Retiree in the Making

A True Story: Tomorrow Never Knows

The widow sits in a daze. Her father-in-law, went to work today and only showed up at 6pm (after work) - nevermind the fact that it is his eldest son’s funeral. The first thing thing he enquires about when he arrives at the funeral parlour is “How much Pek-Kim (funeral donations from family & friends) so far?”.

She asks me “How did my husband die?” while pulling out his death certificate which says in Medical English that he died of blood poisoning and bleeding within his brain after a 2 month long coma.

“Does his death mean that the house we bought is fully paid up?” she asks, and then bursts into tears at the thought of the house they were planning to move in, which now serves as a reminder that he is no longer with her. I try to explain to her the technicalities of MRTA.

One wonders how a man who survived a kidney transplant could be so shortsighted in providing for his wife and 2 year old child. His fixed deposits were in his own name. He had no insurance, and his medical bills had already depleted the family savings. And since he died without a will, the Malaysian government will probably take the lion’s share.

And then, there is the question of the house & car which were all purchased and placed in his father’s name. His father hates his wife.

“How will my daughter and I live?”

I had no answer.

Moral of the story

1. My friend’s husband had huge medical bills that nearly destroyed her financially. Make sure you have adequate insurance, because if something happens to you, medical bills need to be paid. And if you die, life still needs to go on for your family.
2. My friend’s husband left nearly everything to his stingy father who hated her. Make sure you have a will, to ensure that the rest of your possessions like the remaining money in your bank accounts, investments and property can be divided amongst your loved ones as you intended it to be.
3. Make sure you have completed your CPF nomination so that your family receives the money. If you do not nominate anyone, your CPF monies will be handed over to the Public Trustee - a person appointed by the government to ensure that the monies go to the rightful beneficiaries, in accordance with the law.
4. My friend did not know much about her husband’s financial status. Make sure you share everything with your spouse or parent. In the event that something should happen to you, they will be able to locate the required documents or reach the correct person at the financial institutions. There is nothing more stressful than having to worry about such matters during this time of grief.