We know that Will helps reduce the complication of estate transfer. It also helps to ensure the harmony of your family members and distributes your estate to the heirs who need them the most.
What is the appropriate time in your life that you should consider writing a will? We heard of a lot of different answers to this question – when we are old? When we are wealthy? When we are not healthy? Some would say, when we’re just about to depart…
Notice that the answers above are not specific as in how old? Or how much we have? By looking at the objective of the will, it helps us to distribute our assets according to our wishes, therefore the right timing is when you plan to distribute your estate by not following what the law has planned out for you. Do you know when is the first event in your life that estate distribution would be impacted by the law? It is when you drop your signature on the marriage certificate and say “I do”.
There are many different types of assets that you can own, but not all of them can be distributed partially or equally. Therefore, you will need advice on the distribution as it helps to reduce the risk of success contestability and protect the interest of your rightful beneficiary.
Other than distribution, a Will helps to protect minors by assigning them a guardian of your choice in the absent of their biological parent and also the executor who helps you to complete the process of your estate distribution in accordance to your wishes in a timely manner.
Thus far we have only been talking about Will, are there any questions that have crossed your mind in regards to estate planning? What if I don’t want to distribute my estate to the rightful heirs? Maybe they are still minors which are not allowed to own your estate, or maybe they are incapacitated or incapable to manage wealth. You would want your estate to continue working in the best interest of your beneficiary and protect your beneficiary on behalf of you! Private Trust would be a useful tool to help you achieve that!
A Trust doesn’t distribute your estate upon your departure but it helps to manage your estate and distribute to your beneficiary by stages as you have planned. You can treat it as a nanny to your beneficiary, a nanny who follows your wishes and plans without bias and emotion!