What happens when you're already chugi?

Thanks to one of our loyal readers, for raising this topic. Because surely this is one thing most women don’t know about. They don’t even want to talk about it. Why? Because it’s such a "morbid" thing. But we’re approaching 2017 already and in this Information Age, this dreading topic matters! So what really happens when you get tegibels?

Of course, there’s this emotional scene when your family misses you and talks about you. But also, there’s the bills. If death was really sudden (and most of the times is), and you weren’t able to prepare for it financially, chances are, the burden goes to the family left. That means, all of your hospital bills, wake and burial bills, will be shouldered by them. Some are lucky, the company they’ve been working for allocates money for that. However, if you have outstanding debts, your family will be the number 1 people your creditors will look for.

But what about your ASSETS? What happens? If you were lucky enough to withdraw all your money in the bank before you went shutay, then your family’s good. Otherwise, if the bank finds out that you’re already shugitey, and there's a huge amount lying in there, your loved ones can’t have access to your account and will remain untouched until they settle your Estate Tax with BIR first, also they’ll be requesting for Death Certificate, Obituary and other documents . Same goes with your properties. Your inheritors can not simply sell your properties without going to the process. If you don’t have properties or huge bank accounts under your name yet, then this is still important knowledge you can save in the future.

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Disclaimer: The author of this article is not connected or affiliated with any investment companies and or Financial institutions that offers the investment stated above. All information shared in this blog is based on her research also indicated from the bank's website and her knowledge from taking training and seminars in the financial industry.

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