|Chennai||Rs. 25020.00 (0.81%)|
|Mumbai||Rs. 25890.00 (0.98%)|
|Delhi||Rs. 25200.00 (-0.2%)|
|Kolkata||Rs. 25480.00 (1.03%)|
|Kerala||Rs. 24800.00 (0.61%)|
|Bangalore||Rs. 25000.00 (0.81%)|
|Hyderabad||Rs. 25080.00 (1.09%)|
I am a single mother, earning Rs 80,000. I have to provide for my parents and a five-year-old son. I have two bank deposits (Rs 1 lakh each, maturing in two years) and a recurring deposit (Rs 3,000). I have Rs 3 lakh in my bank account. I have a surplus of Rs 50,000 every month. How should I save for my goals?
First, you need to take a health cover for yourself and your child. Also, cover your life by taking a term policy of Rs 50 lakh, at least. Make a will which clearly specifies who will be the legal guardian of your child if something happens to you, mentioning what steps that person should take for your child’s safekeeping and education.
For investment, chalk out your goals. Is there anything you want to pursue in the next three years? If not, invest Rs 30,000 monthly in an income fund, 10 per cent in a gold fund and the rest in an equity fund.
I am 56 and plan to retire this year. I have two sons, 26 (married) and 20. My investments include a second house in Pune, fixed deposits, NSC, PPF, Ulips, equity and some ornaments. Total value is Rs 60 lakh (excluding real estate). I wish to make a will. Who renders these services? Do only the wealthy opt for estate planning?
To draft a will, you may get in touch with an attorney or a qualified financial planner. In fact, you can draft the same in simple words yourself. Make a list of your assets and who should have them after your demise. You will need an executor of your will and a couple of witnesses. You don’t have to disclose the contents of the will to anyone. You can change it later, if needed. There is no need to register a will, but it is better to do so. Making a will is a form of estate planning. However, if you think some family member will contest it, you may consider the trust route which is expensive.
The writer is director, Gliese Consulting