January 29, 2024

Categories: Estate Planning - Planning

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2024 has dawned brightly upon us, and it is also an opportune time to reflect on one’s life and consider plans for the future. One crucial aspect that often goes overlooked in the hustle and bustle of daily life is will planning. Crafting a comprehensive will is not just about distributing assets; it is a thoughtful and responsible step towards ensuring both personal and financial wellbeing.

At the core of will planning is the recognition that life is unpredictable. While it may be uncomfortable to contemplate the issues of mortality and incapacity, creating a will provides a structured and legal means to dictate the fate of one’s estate and safeguard the interests of loved ones. This process is not exclusive to the wealthy; everyone, regardless of financial standing, can benefit from a well-thought-out will.

The Key Functions of a Will:

  • Specifying how assets should be distributed after one’s passing. This involves identifying beneficiaries, detailing the allocation of financial resources, and designating personal belongings. By establishing a clear plan, individuals can prevent potential disputes among family members and ensure that their wishes are respected.
  • Appointment of guardians for minor children. This critical provision provides peace of mind, knowing that one’s children will be cared for by someone they trust in the event of unexpected circumstances. Failing to designate a guardian can result in protracted legal battles, leaving the fate of children uncertain.

Beyond the emotional and familial aspects, will planning is a pivotal element in financial wellbeing. It enables individuals to consider and strategise estate taxes, ensuring that the maximum value of their assets is passed on to beneficiaries. In some cases, this may involve establishing trusts or charitable contributions, which also allows for aligning one’s values with their financial legacy.

That being said, updating a will periodically is equally important. Life is dynamic, marked by changes in relationships, financial status, and situations. A will that accurately reflects one’s current state of being ensures that it remains a relevant and effective document. Major life events such as marriage, the birth of children, or significant financial transactions should prompt a revisit to the will.

While it is possible to create a basic will independently, seeking professional guidance is advisable. Financial services consultants can assist in identifying potential challenges and proposing solutions – do connect with yours to get that peace of mind you seek.

Disclaimer:‍‍‍‍‍‍ Investment carries certain risks. You should not just rely on results as an indication of your financial needs. You should understand and familiarise yourself with any investment and the associated risks before investing. You are also recommended to seek professional advice ‍‍‍before making any decision to buy, sell or hold any investment or insurance product. The views and thoughts expressed in the post belong solely to us, and not to Manulife Financial Advisers Pte Ltd, or any other group of individuals.

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