Posted on June 30, 2009 - by Adrian Khiat

Leaving Peace not Frustration for your Loved ones

Photo by Health and Wealth

When we are alive, we can give anything we own to whoever we like. However, when God calls us to heaven, the law will decide how our Earth assets will be distributed. Writing a Will is important to avoid the hassles and problems that arises when we leave without one.

Will writing is an important part in the Wealth Distribution process. Other areas of concern will be the CPF nominations, NTUC policies nominations, Section 73 policies and establishment of trust, etc. I’m neither a Will Writer nor a Lawyer but as a Financial Planner, I’ll help my client in the process when they are ready to get it done.

Currently, I only help my clients with it and not just anyone because its a service and I don’t get a single cent for going through the whole thing.

Step 1: Know your assets and liabilities
Certain situations to take note when taking inventory of your assets

a) Take note of assets that have a debt tied to it. Example, Property or Car. It might be your good intention to leave behind some assets for your loved ones but pls don’t leave behind a huge debt for them instead. If there is a liability on that asset, take an insurance to protect it.

b) Take note of your overseas assets. Example, Overseas properties or investments. There might be estate duties payable for these investments or property in that country. Your intention might be to leave behind $1million but it may ended up giving only $600,000.

c) Some assets under joint name. Example, Joint Bank Accounts or Joint Investments. They may or may not follow in accordance to your will. Don’t assume that the money will go to the other party.

d) CPF monies. You have to make a separate nomination for it. Read more…

Related posts:

1. Playing It Safe.Growing it Slowly But Surely With a Peace of Mind.
2. Keeping track of my Budget
3. Estate Planning (Part 6 of 8)