Reviewing your will at key stages in your life is absolutely vital.
Preservation and Enhancement of your Assets: When you’re in your 20s to 50s
Landing Your First Full-Time Job.
Now that you have just entered the workforce and started earning a steady stream of income, you are also accumulating assets that will become quite valuable later on. At this stage you can make a very simple will that explains where or whom you’d want your assets and property to be distributed to, should something untoward happen to you.
Getting Married.
With marriage comes with new legal rights; meaning if you die intestate (without a will), your spouse is automatically entitled to a large share of your estate. Reviewing your will can help ensure that the other people your care about (like your parents or close relatives) are also well taken care of.
Having Children.
The addition of children to your family is a great motivation to write a will. You should designate a legal guardian who will be responsible for raising your children if something happens to you and your spouse.
Gaining a Major/Valuable Asset.
We spend most of lives working to build our nest egg; so when you buy a new home, come into a hefty inheritance, or purchase a rising stock, make sure your will states clearly how you wish to distribute this asset. Keeping your will accurate can help manage your beneficiaries’ expectations and prevent unnecessary disappointment or disputes.
Retirement: When you’re in 60s and older
Suffering From Serious Illness.
If you’ve been diagnosed with a debilitating illness, you should also seriously consider other tools of estate planning, such as making a Lasting Power of Attorney (LPA). This legal document enables you to appoint a trusted representative to make decisions on your behalf when you are unable to.
It is important to know the timeline when one is alive and upon one’s death. An estate settlement process explains what happens during the time period upon death till the distribution of the deceased’s estate.
It is a paradox in life that death is certain, but the timing of death is uncertain. To review an existing will, or to create one if you have yet to, speak to our Planners for a detailed consultation of your needs.
Do you have any questions about the event? Feel free to contact us at (65) 6597 8300 email us at enquiries@summitplanners.com.
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