same level of coverage.

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Re: Finances

Postby bluefete » January 26th, 2023, 12:51 pm

meccalli wrote:Nope..hence the challenge now.


Wow. RBC may tell you to close the old Roytrin account and open a new one joint with your parents.

But then the paperwork .. . and documents they will want to see.

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Re: Finances

Postby bluefete » January 26th, 2023, 12:53 pm

Rory Phoulorie wrote:Just a word of advice on life insurance policies.

NEVER name a beneficiary in your life insurance policy. Put your beneficiary as "ESTATE" and name your beneficiary in a will.

Because if you name a beneficiary in your life insurance policy and you want to change the beneficiary for whatever reason, the named beneficiary has to sign off (through a lawyer) as giving up rights to the insurance policy. Depending on your relationship with the named beneficiary, they could make it virtually impossible for you to change the beneficiary.

With "ESTATE" being the beneficiary, you can name whoever you want in your will and change it whenever you want.

The insurance agents don't tell you the above when you are naming a beneficiary. It is in their interest to not tell you as the only way to get rid of the beneficiary if named is to cancel the policy and take out a new one, which in all likelihood will incur increased premiums for the same level of coverage.


Very good advice. I forgot that. Especially if you are married and name your spouse as beneficiary and then you get divorced and want to take off his/her name as beneficiary.

Good luck with that. LOL.

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Re: Finances

Postby pugboy » January 26th, 2023, 1:02 pm

plenty divorced men get ketch with dat

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Re: Finances

Postby hover11 » January 26th, 2023, 1:49 pm

pugboy wrote:plenty divorced men get ketch with dat
Alot of ppl in trinidad does get it twisted, that once you separated things nice when you die. If you are separated, you are still very much Legally married and the person who you may detest the most at that point will claim everything or majority of such you own when you pass

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Re: Finances

Postby shaneelal » January 26th, 2023, 2:05 pm

As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?

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Re: Finances

Postby redmanjp » January 26th, 2023, 2:10 pm

bluefete wrote:With respect to parents plans:

Having gone through the trauma of probating a will, I have tried to dispose or make provincial arrangements for almost all of my assets.

House, land already drawn up with child(ren) as co-owners BUT nobody getting nutten until wifey and I dead and then some ...

And we have to die from natural causes, eh. No killing me to make it look like suicide.

Some of allyuh children real tusty out here and could barely wait for your parents to croak.


so if a bandit kill yuh dey eh getting nuttin?

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Re: Finances

Postby adnj » January 26th, 2023, 2:59 pm

shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
Only the person named on the account has rights of survivorship in British common law countries.

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Re: Finances

Postby pugboy » January 26th, 2023, 3:03 pm

plenty woman would not be happy about this thread

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Re: Finances

Postby 88sins » January 26th, 2023, 5:06 pm

pugboy wrote:good i just wanted to clarify that wrt joint accounts because you never know how banks could feel to squeeze ppl



As I mentioned before, make sure that the account is an "and only" , and not "and/or".
The difference between them is simple.
"And only" means that for withdrawal, you both must be there, as opposed to "and/or", which allows for either account holder to access funds independently of the other.

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Re: Finances

Postby 88sins » January 26th, 2023, 5:11 pm

adnj wrote:
shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
Only the person named on the account has rights of survivorship in British common law countries.

It ain't that simple.
Let her file for divorce and bring that account up in court, and see how fast you lose half of your share of the money in it.
If you die, your share in the account is still considered part of your estate and as a result she can claim it. Estates consist of ALL assets, whether wholly or jointly owned.

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Re: Finances

Postby 88sins » January 26th, 2023, 5:21 pm

pugboy wrote:plenty woman would not be happy about this thread


Some won't be happy, but methinks that just as many would. These things apply to everyone, not just men, and women can use these things to safeguard and provide for their children as well.


Quick tip for property owners.
When preparing your will, if you have grandchildren, did you know that you can put it in place so that at the time of your demise your kids can inherit your property, but cannot dispose of it and it must be passed to your grandchildren?

Also, you can leave your surviving spouse what's known as a life interest in your residential home. This allows so that if you the legal property owner die and are survived by your spouse and children, you can leave the property for whomsoever you choose, but your spouse will have the right to occupy that property for the rest of their life unhindered.

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Re: Finances

Postby paid_influencer » January 26th, 2023, 5:29 pm

88sins wrote:
adnj wrote:
shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
Only the person named on the account has rights of survivorship in British common law countries.

It ain't that simple.
Let her file for divorce and bring that account up in court, and see how fast you lose half of your share of the money in it.
If you die, your share in the account is still considered part of your estate and as a result she can claim it. Estates consist of ALL assets, whether wholly or jointly owned.


if you ded, the account ent going to go solely to the surviving party (with your "estate" getting nothing)?

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Re: Finances

Postby 88sins » January 26th, 2023, 5:49 pm

If you don't list it as part of the estate of the deceased, that's exactly what will happen. But remember, that right up to the time you died, you owned a share in that asset, thus it is actually a part of your estate.
Your estate is a complete compiled list of all the assets you owned at the time of your death, whether in joint or entirely solely.

So if a surviving spouse/child wants it, they actually have the right to list it, and will eventually get it.

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Re: Finances

Postby adnj » January 26th, 2023, 7:12 pm

88sins wrote:
adnj wrote:
shaneelal wrote:As we're on this topic - if you have a joint account with your parent, get married then die or get divorced, can the spouse have claim to funds in that joint account ?
Only the person named on the account has rights of survivorship in British common law countries.

It ain't that simple.
Let her file for divorce and bring that account up in court, and see how fast you lose half of your share of the money in it.
If you die, your share in the account is still considered part of your estate and as a result she can claim it. Estates consist of ALL assets, whether wholly or jointly owned.


Divorce settlements are based on the assets held: courts will impute individual interests to be equally divided amongst the joint holders; exception is where the divorce plaintiff can prove that the source of funds were not equally divided.

Joint account-opening document right of survivorship takes precedence over any estate claims and are conclusive. This is settled law from the Privy Council (Whitlock v Moree).

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