Protecting Hopes and Dream
The title of this post sounds very much like the headlines I often write in my day job.
While it sometimes seems like "fluff", we do mean what we say when we tell people to start thinking about protecting what matters to the ones they love.
Of course, protection means different things to different people.
In our family, it is about ensuring our kids complete their education, do what they enjoy and grow up being able to support themselves through life. And this should be whether or not the man and I are still alive.
If we live to a ripe old age, and maintain our ability to provide for them, well and great isn't it? But what if something untoward happens to us?
How about the other people who are dependent on our income to live out the rest of lives, like our parents?
Conversations around death or permanent disability is a heavy one and often a sensitive one. However, the conversation is absolutely be necessary.
From a life insurer's perspective, it is always encouraged to first look at the amount needed to ensure your closest kin will not be burdened with your existing financial commitments when you are either hit with long term illness or even death.
Then you add on the money needed to sustain your dependents till they become financially independent.
The total amount is then what you need paid out when the unfortunate happens. Stack your changing circumstances as life progresses, we then realise the protection policies we own and the money we invest also grows.
So what happens next? How do we ensure all these preparation and the outputs end up in the right hands when the unfortunate really happens?
We have multiple policies from different insurers, and it is often hard for us to remember which insurers we bought from, much less the expected payout from each policy. While there is the option of making a nomination with the insurer, we chose to do this through a will. And, this is really more for easy administration , while making the will and when the will is eventually executed.
So, here I am, also busting a common myth of making a will.
Wills are not only for the rich and privileged. As long as you have expected insurance policy payouts upon death, these make up part of your estate that requires prudent management and distribution. And more importantly, getting your will done doesn't need to cost a lot.
We had our wills drafted with Willcraft, an online self service wills drafting platform.
It was perfect for busy working folks like us when we can never seem to find a common time to visit a lawyer. So, we did this in the comfort of our home when the kids have both gone to bed. We are not quite there in terms of estate planning. Yet, the man's frequent travelling requires us to settle our wills as soon as we could.
Willcraft was started by an ex-lawyer who recognises that g etting a will done , doesn't need to be complicated nor costly. Unlike some will and estate planning services out there, you can get yours drafted from $49. That was a far cry from the $2,000 we were quoted before. And if you still prefer to have a lawyer look through the will before signing on it, you can select one of their legal partners and top up $79 for a lawyer to witness and review the drafted will.
We took the Premium service on Willscraft, and topped up for a lawyer's review and paid only about $250 for the full service. So at least now, we can put our mind at ease.
|How does the Willcraft platform work?|
Willcraft's platform is very easy to use, with intuitive questions to guide you along the process. You can even save and come back to complete your will another time if you lack some information.
What I liked most is they have a good library of content on their site to help people understand the intricacies of making a will, and put out these bite-sized information on their social media platforms, making will making a lot less complex than the we perceive it to be.
On the side, do find out more about will making, what you need to note, some of the common terms used and what they mean. This will make your experience on the platform more pleasant.
New year, new resolutions and new list of "Must-Dos". Make protecting the ones you love be one of it! And yay to us as we finally ticked getting our wills done off the to-do list after years of procrastinating!