SINGAPORE, Aug. 26, 2024 /PRNewswire/ — Summit Planners have consistently reinforced to their clients the importance of a Will and how it can speak on a person’s behalf when he/she is not around. When designing a Will, Summit Planners will follow the eight guiding principles, also known as Principles of Wealth Distribution, to ensure that a person’s wealth is distributed based on his/her intention.
Principle 1: Clear and Concise
The instructions specified in the Will must be clear and concise. It should not contain more than one possible interpretation.
Principle 2: Joint Ownership
It is common for people to hold their assets in joint names. Typically, the surviving joint owners will inherit these assets. Therefore, knowing the rationale and intention of these joint assets is crucial.
Principle 3: Conflicting Instructions
There should be only one distribution instruction for each particular asset. Having conflicting instructions pertaining to one asset may cause confusion to the beneficiaries.
Principle 4: Conflicting Beneficiaries
There should be no conflicting beneficiaries for each particular asset across the different forms of documents such as Will, nomination, or any other documents.
Principle 5: Needs Of the Beneficiaries
The unique circumstances and needs of the beneficiaries should always be considered to ensure that the beneficiaries are well cared for.
Principle 6: Contingent Beneficiaries
It is vital to have replacement beneficiaries for each asset so that those assets will not fall into the hands of unintended parties.
Principle 7: Bankruptcy Of Beneficiaries
Including a clause to exclude beneficiaries undergoing bankruptcy can help safeguard your assets from unwanted parties’ pockets.
Principle 8: Real Property to One Person
Gifting real property to multiple beneficiaries may cause unnecessary arguments and disputes. Thus, it would be wise to give the property to one beneficiary while providing the other beneficiary with a monetary sum equivalent to its value.
To raise awareness of the importance of Will Planning, Summit Planners are running monthly Will Planning seminars to encourage the members of the public to take action to ensure that their affairs are well taken care of after their demise.
Click here for more information on the Will Planning Seminars.
About Summit Planners
"Summit Planners is committed to redefining the way individuals approach estate planning and make estate planning simplified and understandable."
Summit Planners is an organisation specializing in comprehensive estate planning solutions. With a team of seasoned professionals, we are dedicated to helping individuals and families secure their financial legacies for generations to come.
At Summit Planners, we strive to provide our clients with customised solutions from our suite of services to match the size of their organisation and ambitions. From sole proprietorships to corporations and individuals to families, their trust in our services and partners has enabled us to grow from strength to strength.
Source : Summit Planners: Factors to Consider when Writing a Will
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