Announcement
HOUSING INVOLVES MONEY, TIME AND EFFORT. THIS IS WHAT YOU SHOULD TAKE INTO ACCOUNT FOR YOUR PROPERTY TO REMAIN YOURS.
Your wealth is the reflection of your lifetime work effort: it can be a house, a car, savings or all of the above. Without a doubt, having them has meant work, sacrifice and good financial planning. Therefore, when you divorce you must rearrange these assets.
Keep your marital status and assets in order
The first step, if you are legally married, is to go through the divorce process. There are many couples who only separate and leave this process for later. That is a serious mistake, because you do not know what could happen in the future and – in the event of an unfortunate event like your death – your ex-partner could claim your assets as a beneficiary.
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Another important aspect is the will. Most people have the belief that this procedure should be done when you are an older adult and nothing is more wrong than that. The will is made from the moment you have patrimonial assets.
The seriousness of the problem is indicated by the figures since, according to the College of Notaries of Mexico City, seven out of 10 Mexicans die intestate. This means that, in the event of death, for the families of 70% of the population, it will not be clear who will have the right to take possession of the belongings of the missing person.
What should you reorder?
- Mortgage . The monthly payment of any credit of this type includes the payment for the life insurance of its holder. This means that, in the event of death, the debt will be canceled. File in a folder the documentation corresponding to this financing, as well as the data of the beneficiaries of the real estate and life insurance. Take into account that, in the case of Infonavit , upon dying intestate, the person who has the right to cancel the credit and claim the home will be the beneficiary designated by the holder of the credit before the IMSS, or whoever is designated by the Federal Board of Conciliation and Arbitration.
- IMSS or ISSSTE, Afore, bank accounts and life insurance . The beneficiaries of the balance of your Afore can be your partner, parents and children up to the age of 16 years or, 25 years, if they can demonstrate that they continue their studies. It is important that you keep your list of beneficiaries and their respective percentages updated. Well, in the event of the owner’s death, they will receive this savings and could be entitled to a pension.
Remember, the family members that the Social Security Law recognizes as beneficiaries are: your wife, husband or partner; children under 16 years of age or, in the case of the disabled, chronically ill or students up to the age of 25. The parents of the deceased worker will also have the right to claim the pension savings, provided that they are financial dependents of the latter.
- Automotive credit . It is likely that in this credit you are also paying for life insurance. Ask your advisor to review who you left as a beneficiary, as it will be the person who can also legally claim the car.
- Savings, payroll and investment accounts . The institution with whom you have contracted these services will deliver, after verification by means of a death certificate, the balances to the indicated holders. Payroll portability, ignorance or lack of foresight makes many people forget to update their beneficiaries.
If you separated from your partner and you want your beneficiaries to be your minor children, then it is recommended that, together with the change of beneficiaries, you also have a will where a legal guardian is appointed, who can administer the funds through a trust. Otherwise, your ex-partner and his future family could end up in charge of his administration.
Do not forget to inform your beneficiaries of what they can have access to in case you are absent. We all hope to live forever, but it is not possible, so it is better to leave clear accounts and well-identified beneficiaries behind us, instead of a series of lawsuits, endless procedures, expenses in lawyers and managers that will exhaust the assets that we achieve. train in life.
By: Karla Bayly , Financial Coaching Specialist. Follow her!
Resources:
Real Estate Sales Techniques – The kano model
How to create My Infonavit Account: step by step
Fovissste procedures online that you can do from home
