The issue of death is what no one wants to talk about in this part of the world. But death is real and inevitable, usually at a time no one expects it. So, failing to talk about and make preparation for it, is like one intentionally committing suicide.
It will not interest anyone to see his family members get into squabbles over who takes over his estate or who his beneficiary is, after he has passed on.
Some people during their active working years, take their distant parents or their uncles as Next of Kin, and have allowed this to stay, despite the fact that they now have wives and children. And when the unexpected happens, crises will come as the immediate family will not have the legal backing to come for their benefits or other entitlements. That is why it is better that these things are taken care of, and early enough.
While there are many angles to planning for estate, which include writing a will, the focus here is on who becomes your beneficiary when you are no more.
If you are still working in paid employment and still making your contributions alongside your employer into your Retirement Savings Account (RSA), you still have the luxury of time to do all of these, though it is better now, and not tomorrow.
But, if you are already a retiree, collecting monthly pensions either from your Pension Fund Administrator (PFA) under programmed withdrawal or from an insurance company under annuity, don’t waste time to name whom your beneficiary will be. If you have named one originally and you have reason to change the beneficiary, this is doable. Go back to your PFA or the insurance company where you are getting your pensions to effect the change.
An annuitant recently passed on after two months of changing his beneficiary, and when they family gathered to look at what he left after the burial, they discovered that he had removed his fist son as the original beneficiary, now his wife as the beneficiary.
According to a family source, the man had told his wife that he could not continue with his first son as beneficiary, rather it was better his wife so that in his absence, his wife will have money to take care of herself, and also train the younger children in school. According to a family source, their father had said that his elder children have had the best from him while he was alive, and so should go and take care of themselves, having graduated from the higher institutions.
The implication of this is that, while you are still alive, it is better you make your wish happen, whether you are around or not. So, getting your planning right enables you organise your estate, so that in the event of death occurring you can be sure your family will not have issues concerning your estate.
The objectives of the pension scheme, as provided in the Pension Reform Act 2014 are to ensure that every person who worked in either the Public Service of the Federation, Federal Capital Territory or Private Sector receives his retirement benefits as and when due; It is also assist improvident individuals by ensuring that they save in order to cater for their livelihood during old age; while also establishing a uniform set of rules, regulations and standards for the administration and payments of retirement benefits for the Public Service of the Federation, Federal Capital Territory and the Private Sector”.
Modestus Anaesoronye
