When the above aspects are addressed in the client’s estate planning, he will draw utmost satisfaction, fulfilment and peace of mind, by leaving behind a meaningful legacy with his Will.
Factors to look at when preparing your will
Also consider and decide on the following points:
Executors/trustees and guardians must be chosen with care. Appointing the wrong person may have dire consequences.
An executor/trustee looks after your estate or allocated assets when you are no longer around. While you may be considering the appointment of an individual that you trust to do the job, you need to ask yourself whether such a person is competent or have the commitment to carry out onerous tasks such as filing for tax and preparing financial reports for beneficiaries. You also have to considedr if he/she is vulnerable to illness, age and mental incapacity. The alternative is to appoint a reputable and licensed trustee company for such responsibilities.
While a trust is created for the benefit of children, a guardian needs to be appointed to take care of handling finances to meet the children’s needs, such as their education, medical and living expenses. An allowance may be considered as compensation for the guardian to take on the role. If you are not an expert, do not try to do estate planning by yourself because aspects that are overlooked can be expensive and troublesome to correct in future. Consult your Estate Planner.