A few years ago when society was more concerned about highlighting real societal issues, a few cases came to limelight regarding how parents were being abandoned at Airports, Railway Stations, Old Age Homes, with a promise to return soon.
I have personally been witness to a few such cases where rich businessmen and widowed mothers have been made to leave their own house just because they transferred the property and the moolah to the children. Though such cases are somewhat rare yet not uncommon.
The larger point of debate is, at what point in life should parents transfer their assets to the children? In my suggestion, never during their lifetime.
Wills and legacies is a subject which many families avoid talking openly and subjectively. Many parents don't tell the next of kin about their assets which often creates problems at a later stage. Children on the other hand don't question the parents because it's not their money and also to avoid any uncomfortable discussions.
Though the desire for parents money is gradually reducing with the new generations however cases of abandonment and disputes is still prevalent behind the curtains.
A few years back in one of the newspapers an article was published where a mother was so upset with the behavior of her children that in her Will she left a Thumb for them and donated her money to charity. The point of concern is, what creates the differences between parents and children and who is generally to be blamed?
In my opinion, relationship between parents and children go southward not because of one party, both the parties have to understand the changing dynamics of family structure and respect the space for each generation.
The disputes typically start due to expectations which are difficult to meet especially in today's day and age and probably not due to lack of love and concern.
To conclude, it is important for parents to hang on to their dignity and respect within the family which typically is directly proportional to the assets they hold. Once the signing authority is passed on, then the chances of love and affection dwindling are relatively high.
Pankaj Mehrotra
