Providing an income/security for my wife when I die

[johncar54]

We live in Spain. I am on a UK Government employee pension. When I die that will pay about £50 a month, so in effect nothing. Spain do not provide 'hand outs' like the UK.

At present my wife is my dependant relative so I get an increased OAP and she gets free National Health in Spain. When I die I believe there will be a small lump sum for my wife and she gets one year free medical care, after that it is up to us to have provided.

I am trying to provide an income for my wife when I die, and unlike savings in a bank (which could be subject to pleas for money for urgent hospital treatment, food, paying the bills before being cut off etc.) an income from apartments would seem to be a more secure way.

We are considering buying a plot to build a few 'worker-apartments' in my wife's home town in Cainta. The plot is near several factories, it is not liable to flooding and wife's relatives live in the area.


I would welcome any views on `providing for wife'

Thanks
John

[stevewool]

Hi John, just like you i too am planning that into our future too,

Its hard to try and find out what is best for the future and what could bring in a income too. So far all i can think of is lots of savings and a home in the phils for when i am not around anymore.

[fred]

Hi John..
Its a business that can work and work well BUT it really does depend on your chosen location and business plan.
I am willing to give you more advice but not in the open forum..You will need to send me a PM if you feel it may be of use.. I am a bit busy right now so may be a delay in me answering.
Cheers,
Fred.

[rani]

I am from cainta too and thats what i am planning to do. I just built a duplex house and its now up for sale. My next project would be a few doors apartment for rent. Too many koreans are now renting houses in our place. Good luck and wishing you the best

[London_Manila]

For the people that know Cainta
That DMCI Mayfield park development next to Makro
Does anyone know if these apartments have gone up or down in price ?
Its hard find any information about what these apartments have been doing since this place opened

[johncar54]

Thanks Fred. I have sent PM.

Hi Rani and Steve, thanks for your input too.

[stevewool]

remember sometimes when planning for the future you must listen to your partner too, they might not want the house or the shop to give them a income, if you have children then thats a different matter its an income for those too, but if there is only your wife, then looking after the house trying to get people in to rent and collecting the cash, paying for repairs and so on, who wants this in their later life, just a thought

[gWaPito]

Life insurance..the most you can easily afford, the better...enough to pay a nice equity. You also need family you can trust with such funds...not everybody is straight down the line