You need to do these things when you are alive to prepare yourself, and your loved ones, if you were ever incapacitated or gone.
Write a will to distribute your wealth. Conflicts over your money can end up having your assets ending up in undesirable hands.
Insurance nomination is free and simple to do. Just ask you insurance company to provide you a form.
Prepare Your Loved Ones
Some cultures feel superstitious about talking and preparing for death, like us Chinese. I was telling my wife the other day that if one day, something were to happen to me, where can she find my money and my insurance policies, and who to contact to help with the claims.
Many people think that only the rich people need to take actions to distribute their wealth. This is a mistake. Spare a thought for your already deprived loved ones, who are left not only emotionally affected, but also financially affected.
The worst thing that can happen is that you have a million dollars lying in the insurance vault and your kids are working 2 jobs to make ends meet because they are not aware.