Wills & Trusts

The Best Gift for Your Loved Ones

The best gift that you can give to your loved ones during your lifetime is a Will. A Will is a basic and simple estate-planning tool. It sets out in writing what will happen to your wealth when you die. Many people die each year, either without a Will, or with one that is unclear or invalid. When that happens, your loved ones suffer the brunt of it.

 

When to make a Will?

There is no best time to make a Will. However, as nobody can foresee a sudden illness or accident, the sooner you make one, the sooner you can achieve peace of mind. Anyone who is above twenty-one years old can make a Will.

 

Considerations when making a Will

A Will that suits you will depend on your present circumstances and needs. While there are many legal, technical and personal considerations that are specific to your situation, here are some common aspects that you have to look into when drafting a Will.

~ Make an inventory list of your estate before writing you will
~ Write your Will with taxes in mind
~ Pay special attention to assets that are not covered by your Will (CPF, insurance policies & joint-ownership assets)
~ Appoint your Executor and guardian for under-aged children. Otherwise the Court will appoint them for you.
~ Create a Trust to take care of dependents such as children or the disabled who are unable to care for themselves
~ Register Your Will with the Will Registry
~ Review Your Will once to cater to changes

 

Getting the most out of Your Will

Making a Will is a simple and relatively inexpensive process, especially in comparison to the tax savings and peace of mind that you will get in return. As your Will is probably the most important document you will ever sign, you have to get it right. Engage the help of experienced professionals who can help you get the most out of your Will.

~ Lawyer
 

You can draw your own will. However a good lawyer can:

~ help you cater to various eventualities which you may not have thought of
~ make sure that the will cannot be challenged after your death.
~ ensure that the Will is drawn up with appropriate choice of words with clear legal meaning.
~ Financial Planner
  Your financial adviser takes a broader picture and can advise you on the various financial aspects of your Will. He or she will also assist in the implementation of the Will.

 

Your Will In A Wider Context

Writing a Will can take away many problems that you may otherwise leave behind. However, there are limitations to what a Will can do for you. You should practice lifetime tax and financial planning. Plan how best to structure your various savings and investments so that you and your loved ones can optimise the money both during your lifetime and after your death.

Start a partnership with your licensed adviser and draw up a blueprint for you and your family's future.

 

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