Will Planning is an essential aspect that requires thorough review across every stage in life. Think of it as a future-ready preparation to protect your family’s best interests, and to allocate your assets to people you care for or the causes you are committed to. In short, a clear and legally binding Will gives you more control over what happens after you pass on. More importantly, it can help to preserve the harmony and happiness within the family.
One of the most memorable moments in your life is also a momentous milestone to be marked with careful Will Planning. Potential problems that can arise if you don’t have a Will, such as putting your elderly parents at a disadvantaged position if you die prematurely. In some situations they could be completely excluded from your estate; this can happen if you leave behind a surviving spouse and children.
As a loving parent, you require Will Planning to ensure that there will be adequate financial support for your surviving spouse and your young ones, should something untoward happen to you. And if unfortunate circumstances occur where both you and your spouse pass away, you may need to designate a legal guardian to take care of your children.
Becoming A Business Owner
As a business owner, Will Planning should be your top priority along with protecting your personal assets and your retirement plan. You need to address these two concerns:
- Will your personal assets be affected by your business liabilities?
- Does your business need to be continued when you pass away?
If your answer is yes to the second question, do consider Business Succession Planning. It is not uncommon to see businesses and families break up due to legal disputes over financial matters; such as a recently dismissed lawsuit* where two sisters and their late mother’s estate were sued by their nephew (on behalf of his father) over debts owed by the family business to a bank.
After you retire, your Will Planning needs will change again. If you have yet to, now is the time to consider who you will entrust to make financial and medical decisions for you; in circumstances where you are deemed unable/unfit to do so yourself. Aside from the Will itself, there are other legal documents such as Advanced Medical Directive and Lasting Power of Attorney, at your disposal.
Have more questions?
Gain the answers you need in an upcoming webinar session on 15 September 2020, led by Stephen Chew. Equipped with decades of experience in this aspect, he will optimise your Will Planning process with his highly sought after expertise.
Register at https://bit.ly/2QqD5i2
*Source: https://www.straitstimes.com/singapore/courts-crime/high-court-dismisses-mans-suit-to-have-sisters-late-mothers-estate-pay-familyShare on Facebook Share on LinkedIn Share