10 THINGS TO DO BEFORE YOU DIE
No, I have no plans to die anytime soon. However, like a thief in the night, we never know when death will strike. Perhaps some of these things here would help us prepare a little for it.
Make sure your EPF, and Insurance nominations are updated- there has been incidences where the former spouse was nominated and it is non contestable. EPF nominations supercede your Will. For Muslims, the nominees only hold the monies to be distributed to the Faraid heirs.
Make sure you have enough insurance to help your children or dependents live on either to a complete education or for the spouse a decent retirement.
Consider a trust nomination on your unit trusts as this will also supercede the Will and make the money available faster for living expenses.
Have a Will or Wasiat done up rather than relying on the civil law/Syariah law. When you don’t have a will/wasiat, you lose your rights to give away your hard-earned monies the way you want it.
Make provisions for the guardianship of the minor children – inform the guardian now so that they are prepared.
Inform the kids (if they are able to understand- preferably 6 years and above) the education plans for them and who their guardian might be.
Pick the executor of your Will- get someone younger than you, trustworthy and able and willing to administer the estate. And inform him/her now.
If you wish to control the estate so that it will not be squandered, best do a trust.
Plan your own funeral- it will relieve the stress for your loved ones as well as make it easy for them to decide on things like donating your organs, burial or cremation, etc
Logging off digitally – leave instructions about your accounts (e.g. Facebook, emails, Twitter) so that they can be terminated.
All these are very important.. they are just not very urgent. If all fails, take that bucket list trip to Mongolia that you have always wanted to do and tell your loved ones that you love them! ACT NOW OWN TOMORROW.