MONEYMAP 013: Who Inherits Your Insurance Monies If You die Without Nomination And Will? (Transcript)
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Now Scenario #1,
if you leave behind your spouse, with no children and parents,
then of course, 100% is going to your spouse.
Now Scenario #2,
Let's say you leave behind children, without any parents or spouse,
then of course, 100% is going to your children.
Let's say you leave behind spouse and parents, without kids,
of course it is going 50/50 to your parents and spouse.
Now the next scenario is a bit tricky because you are leaving behind spouse children and parents, what happens is that your spouse and children is going to get 50/50, and your parents are out-of-the-picture.
Now the next scenario, (let me take a seat here)
is that assuming you do not have any spouse, any children or parents that you leave behind,
then what's gonna happen is that it is going to your Brothers and Sisters: 100%
But let's assume you don't have Brothers and Sisters and everyone else above it,
then of course, it is going to your grandparents: 100%
Assuming you don't have Grandparents, nor Brothers and Sisters, nor everyone above it,
then of course, it is going to your Uncles and Aunties: 100%
Assuming you don't have your Uncles and Aunties, and everyone else above it
Then it is going to, THE GOVERNMENT.
Now what my point trying to drive at is that if you don't do nomination on your insurance policies, then the government is going to do it for you, by default, through this system called the INTESTATE LAWS
So go and get it done immediately, go and find your financial planner, anyway it is going to be free of charge, it is just a paperwork, and you can change it anytime
By the way, i have not informed you that to pass your money through this distribution system is lengthy and it's costly, so make sure you do your nomination today.