When I was sick two years back and almost housebound because of my illness; one single thing was on the top priority of my mind and that is, "What will happen to my child when I am gone".
My husband is a very gentleman and cares for us, and takes responsibility for us. But is there any guarantee that he will look after my child after I'm gone. Maybe he will remarry, maybe because of circumstances he will not be able to look after the way I would be pleased.
All these thoughts were killing me, in those days.
To stop the raceing thoughts on this I discussed the matter with my husband. As usual, he laughed and said, I'm overthinking. That didn't please my heart. So I brought up the important question, "How can I secure my children's future, not because I don't trust him but because of my peace of mind?
We have been in a lot of debt to clear up the medical bills. Fortunately, I own a small house in my countryside. I got it through inheritance and now it's on rent. It's not much, and maybe will not cover up the upbringing costs of my children. But I couldn't leave them with nothing.
In my culture, it's almost prohibited to talk about 'will' and 'asset'. People usually get an inheritance after their parents/grandparents are gone. I didn't wanted to do the same for my children.
However, there are many complexities in our local law so I couldn't give my will directly in the name of my now 15 years old and 11 years old. But I have to make a 'legal guardian' for them so when I am gone they will get it.
Reasonably, it's risky because the 'legal guardian' can falsely claim and manipulate the system to get the asset.
Instead, with professional advice I did the 'electric paperwork' done in the name of my 15 years old. And, the 'tax of the asset' was done in the name of my 11 years old. So, they can later use those papers.
It's a complex process but I made it through after many many paperwork. Also, I have shared about this with all my close relatives like my parents and in-laws. So when the time comes, they all will know what to do.
Life comes with so many responsibilities. We build our homes, make money, and broaden our business but sometimes forget to secure it through a will. It's very common here. And I have seen people go through ugly family lawsuits because of it. Many relationship comes to an end because of this.
It's better to talk about it and make a decision when our hairs are still not silver. It may sound wired but we need to do this to secure our assets as well as the future relations and lives of our loved ones.
Thanks for this wonderful question, it will help us to be educated and make future decisions.
Your @peacefulsoul
Will is of utmost importance, not only assets but our children. Our original Will was written when the children were exceptionally young with guardians mentioned at the time, filed and forgotten!
New Will was drawn up in 2018, much had changed in financial tangible assets and sons now adults, how very glad I am that we did while still in sound mind.
During Covid my young neighbour passed away suddenly/unexpectedly, fit healthy young man in his early forties. First thing I asked his wife, do you have a Will, alas no they didn't, the government steps in with laws that have now ripped a wonderful young family to shreds, so yes that Will is important and must be updated I would say every 5 years, things change!
!LUV
!LADY
Thanks for sharing your information and experience. I agree that will is a form of handing down the baton to the next generation.
I'm very sorry to hear your neighbor's story. I have seen many cases like that.
It is good to inform you that we need to update our will from time to time. Thanks.
Tough lesson one can never go back in time. There are times one is shocked by families, although it really shouldn't whenever there is a possible handout.
It’s also almost an unspoken rule not to talk about a will while still being alive. Yet, that’s an ignorant mindset if you ask me. I think it is important to secure the future of your loved ones if you can
I agree. There's nothing wrong with talking about it. Better we make the decision in our early age to secure our future.
This is such a thoughtful and responsible approach! You’ve taken steps to protect your children’s future despite the challenges, and that takes real strength. More people need to have these conversations early instead of waiting until it's too late!
People wonder why I made this decision at my age but they don't know the back story. Some also say that, I made a mistake because my children will later take advantage of me. After all, it's on their name. But I feel secure and it was needed.
Thanks for sharing your valuable opinion.
Kudos! You've really thought this through! Navigating the complexities of local law to secure your kids' future is no small feat. The 'electric paperwork' and tax strategy were clever moves to ensure they get what you intended.
Communicating your plans with close family members is smart, too. It helps everyone understand your wishes and reduces the chances of any disputes later on.
You're right—talking about wills and securing assets is super important. It's better to tackle it early, even if it feels a bit awkward. It can prevent a lot of family drama down the line.
You've done an amazing job protecting your family's future, sis. Keep up the great work, and don't forget to take a breather now and then! 😊🏠💪
!LADY
I never thought I had to do this at my age until I got sick. Fortunately, I learned in the hard way and found the loophole in the system to move forward. There's no guarantee things will happen the way I want but securing peace of mind is important.
Thanks for sharing your valuable opinion.
I agree with you, we must legally leave our assets as that protection for our loved ones and then we will have peace of mind, good that even though it was a complex process you managed it, thank you for sharing,
!LADY
I agree, it gives a peace of mind to know that we have done the right thing. Thanks for sharing your opinion.
You're welcome, have a nice day
It is a shame that the legal process in your country is so complex regarding inheritance for people with a legal guardian. A hug
!LADY
I agree. People usually don't make any will, after their death, it gets distributed according to the local law. So, making a will and in the name of underages it's kind of impossible. But I managed to find a way out/loophole. Thanks for sharing your valuable opinion.
I used to worry about my children when they were not mature enough to deal with the complexities of the legal system let alone the governmental requirements. An up to date Will is essential for my own peace of mind. They are adults now, and took the time to explain how it should be done when needed. Resources going to where they should.
That's great, you explained to them, I hope they will make a good decision and look after your inheritance in the future. Life comes with a lesson and I learned mine. Peace of mind is necessary. Thanks for sharing your valuable opinion.
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When we are young, we don't realize mortality. As we get older, or find ourselves sick with an illness that might not leave one alive in the end, it becomes imperative that these matters are settled for our own peace of mind. I have started 'making noises' for my husband; telling him we really need to get a will done so that should the time come, whenever that is, that there is no fuss and muss over what we wanted done with our estate and therefore, no fuss or fights about what our children think they should do.
Thank you for sharing; you've been wise. Take care and have a lovely day!
I agree. I never thought about making a will until I got sick. Life comes with a lesson and I would say, it was a good lesson for me to step forward.
You did a great job making the will. I hate when sibling fights for the inheritance. Thanks a lot for sharing your valuable opinion.
You are most welcome! Take care!
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I most commend you for being strong enough to do that, even if alot of cultures sees the need not to talk or write a will due to ignorance and the likes
Thanks a lot for saying this. I agree; it's not easy to make a will or even think about it at an early age. But changes come with us.