I have recently started my first real graduate job and the Company I work for has provided me with everything and more than I was expecting.
One of the problems I am encountering and it has saddened me, is that in the next few days I have to inform the HR department of who the beneficiaries of my pension/death benefit will be in the event of my death. I am in my early 20s and I don’t even know what to do make of it. I know death is the only certain thing in life, I know there is no guarantee that I will live to see an old age.
Now it has got me thinking as to other provisions I can make for my parents and siblings etc.
I do have a will in the form of a sealed written confirmation but now I wish to have a legal document drafted.
Have others made provisions for their families? If you don’t mind sharing what provisions have been made? What things do I have to consider in makig such decisions?
My mind is pretty blank but I need to do all this asap.
My Grandad (My he go to Janna) did, very thoughtful , he saved money all his life so now my Nano can get a very sizeable amount from the account monthly and live off her life comfortably.
As for me don't think I have anything of value anyway (yet) to leave behind if I depart.
It can be a pretty nerve wracking thing .... I remember when dad went to sign up for a life insurance, mom was with him as well... mom came back home n cried for ages .. lol
but sorry, i can't really answer ur question, i haven't gotten to that stage yet.
I dont think there is anything to be tensed up about that. Just have your closest and most trusted person to be the beneficiary. In my case its my wife, if we both are gone at the same time them my kids (with POA to my mom). If mom is also not there then to my sis and BIL.
It can be a pretty nerve wracking thing .... I remember when dad went to sign up for a life insurance, mom was with him as well... mom came back home n cried for ages .. lol
Awww! That is so adorable, lol!
And I'm almost 19 so I don't have to worry about all this as of yet but in the future I'd make it my family (parents/siblings) and if I was married then my hubby.
Plus always remember that by making arrangements will make life easier for those you leave behind...
More than 50% of American's pass away with no wills. By "no wills" I mean "legal legitimate wills". There are some really strict rules in this country on how a will should be made so that it can be honored by the court ..... have your family lawyer draw one up for you so that no mistakes are made. Wills should also be continuously updated with time.... since things are constantly changing in life as well. (people get married... have kids... property you once owned is now sold... new stock portfolios have been opened..etc.). These updates should also be done with your lawyer. Just simply amending a legal document yourself by crossing stuff off and writing things in will NOT be honored/enforced in court.
If one does not have a will.... the state jumps in and divides a deceased's property/assets accordingly to their own laws. People are USUALLY not satisfied with this outcome. So to avoid this... its very important to have a will drawn up.
When one has a will - they have the choice on who they want to appoint as the executor of their estate... this person is basically has the legal authority in making sure the will is carried out exactly how the deceased wanted it. If there is no will, then the court just appoints a person to this job (job being that estate is properly divided up according to state laws). People are also usually really unhappy with this... because it may be a person appointed that isnt trustworthy. So better to pick someone yourself who you know will be strong enough to deal with this emotional task and someone you trust will do a good job.
I could go on and on. People living in other countries should also do the research and see what is needed to execute a proper will and follow through with that as well.
Just like with everything in life.... I think one should be prepared for something if they know that there is a way to achieve this. This is one of those things.
havent got a will per say.... but ive made my daughter and hubs beneficeries of my superfund if anything happens to me... before i was married, I had my mum on there
LOL- I used to work in a bank and once a financial advisor asked me about sorting out my stuff and I said- yeah I can leave all my loans to my parents, I'm sure they'll be plenty surprised haha!
On a serious note, one of my friends is a letter person and she's planning to leave little memoirs and notes for everyone important in her life.
I prepare no will although now a days always thinking about children and wife if something happen to me.
Here if a Muslim died without a willing Sahira system would kick in automatically, this is the best thing we do all sort of things in our lives but for death it is better to do it in the gods way.
Did the same thing when I went to Darfur. They made me fill out papers on who to contact if I died. Who to send all my savings and money too. Who to inform of my possessions. Who will do the paper work on my behalf.
My mother actually started crying when she saw me filling it out. Its part of life. A life I have chosen for myself for now. So I don't think about it, unless I survive something retarded. Now in Afghanistan lets see what happens.
I made my mother beneficiary of whatever (if anything) will be left when I die.
Then I took some sort of death insurance attached to my credit card and made my mother beneficiary of that. That aint much. One should take serious steps to make sure that those left behind are taken care of.
And then one should make sure that they dont know about it - thats just risk management naah, just kidding.
She’ll be so annoyed when she finds out. I have to figure out how to add her on now.