Not to sound too grim or anything, but do any of you guys ever have a will/testament or anything else planned out already in case you ever kick the bucket? My cousin died today at young age of 29, he was a construction worker and unfortunately got electrocuted from an elevated area, his arm got burned and hit his head after falling down about a few storeys from where it happened. Now he has 1 son and a baby daughter left behind. And unfortunately He has no insurance, no estate, or whatsoever financial security to help them in this tragedy. I was wondering if there was even a letter that he left, so that his wife and children could read it afterwards, and it's sad there was none either too. Now after what happened, it made me realize that if i can't leave money behind for my love ones. At least i could write a letter of my thoughts and love for them, a will or something, just in case i kick the bucket too.
Sorry for your loss. We do have wills, health care directives, power of attorneys, etc. all set up. One thing I suggest getting done (especially as you get older) is to have your funeral plans all laid out and expenses paid (if possible). That is a huge burden on whoever is taking care of it and gives them less to deal with as they grieve for their loss. Also, I find it hard to believe that he won't get anything from any sort of worker's compensation considering it was an on the job accident.
I spoke to his wife again today, she said he does not have any formal ties to this particular company, because it was kind of a freelance/ personal job. But they did take him to the hospital thou (was pronounced DOA) and payed for the basic expenses. I don't know what comes next, but i guess i'll be assuming that's the end of their obligation.
It might be worth contacting a personal injury/workman's compensation lawyer. Just because he is freelance should not mean the company does not have the responsibility to create a safe workplace. Of course, these are tough conversations for his wife to deal with during this particular time.
Health insurance, will and directive. Did the will and directive just last year before my wife and I took a vacation internationally, leaving the kids behind with her parents. It's a relatively painless process. Well, at least it was for us because of a good friend who is a lawyer and he did the work pro bono. If you're married and/or have kids, life insurance is an absolute must. If you're young, term life is pretty cheap. If you can afford whole life, it builds cash value over time.
Both my wife and I have life insurance but have never done my will. I've thought about it on and off throughout the years but just never did it. We're not millionaires and we only have one child so I assume if I die my wife will automatically get everything and if we both die, my son will get everything. I guess it's probably better to spell it out though.
