Some people say it’s morbid but I prefer to make plans for my family in case I have to leave this world before them. Over the past few months, I’ve summarised our household’s financial situation – mainly our assets and liabilities. During the exercise, we also reviewed our insurance needs with our financial consultant. The only thing left to do was writing a will so we can name our executors, beneficiaries and guardians for M, in case we have to go before she reaches adulthood.
The Intestate Succession Act applies in situations when a person dies without a will (intestate) or if the will left behind is incomplete. It governs who gets the deceased’s estate in what proportion and who can manage the estate. Personally, I think that if either me or Matt were to go first, it may not be a big issue dying intestate. However, it can get complicated if the worst scenario should happen, i.e. both of us dying together. *Touch wood*
In most cases, family members apply to be executors of the deceased’s estate as well as guardians of the deceased’s children. But we would rather save them the anguish of having to make those tough decisions on our behalf. Dying testate (with a will) also gives us peace of mind that M will be in good hands in the event that we can’t be there for her.
And the price of this peace of mind – $920 for the 2 of us!
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