Full speed ahead

At some stage in our lives we may experience the pain of separation or divorce, or the loss of a loved one. During such times, our finances are probably not our first priority, nevertheless it is important to make sure that everything is in place. A family member or close friend can probably help you through this emotional moment, whilst we at HSBC Amanah are always available to guide you through the maze.

In the event of a death and there may be a Will, the deceased’s estate will need to be settled. The assistance of a lawyer should be sought, and the Bank can make the necessary arrangements for closing accounts, providing help with expenses and so on. If takaful policies are involved, you may need to set up an Advance Account-i or Term Deposit-i to cash in any takaful payouts in a form of a cheque; this account could also be used initially for any inheritance while you discuss with a Financial Guide some more long-term investment options and the need to write a new Will of your own.

If there is a separation or divorce, you may need to re-arrange your finances and banking processes. Perhaps a new savings account such as Advance Account-i is needed and arrangements to receive statements and so on. A full review of your financial status will be necessary so that you can be sure you are fully covered against every eventuality.

Useful tips

There are many support groups like Befrienders or Women’s Aid Organisation in Malaysia who help people through the pain of loss; you can find a list at your library or through your local Social Services Department.