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What About when it's YOUR time?

post #1 of 12
Thread Starter 
Nobody likes much to think about this, but we're all going to walk across that bridge at some point.

I signed up for some life insurance at work and got the 4times my income deal, it'll give my wife enough to pay off the house, my debts, dispose of my remains and leave enough there for her to carry on.
I also go her some insurance in case something happens I can clear up her affairs, give her a decent burial and maybe put something down on a replacement mail-order brode . God, I hope she NEVER finds this post

On the "contingent" part, I didn't know exactly what that means, so I asked our Insurance/Benifits nerd, Randy to explain it to me clearly. Randy knows everything about insurance and can sit for days in an insurance seminar, in complete rapture long after others have comitted hari-kari.

"It's in case you and your Wife die together in a traffic accident or something"
Clear enough.

What I did was, leave 75% to my sister so she could clear up our affairs, bury us and have a little somethin' somethin' for herself and the other 25% was to be given to the Cat Rescue Group that I belong to.
Someone would have to care for our beloved cats after we're gone and my sister shouldn't have to worry about that.
I made this thing out with the following stipulations:

1 They are to take possesion of all of our cats as opposed to family being burdened with finding a home for them.
2 They are to keep all of our cats together in a permanent home for the rest of their lives.
3 They are to use the financial gift to provide Vet Care with the same Vet they have always seen, also to provide food and medicine for them for the rest of their lives.
4 The remaining money is to be used by the group for whatever purpose would be best suited to keeping their efforts going.

There it is. I just wanted to make sure that our cats would be well-cared for and that they wouldn't face an uncertain future.
They deserve that much.
post #2 of 12
Good for you that you're taking your cats into consideration and planning a head. Thankfully my parent's are willing to take my cats if anything happens to me and if they're gone then I have a cousin that would take them. I have my life insurance written up that whoever winds up with the cats winds up with the money, that way it won't ever be a financial burden.
post #3 of 12
Hmmmmm, I don't have any life insurance, 401K or anything in line for my future YET. But fully intend to work on that once I graduate and am nursing and have the $$ to make those arrangements. Uncle Fester, I think that was a wonderful idea that you made those plans for your cats. I am sure if something tragic were to happen to me tomorrow either my sister or my boyfriend would keep Dori. I am confident that they would take great care of her.
post #4 of 12
Do you have this provision already set up with the rescue facility? If so, how did you pick one and how receptive were they to you requiremens?
post #5 of 12
My husband an I are in the process of getting life insurance. Not a lot, but enough to cover the mortgage of the house so that we don't have to worry about losing the house should we lose our spouse. But I never thought to make arrangements for Lily should something happen to both me and DH. We'll have to talk about it!
post #6 of 12
Thread Starter 
I am a member of this group and talked it over with our President, and I've put it all in writing.
We agreed that the requirements are easily met and reasonable and I don't think there's going to be any problem.
post #7 of 12
Nobody will be financially hurt, when I go. My company provides $10,000 life insurance, my credit union $1000 and Mark is my benificiary. Courtesy of the Veterans' Administration, my cremation and burial are free, as long as I don't remarry.

Bill has made me the beneficiary, on his 401(K), IRA and all insurance policies. He's taken out a policy, big enough to pay off the house, so that I will always have a place to live. With my own retirement benefits, widow's pension and Bill's legacy, I should not be a burden on Mark. I am also getting a modest bequest, from my parents but I really don't want anything, except my mom's wedding rings.
post #8 of 12
I have often thought about what would happen to my cats if something happened to me- have made enquiries in case my mother (who adores them) is unable to take them.
The Animal Welfare League here will look after cats for the rest of their lives- if you make a provision in your will. They call it Legacy House.

Your post reminds me I should do something about that- keep forgetting as I'm not that old.
post #9 of 12
Its a great idea to get stuff actually spelt out like that Fester. Absolutely anything can happen at any age - no one expects to die early. I am still looking into where my bunch should end their days when I am no longer around. My family should not be left with burden of keeping animals they dont really care that much for, or in the case of my 75 year old mother are actually slightly afraid of.
post #10 of 12
I already have a will made out when i was with my husband, but i'm changing it when 2006 comes.

I have an endowment policy that matures then and it's for quite a large amount. Although legally i'm still married, i will have to have my husbands name removed along with my brothers name, because he's the one who disowned me when i left my husband so now he's getting naff all!!!.

So my money is going to my sister who will look after my babies, Marie Curie Cancer Care, and The Cat Protection, but if my sisters gone before me my friends have said they would take care of them.
post #11 of 12
:QUOTE=rosiemac]I already have a will made out when i was with my husband, but i'm changing it when 2006 comes.


Why 2006, surely you can change your will whenever. You dont have to leave anyone anything. My mother changes her will about every 12/18 months for one reason or another. I would of thought that once you were no longer with your husband, married or not, a will change is the second thing you do after changing the locks
post #12 of 12
I'm thinking now Alexis!
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