Skip to main content

7 Steps Guide to Proper Estate Planning

With the globalized world, we live in today, many of us are blessed in owning various assets, across countries and categories.

With digital assets being the new kid on the block, estate planning can be a muddle for people who are unfamiliar with the laws in various countries and legal jargons existent in the process of estate planning. 

Your current estate took years and countless hours to build. As such, having a well-crafted estate planning is essential to your beneficiaries and allows you to rest in peace when the day eventually comes for you to bid adieu to your loved ones.

Take your time to run through the 7 steps listed below to help you get your estate planning started:




Step 1: Create a listing of your assets, both tangible and intangible. Include the relevant country it is governed by and the financial information related to it.

Step 2: Be clear of the objectives you wish to achieve through your estate planning.

Step 3: Make a list of your beneficiaries and the asset(s) to be distributed to each beneficiary. Your beneficiaries can be a specific individual whose name is stated in your estate planning or a class/title as defined at the point of your demise. 

For distribution of asset(s) to an organization, be sure to check the full name and corporate entity number of the organization.

Step 4: Consider how you wish your asset(s) to be distributed to each beneficiary. There is no ‘one rule fits all’ for the distribution of your asset(s).
A few common options of asset(s) distribution is：
·  Direct one-time full distribution in its actual state,
·  Direct one-time full distribution in cash, 
·  Regular distribution in cash and,
·  Periodic distribution in cash based on specified age attained. 

Step 5: Discuss with a trusted and experienced estate planner on the estate planning structure, that will best meet your asset(s) distribution wishes in point 4 above. Take note of the governing laws that can impact your estate planning and taxes that may flow down to your beneficiaries.

Step 6: Put your estate planning into place with the relevant legal work to validate it and safe storage of your Will and/or Trust.

Step 7: Review your estate planning on a periodic basis, especially so when there is a new asset or new class of estate to be included in your estate planning. Estate planning is sometimes viewed as ominous in the Asian culture, where death is not usually discussed. But death is definite, from the minute we were born into this world.

Live life to the fullest and have your estate planning done up today so that you can truly go about your everyday affairs with the peace that if tomorrow never comes, your estate will be well distributed as per your wishes.

We understand it's quite a journey to go through this estate planning process, and its ok, we get it. If you wish to have a clearer understanding of the 7 Steps explained to you in a personal touch, please let us know +6019 - 729 4278 (Malaysia), +65 - 8731 5002 (Singapore) or drop us an email at enquiry@willgenration.com


Visit our Website http://jocelline.willgeneration.com




Labels:
Location: Malaysia

Comments

Post a Comment

Popular posts from this blog

买了保险，但谁来保障您的保险金额呢！？

建议在投保前，多了解信托规划 (Estate Planning)。 当保单有成立信托规划， 可以达到双层保障的效果。 一般的保单提名只有一层保障。比如丈夫提名妻子为唯一受益人，妻子也同样的提名丈夫。不怕一万 就怕万一，万一夫妻俩同时不幸发生意外，保险金额会归于谁的呢？   你买了保险， 当以下情况发生你的家人有确保可以拥有你的保险金额吗？  i）保险提名的受益人一起不幸离世  ii) 保险受益人的年龄低于18岁 iii) 受益人一次性索取保险金是帮了他，还是害了他？ 设立保险信托，在信托规划里可以附加候补 确保您的受益人可以在最快的时间内受益。 即使孩子的年龄低于18岁，保险金额就有双层保障供应您孩子的需求，定时领取生活费和教育费。   保险金额的用途是由你来决定，可以通过信托管理制度，来控制和预防受益人不会理财或被骗。一般的管理制度是给那些年龄较小的受益人，每月领固定的费用，直到会理财的年龄，才可以一次性领完。 想让您的保险更有保障，联络以下号码获取您45分钟的1对1免费咨询。保险信托给您一个完整的规划。 请联系我们 多了解信托规划为你的后代， 不怕一万 就怕万一。想知道跟多就拨打  +6019 - 729 4278 (Malaysia), +65 - 8731 5002 (Singapore) 我们会帮您给个更多的了解和明白。
Post a Comment
Read more

Property Distribution – In Full, In Part, In Cash?

Property distribution should be a blessing, not a curse. Review how you can adequately include your minor, parent and spouse in your property distribution. Property is usually the biggest item on our list of assets. Given that property is mortar and brick, homeowners need to clearly consider the various options available for the distribution of their property.  There are many obstacles in property distribution, that can eventually make the property inheritance a burden and source of conflict for your appointed beneficiaries. A few points to consider is listed as follows: -  Minors  are legally ineligible to inherit a property. - The law restricts the possession and inheritance of government subsidized property. You can only hold on to 1 such property at any time (For Singaporean) . - Property inheritance can be troublesome for beneficiaries that reside outside  the country of your property. - Beneficiaries with special needs  and various other mental impa
1 comment
Read more

Before choosing a rightful Executor below are some pointers for you to consider!

When you have a Will, your Executor is the most important person you put in charge to carry out your Will instructions.   Without a piece of knowledge and capable executor your instructions may not carry out and your beneficiaries may not receive their inheritance. Executor may expose to Liabilities Your executor may be exposed to liabilities from creditors and tax authorities. Thus your executor must familiar with legal steps involved in executing your Will and can be trusted to be unbiased in the distribution of your assets.   Instead of letting inexperienced Executor act as your Executor. As yourself this question.... Do I know the duties and liabilities of an Executors If I don’t know, how I do brief my Executor on what to do? Has he agreed to act as my Executor? Is he too busy to act as my Executor? Will he still be trustworthy when I’m no longer around?
Post a Comment
Read more