There will be a point in our lives when we will have thoughts of how can we plan for our family or loved ones just in case something happens to us. Occasionally, my mind wonders what will happen to my assets in my absence. When I was 19, I remembered this struggle my mum had when my dad passed away and she had to go through all different procedures to inherit my dad’s EPF & some other money. It was definitely not easy.
I have heard multiple stories of how some families have disputes over their family wealth after their parents passed away & it is a common issue especially when it comes to money. The fact is, there are some humans that are greedy & they will do whatever it takes to inherit as much money as possible. This is a common case, especially for those parents or people that did not have any written will. This is why will writing is important for everyone in order for them to pass on their assets to their loved ones based on their wishes. From my understanding from a will writing agent, it is better to engage a will writing company than go to a lawyer for will writing as the execution is more efficient compared to a law firm.
Aside from will writing, Life Insurance will allow your loved ones to claim a sum of money upon your death. Each insurance company offers different types of coverages & packages based on the amount, age & other details. The most basic Life Insurance coverage may cover your kid’s education, your funeral & even your house mortgage. Make sure you check with your insurance agent on the details & there is also a possibility that you can upgrade your Life Insurance if it is needed. It is important to ease your loved ones off the financial stress just in case you die.
EPF nomination is also important to ensure a smoother process for EPF withdrawals. If there is no nominee, the withdrawal is still possible but it requires more documents & process may take longer due to further verifications. Your loved ones may need to go to court to be appointed in order to withdraw your EPF money. To avoid all these unnecessary hassles for your loved ones, please ensure you nominate accordingly by filling up the nomination forms.
This may be a taboo topic for many of us since death is something that makes us uncomfortable but at the same time, it is inevitable. Rather than avoiding this topic & delay working on our will & nomination plan, if any unfortunate things happen all of a sudden, our loved ones will be the ones who will be suffering from all the hassle. It doesn’t really matter how much wealth or money you have as long as you have assets to be passed on, you should have a will. For will writing & nomination, you can do it now & if it is needed to change in the future, you can still make changes as & when it is needed. Do your loved ones a favor, plan ahead & they will thank you for it.
OSS!
You can also check out my latest YouTube video on Why Do You Need Financial Planning?
