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Pass this to my children!
Like most fathers, I would like to leave a good inheritance to my children. Something that can give them a good start in life by which they can remember me long after I’m gone. Some fathers are affluent enough to buy their children houses and even replace such houses when the child is not satisfied. But I hardly have anything, save for this house we live in and another plot of land in the village.
When my friend spoke about setting up a will, I laughed as I asked him what assets we have to set up a will on. Feeling smug, I told him of my age long plan; upon my retirement, I will call my children and give each child 10 % of my pension fund. This would surely give them a head start in life and I would still have 60% to fall back on in old age. Maybe I would start a small business thereafter to keep me busy. ‘What will become of your house and your land in the village?’ my friend asked. ‘My children can do whatever they like with them when I’m gone’, I told him.
Nodding, my friend agreed. ‘It’s not a bad plan, your pension is a substantial asset’, he said. ‘But what if the unfortunate happens before you retire, what will happen to your pension?’ Pausing to think, I answered assuredly. ‘Well, it will amount to almost the same thing; the pension will still go to my children’. ‘Ken, these things are not automatic o, if you want your pension to go to your children, you need to set up a Will for your pensions account, naming your children as your beneficiaries,’ he explained, opening my eyes to a reality I had not considered.
Many of us have plans for our pension funds. Plans to reinvest it; live on it or even pass it on to our children. Most of us however do not consider setting up a plan that will ensure our pension fund is distributed based on our wishes in case of unforeseen circumstances. A Retirement Savings Account Will (RSA Will) is a legal document set up by an individual stating clearly what should happen to his/her pension fund upon demise. This document allows you to state beneficiaries to the funds and what portion they receive.
In the case where a person passes on without setting up an RSA Will, his pension funds cannot be given to anyone, not even his next of kin. The law requires that for any other person to be able to claim the deceased’s pension, he/she must provide an RSA Will or a letter of administration obtained from the court. Obtaining a letter of administration is a tedious and time consuming process; more exhausting than the process of obtaining letter of administration is the strife and bitterness that may emanate among family members over such unallocated funds.
Setting up an RSA Will is easy and affordable; the wise thing to do is to set up an RSA Will today.
Preparing for the future does not mean you are inviting loss. On the contrary, the assurance that your future is secure enables you enjoy life more. Let us walk you through setting up an RSA Will, call ARM Trustees today.
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