The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: My smart grandmother.||Date: 10/13/2004 1:59 PM|
|Author: WendyBG||Number: 42706 of 75611|
<there can be a measure of distrust when someone approaches you "suggesting" that their money belongs elsewhere. >
One approach is to "gift" the person a safe deposit box. The cost is nominal ($35 per year, for a small box). The "renter" of the box gets 2 keys. It's safe to keep the keys in the house...much, much safer than keeping the money. The renter can go to the box, and look at her money, anytime she likes :-).
Of course, the location of the box should be known to the executor.
My family, like many Depression families, always wanted cash outside of the banking system (just in case the bank failed). After my mother's death, I found a few thousand dollars in her safe deposit box. I had to show the bank my mother's death certificate, and my court appointment as executor, to enter the box.
Although the contract on the box may say that cash shouldn't be kept in the box, the contents are confidential, so nobody can say no.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|