How your house can become a headache!

Imagine this scenario:-

  • You have passed on
  • Your two children, Jack & Jill, have inherited your house 50:50
  • Jack wants to sell his  share NOW for the money, Jill wants to keep to own or sell later
  • The solution is for Jack and Jill, being co-owners, to jointly apply for a bank loan and allow Jill to pay off Jack. The problem is Jack does not want to be involved in the bank loan application process, because an argument broke out between the two on the value of the house, Jack wanting more and Jill insisting less

Does this sound like a problem you have seen before? I know it happens, because there is a house in my neighborhood with the same problem now. The children are at a stalemate on the matters of the house, while we have to put up with a decaying house that has become an eyesore

How could this problem been avoided? One simple answer that I could think off would be LIFE INSURANCE.  If you decided that the value of the house should be RM200,000/-:-

  • Take up a life insurance policy for RM200,000/-
  • Make Jill inherit the house
  • Make Jack inherit the insurance policy

and after your passing, Jack & Jill will continue to live happily ever after

Rama Krishnan

012-320 8475

1myzurich@gmail.com

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