How to plan your will?

What comes to mind when you think about estate planning? Perhaps the need to make sure that your children benefit fully from the fruits of your hard work, right? Well, that is partly correct although planning your will is not all about dictating whom to inherit your estate. Most people will just leave everything else to chance and simply saying who gets what. But you are smarter than that and you are not willing to let all your hard work go to waste and your legacy forgotten.  Read the following article to find out what the must haves of a quality estate planning are.

Qualities of good estate planning.

The very essence of having your will is to make your wishes known to your loved ones and business partners in case you are not there to run things smoothly as you would like. Quality succession planning includes the following aspects you should never leave out when planning your will or making revisions to the same;

You should remember to include instructions on how your successors should conduct themselves in matters of religion, hard work, education and ethics etc.

  • Remember yourself. Yes , you too should be included in your will so as to take care of your best interests should you fall ill and disabled to the extent of not being able to take care of yourself.
  • Minors need a guardian to manage their inheritance you leave them bound by the rules you set out.
  • If you have family members with special needs too other than children, it is a wise decision to provide for them as well.
  • Supposing a family member has known addiction and gambling habits that could jeopardise their financial well-being or that of others, and then it is in order to provide for their rehabilitation and protection.
  • Buy a quality life insurance plan for in case you need expensive medication and treatments to avoid eating into your heirs funds.
  • Your business is a big part of your life and legacy as well as a cash cow for your loved ones and therefore it is a big deal that you ensure its continuity when you’re gone or are incapable of running it.

A will is a must have for everybody living and not just the sick and elderly or the overly wealthy folk. No one knows the hour of their departure but statistically the probability that will happen to any living human being is one hundred percent (one of one). While your close relatives are trustworthy, or at least it seems that way when you are around, there are a billion unscrupulous grabbers walking the face of the earth that would want to grab you riches when your gone.  It is therefore essential to clearly pen things down while you are still breathing, rather than leave everything to chance and your name, legacy and estate a subject of contention for your surviving loved ones.

Finally, as far as we are discussing how to plan your will, it is worth noting that succession planning is an ongoing process rather than a one-time affair. You need to keep your will updated to include new assets and benefactors as you deem fit. Unfortunately, if you do not have a valid will, your estate will be automatically distributed in accordance to Singapore’s Intestate Succession Act. However, do note that for Muslims, this act does not apply to them as it will be distributed in accordance to the Faraid Law, governed by the Syariah court.