We all know that death is certainty. It is a matter of when & how it happens. Hence, a well prepared estate planning is crucial during your life time if you wish to avoid your loved ones go through a very difficult time in their life upon your sudden demise especially those reply on your financial support such as your non working spouse, minors children & elderly parents etc.
Common Problems arise upon sudden demise without estate planning done in advance :
1) What will happen to your family members/loved ones especially those who rely on your monthly
financial support such as your non-working spouse, minor children, elderly parents etc.
2) If you have minor children, who shall be the rightful guardian to continue taking care of them should you and your spouse not around?
3) Who shall be the rightful person to execute and administer your estate? Will they be any dispute among the family members?
4) If you are a businessman, who shall be the rightful person to take over your profitable business?
5) Who are the rightful beneficiaries of estate including your joint name assets? What is the inheritance percentage for each beneficiary? How long do they have to wait in order to inherit your estate? Can they wait especially those who rely on your monthly financial support?
6) What cost is involved for the estate administration, etc?
If you do not exercise your right to get your estate plan done, the LAW will decide for you whether you like it or not.
Think about it & take serious action to mitigate the risk of sudden demise if you have people you CARE FOR。It is never too early to get your estate planning done as we are unable to predict
when the risk of life will come.
Problems of appointing individual as your estate executor
In theory, there is nothing wrong appoint a family member to be your estate executor. But based on the past experience, after the death of the testator (person who write the will),sometimes
the appointed executor may no longer getting along with the deceased beneficiaries.Communication is brokendown, tension risen and eventually family is at war over the estate of their loved ones.
It is always advisable to appoint a professional to act as executor rather than family members, it will reduce the likelihood of drama & chaos if the family relationship brokendown at the death of the testator. Although hiring a professional cost money, but it is a wise investment to make sure your wishes come true.
We provide comprehensive estate planning including will writing, will custody services,trustee services & estate execution & administration.
Let us understand your needs and/or worries so that we can provide best solution for you.