When You Are Gone

[Ynot]

Have you ever considered what will happen to your better half when you are gone?  Have you catered for her or him when you depart this earth! Having said that I hope its not for a very long time, but at the end of the day if you love the one you are with, surely you should make allowances for them in your will or financial affairs to make their life that little bit easier for when you are not around. 

 

Now I've been reading various posts and I get the impression some of you may not have taken steps to safe guard your loved one or your carer if you like because you dont love them but have come to some type of agreement that they will look after you and you will look after them, but surely even in those arrangements some fondness does develop, otherwise why would you hang around!!

 

In my case, I intend to retire at the end of 2017, not before June when I turn 60 because of tax reasons.  If you are under 60 when you access your super then you pay an extra 15% tax, I dont wish to do that so I will hang around at work until I'm at least 60.

 

But I have already taken steps to look after my loved one, we have been together for over 3 years, we will be reunited in September, and then again in April next year for 2 months.  I digress, I have taken steps already to look after my loved one, she is named in my will as a beneficiary of my estate (its important to have an up to date will).  She does not get everything because i have had relationships before and I have two sons who are grown up now, but I will be leaving my sons something from my will.  I've actually discussed it with them, so they have an idea what they will get when Im gone.

 

As for when I actually retire, the majority of my wealth will be in a super fund in Australia, so its important that my Australian will is kept up todate to safeguard my loved one,   As for my Philippines assets, my loved one will have knowledge of those assets probably bank accounts joint and or perhaps my own, but i will also take steps to perhaps buy land and probably build a house (a simple house for a simple man) which will be in her name, and I would be doing this to ensure that if something did happen in Australia (someone in the family not necessarily my sons contest the will because they think they have right to something from because they are related) then at the very least she will have a house and land, and money in the bank whilst waiting for any contested action is settled which could take years.   Don't say that will never happen, because a close friend's wife has been going through legal action for over 7 years now because her brother does not agree with the outcome of the will.  The estate is quite sizable and unfortunatley the brother is well off (a specialist doctor) who has millions to waste on contesting the will, in the meantime, the rest of the family 4 sisters not as well off as him must suffer.

 

My point being although you probably dont like the idea of dying, departing this earth, you should where possible put in place a plan to safeguard your loved one. 

 

 

[Methersgate]

Those are admirable sentiments.

 

However, never under estimate the ability of a woman from a Malayo-Polynesian background to run  through whatever you leave her in a year, or two at the most. The recent widow will be a magnet for "pogi" young men who will do an excellent job of helping her spend whatever you leave her - and she will be the more vulnerable because you are not there.

 

This may sound very cynical, but some relationships are not perhaps as solid as yours. There is a school of thought which suggests that it is wise not to convey the impression that your other half would be better off with you dead, than with you alive. There have been cases in which the Philippines - resident Filipina wife of a foreigner has encouraged her "side line" (local boyfriend) to dispose of the old man who stands in the way of their happiness together..

 

I was married to a Filipina for 17 years and two children... and was quite surprised when she decided that she liked another man better and took herself off - leaving her children with me. At least she didn't do me in... 

 

For myself, I think that the best gift that I can give to my mahal, the age difference in our case being quite large,  is to get her started in a career that she can pursue without me.

[stevewool]

Build that house she has always wanted, make sure there is money in the bank too, but enjoy all you can before you leave this world, she managed well before i got here and i am sure she will manage well once i have gone,

I have just got to make sure the rest of the so called family dont get involved with what i have left and spend it all on themselves

[Thomas]

I aim at:

1/ geting 2 (or 3) kids with "my" Filipina.  Then related to my RETIREMENT PAY Sweden will pay around 20k pesos totaly after tax per month as long as they are under 19 years old.  (Or perhaps only 10k depending of how they interpret the laws.) In WORST case they can live of that.

2/ having HOUSE plus at least 3 hectares LAND, probably with FOREST at most of it, which can be transformed to money. I don't want to wait until I can finance everything cash, so I plan to buy it partly with loans, but aim at all is paid when I'm 75, and I plan to live longer than that   :)

3/ starting a business and teach my wife to handle it. When the youngest kid is 8-10 or so, then the plan is leting the wife work and handle more and more, while I retire step by step. The goal is making it a "for ever" FAMILY BUSINESS, where the kids can get work, when they grow up, if they want to, so no costs are needed for College   :lol:     (I hope they can and will do as I did = Get the needed knowledge by self studies and work practice.)

((4/  PERHAPS a life insurance or an inheritable retirement fund can be added, IF there will be cash the business don't need.  But I prefer to use it as working capital, so no big fees. At least in the shape I'm now   :)     Perhaps I will change my mind, when I get older.))

[Kuya John]

so I plan to buy it partly with loans, but aim at all is paid when I'm 75, and I plan to live longer than that :)

At 43 yrs old I found out the hard way, never take anything for granted.

The best laid plans of men and mice....must look up where it comes from.

Of course we must have plans and projects for the future, if you love somebody or have family, naturally you should make sure they are cared for via a will etc, should the inevitable happen.

 

 

spellcheck

Edited May 6, 2015 by Kuya John

[Gratefuled]

My wife will not leave her parents in the Philippines. When she does decide to be with me in the US, we will get her Green Card and register her with Social Security Administration.  Maybe even have her Naturalized, if she wants.

She will be the beneficiary of my Social Security benifits as a surviving spouse. She will be financially secure. My home in the states is paid for. She can return to the PI if she wants after I'm dead. 

[RBM]

However, never under estimate the ability of a woman from a Malayo-Polynesian background to run  through whatever you leave her in a year, or two at the most. The recent widow will be a magnet for "pogi" young men who will do an excellent job of helping her spend whatever you leave her - and she will be the more vulnerable because you are not there.

 

And here in lies the secret....

 

If one is up there and looking down one dies all over again.......

[Old55]

You bring up something we need to do.

My wife and children will be comfortable financially if I pass today. What my wife and I have not done is make an action plan when I pass. It would be helpful to her if we were to thoroughly go through the SS benefits and my company pension details. She knows about them but we have never sat down and gone over who to call what to do. My wife handles all our financial actions so this will not be difficult for her.

[Thomas]

 

so I plan to buy it partly with loans, but aim at all is paid when I'm 75, and I plan to live longer than that :)

At 43 yrs old I found out the hard way, never take anything for granted.

The best laid plans of men and mice....must look up where it comes from.

Of course we must have plans and projects for the future, if you love somebody or have family, naturally you should make sure they are cared for via a will etc, should the inevitable happen.

BOTH land and the loan the land it's collateral for will be in HER name  

=If my wife would leave me and try to take it within 10-15 years, she would get the dept too   :)   

(I haven't decided yet if doing same with the house, or if that will be in my name, but I believe things on leased land aren't accepted as collateral.)

 

No will needed in  my case* because if I get married and get kids in Phils, they will get all anyway    (except my wife will not get the most important business instructions, if she get me murdered     :mocking:   

 

*Except if I want to change who get the part, which isn't inheritance rights parts.

[mogo51]

Once I committed myself to my gf, I made her aware that she would be the major beneficiary of my will, but

I also have two grandsons that I want to leave something . However, I am going to have a good time whilst I am

here and whilst not wasteful, I wont be worried other than a place for gf to live, after I check out.