As morbid as this may sound, I have been thinking of my own death. Hey, my father died when he was in his mid 30's, and in 1.5 year from now, I'll be 30 years old. There's a chance I'd die same age as my father did. Plus, since I'm somewhat addicted to Investigation Discovery, a channel about death and such, this really made me think that I could or I might die soon. We never really know, right?
I set up my will through LegalZoom. It's kind of pricey, at least for me. But it really gave me peace of mind knowing that if I die tomorrow or today, my "wants" are taken care of. It's my hard-earned assets, right? Where or who should get what should be my decision.
I didn't really open it up and talk about it here in my blog while I was in the process of setting it up because you might think, "Sus, pa 'will will' pa ang drama, pang snacks lang ni Henry Sy ang total assets mo, Miss!" But then again, what's the use of finance blog and being anonymous if I'm still holding it back. Plus, it's All Soul's Day so this post is appropriate.
In my death, I want:
- All my organs donated
- My body cremated
- The urn, which contains my ashes, should be sent to Pagadian to be put on top of my Papa's grave.
Who gets what?
- PHP 200k worth of Mutual Fund is for my 2 nephews' college education. They are under 6 years old now. By the time they'll be in college, the fund should have grown which will hopefully help pay part of their college tuition/expenses.
- PHP 200k cash is for my niece's college education. She is in her first year college now. Her tuition fee is more or less PHP 20-25k per semester. This should be enough to cover her 4 years college tuition. Books, allowances and other miscellaneous school expenses are shouldered by her mom. I only shoulder tuition fee for the whole school year.
- I got a total of 80 square meters lot somewhere in Cebu and my two older brothers should split it up (40 square meters each)
- The house and lot goes to my mother. And in the event of her death, my younger brother gets it.
- Stocks, cash and other investments goes to my mother, and in the event of her death, Php 500k should be donated to build one school in our province. The rest should be divided among my 3 siblings.
My only true dependent is my mom. My siblings are all adult so let them fend for themselves, that's why my money all goes to my mom if I die tomorrow.
If my mom is wise enough to handle the money that I left for her right after my death, she should be fine for a long time.
Her current expenses is Php 10,000 every month or Php 120,000 per year. Since I have 1 Million pesos saved in the bank (originally a fund that will save my ass in case my plan doesn't work when I come home for good), she should be okay for at least 6-7 years including inflation. When the money runs out, she will then access my stock portfolio (currently worth PHP 2 Million) taking only a year's worth of her living expenses (all these is written in the Will). Hopefully, by seventh year without touching my stocks, my portfolio should grow. The house that she is now currently living is owned by me outright, which will be hers, so she should be fine with regards to roof-over-her-head thing.
Just a little family background: My mom now is in her late 50's. Her mom died in her late 40's of heart attack, while her dad died when he was 75 years old of natural causes.
What if my mom gets sick? Well... I am already dead, let them figure it out. Haha!
I let my aunt be the executor of the will. I told her what to do. To give only what is needed monthly because my mom has this tendency to spend it all, aka one day millionaire attitude. I just want her to be okay for a looonggg time once I'm gone, that's why getting a third party in to check up on her expenses and such is, I think, wise.
Note: I am planning on changing my Will once I get home. I really would like to seek an attorney's help and change my executor because "what if my aunt dies, too" or something like that. Plus, I don't want my aunt and my mom to have this cold war thing. You know, money and relatives don't go together. This is just temporary and I plan to update it regularly depending on my life's stage. This is just "for now" type of thing.
It feels good knowing that If I die tomorrow, my mom is taken care of and my family wont fight over the assets which I acquired in life with my own sweat and tears. It's right that in my death, I should be the one to direct who gets what. It is/was mine, after all.
Hey, if you happen to be a finance nerd, is there something wrong with my Will, the calculations, distributions and such? Please point it out. As I said, this is just temporary, and I plan to update it once I get home for good.