Seize the day

[Ideo]

Apologies for the rambling post, but it's good to unload in relative anonymity.

I got a call from my business partner on the drive to work on Friday morning.

One of our staff (small company, we had 9) went home from work, played with his kids, had dinner, watched some TV, went to bed and never woke up again.

He was 45. His kids were 13 and 10.

He was a graduate architect. He left a well paying job to go back to uni and study architecture, which is what he always wanted to do.

I'm feeling a bit melancholy today, but made sure I told my partner I loved her. Cooked a nice dinner, spoke to my mum on the phone, and organised all kinds of bit and pieces.

I guess it was a wake up call. I shared a small office with him. I kept on looking up, seeing the pictures of his kids, his jacket on the wall, a half eaten chocolate bar he told me he was saving for tomorrow. I guess tomorrow never came for him

I don't know what the purpose of this is, I guess I just wanted to get some thoughts down on paper.

RIP Greg. You were one of the best person I have ever met.

 

[heiding]

God, that's so sad - very sorry to hear about your loss, and for his family and friends. Nice to see you are all the more appreciative of your own family as a result of this tragedy, it's a wonderful legacy for your friend.

Take care..

 

[Rolf Latham]

sad and increasingly common, last year I had a very similar experience with a 47 yr old bullet proof neighbour


In your case, for Gregs wife and kids I hope he had a "pesky and pushy" financial planner that could make their clients see "beyond tommorow"

ta

rolf

 

[westminster]

Oh how sad for you and his family. What a big hole to be left in everyone's lives.

Vale Greg.

 

[virgo]

Such is life

Hiya Ideo

I am so sorry to hear of your colleague's passing....my hubby had a similar experience...one of his mates at work did not turn up for work for a few days....hubby went with another bloke to his apartment....found he had a heart attack and had died...he was having his dinner in front of his dinner and the TV was on....just separated from his wife and was trying to set up his life again....

Hubby was quite affected and was quite quiet for a few days....we resolve to live life a little fuller and to take a little more risk....also to do more in our community and in church....spend more time with family and less at work!

Life is just so short...live life with no regrets

 

[kathryn d]

Sorry to hear about your friend.

If he had been sick, or in an accident, it may be easier to comprehend.
Just going to sleep and passing, makes a person assess their own mortality.

 

[lizzie]

So sorry to hear ... my father passed away from an accident (doing something he loved) at the age my hubby is now.

Us kids were all in our 20's and out of home - but he seemed "old" when it happened, and now I realise how young he was.

Hasn't really changed much - can't live in expectation of dying tomorrow, can just make sure you enjoy what you are doing and make sure you are secure financially.

Ideo - feel free to express here. We understand and sometimes it helps to unleash to those who have no vested interest.

 

[Sylvester]

Always sad to hear things like this.
Ideo, how was his general health?
There's enough stuff that can go wrong when you live healthy, without increasing the risk by over eating/drinking, and living an unbalanced life.

The bogan she'll be right attitude of many Australians won't seem so quaint by spouse and kids after it kills.

 

[MarkB]

I guess it was a wake up call.

In your case, for Gregs wife and kids I hope he had a "pesky and pushy" financial planner that could make their clients see "beyond tommorow"

Sadly, it's too late to help Greg if he hadn't already helped himself.

But I hope everyone who is reading this thread, has:

• a will (that reflects their current situation and current wishes)
• an enduring power of attorney in place, and
• the "usual" insurances (life / trauma / tpd / income protection / health)

You may not "need" all of the above - but a good adviser will at least take you though a thorough process and make you aware (in black and white terms) what risks you can insure and at what cost, and also what risks you are retaining either for yourself - or those you leave behind.

Disclaimer 1: This post is of a general nature and if you want advice then you need to seek such advice from an appropriately qualified individual.

Disclaimer 2: I work as a salaried FP in NZ (and the thought that one of my clients might die with inappropriate insurances / no insurance at all is one of the things that keeps me awake at night).

 

[Terry_w]

Very sad. This sort of thing happens all the time and we should consider that we could die at any moment.

I was just reading a legal case where a man was diagnosed with a brain tumour of Jan 7 and he died on Jan 24. In the meantime he tried to get his affairs in order and made a gift to his sister of some units in a managed fund. The gift wasn't perfected because he hadn't signed the transfer form and the wording he used to express is desire was vague. He wrote "I wish to give" instead of "I hereby give".

You wouldn't want to be worrying about transferring assets and wills etc when you only have a few weeks left so prepare ahead!

This is what you need:
1. Enduring Power of attorney - which operates after you have lost capacity. For financial transactions
2. Enduring guardian - for lifestyle decisions after you have lost capacity
3. Super nominations - possibly binding - to direct who gets your super
4. will and testamentary trust - make sure will is valid
5. plan succession for your other inter vivos trusts. (these do not form part of your will).
6. Plan disposal of your body - save worry and disputes. Done via will.

Also consider probate may take 6 months to come through. Once you are dead no one can operate your accounts, perhaps set up a joint account with a trusted family member with some money for expenses in the meantime.

If you have a company in which you are sole director and shareholder then

8. plan control. It will be in limbo until probate when the legal personal representative can take over. In the meantime bills will need to be paid etc.

9. keep all your papers in order and make things easy to find - especially your will. (keep copies in case greedy beneficiaries destroy it hoping to get more out of you dying intestate).

Good luck.

 

[Dazz]

(keep copies in case greedy beneficiaries destroy it hoping to get more out of you dying intestate).

Probably not the best plan to be travelling extensive distances when you are that sick. Stay in bed at home and try and get well.

 

[china]

What happens if you are a single person with no relatives and no will? Who has power of execution of your estate and super? Who inherits your assets and super?

 

[Terry_w]

What happens if you are a single person with no relatives and no will? Who has power of execution of your estate and super? Who inherits your assets and super?

For super it can only go to certain classes of people - if there are no relevant it will go to your estate.

For your estate if no will it will pass according to intestacy rules. Spouse/children, if none then siblings, if not then cousins etc if none then finally the State will take your estate.

 

[china]

For super it can only go to certain classes of people - if there are no relevant it will go to your estate.

For your estate if no will it will pass according to intestacy rules. Spouse/children, if none then siblings, if not then cousins etc if none then finally the State will take your estate.

Thank you. Lets assume that you are a single person with no relatives/friends and you do have a will.

You suddenly drop dead in your house or end up in a coma in hospital, unable to communicate.

How do people find your will so that someone can execute it?

 

[Terry_w]

Thank you. Lets assume that you are a single person with no relatives/friends and you do have a will.

You suddenly drop dead in your house or end up in a coma in hospital, unable to communicate.

How do people find your will so that someone can execute it?

Hopefully you would have executed your will yourself, otherwise it is invalid!

If you are in a coma they would have to wait a bit too!

If you do die and have your will hidden away then it will be a problem. If you have friends/family then they will generally look for it through your documents, contact your solicitor etc. Solicitors also often advertise in the law society magazine too - would anyone holding the will of xx please contract me etc.

You really need to make sure your will is readily findable. Keep the original with your lawyer and Give a copy to your accountant maybe - stick it in your file, to your doctor, etc.

 

[monty python]

Ideo, I'm very sorry for your loss and for your friends's family.
I will be giving my family lots more hugs today.

 

[INVSTOR]

So sorry to hear Ideo. Knowing your family health history is so important and worthy of informing your GP for a check up.

 

[our obsession]

Condolences also, carpe diem indeed.

 

[Spades]

My condolences Ideo and to greg's family and friends.
If it's any comfort,at least he died in his sleep(peacefully).
I can only hope of going the same way when my times up.


PS...A ? for Terryw if i may-Is a solicitor needed if a will is in place,an executor appointed and eg:$60k cash in bank?
This in nsw btw and to be divided between 3 siblings to which 1 sibling is the executor.

 

[Terry_w]

My condolences Ideo and to greg's family and friends.
If it's any comfort,at least he died in his sleep(peacefully).
I can only hope of going the same way when my times up.


PS...A ? for Terryw if i may-Is a solicitor needed if a will is in place,an executor appointed and eg:$60k cash in bank?
This in nsw btw and to be divided between 3 siblings to which 1 sibling is the executor.

Not really. It could all be done by the executor. But the executor needs to take great care and do things properly or they could be personally liable.