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 Have you written your WILL?

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red bean bun
post Sep 2 2015, 09:36 PM

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QUOTE(ru40342 @ Jan 20 2015, 11:49 AM)
Ask your lawyer friend to do for you. Treat him a nice dinner will do.
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QUOTE(Y.J.S @ Jun 10 2015, 03:03 PM)
If one is multi-millionaire with many assets including properties scattered around the world and has annual dividends from different companies around the world,

better go for lawyer otherwise if not planned properly, the beneficiary will not be able to claim everything back
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When engaging lawyers for estate planning matters, make sure you look for one who specialize in estate laws. Just like some lawyers specialize in conveyance while some specialize in criminal law.

If one is a multi-millionaire, will alone may not solve his / her needs. Usually, millionaire will look at how to preserve his assets so that it can be enjoyed for many generations - as there is a Chinese saying "Wealth can't last more than three generations". In this case, a trust or a foundation will be able to achieve his purpose.
red bean bun
post Sep 2 2015, 10:11 PM

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QUOTE(Oracles99 @ Jul 24 2014, 10:57 PM)
For those who have children below the age of 18 years, there is a need to insert the Guardian clause.

GUARDIANSHIP
After the death of both myself and my wife ............, it is my desire and if the Law permits my sister ............ shall be the guardian of any of my children whose age at the time of distribution of my estate shall still be under 18 years.

TRUSTEE POWERS       
I hereby empower my Trustee to manage and invest (as the Trustee thinks fit)
any property due to a minor beneficiary under this Will for the education,
maintenance and benefit of that Beneficiary.

** if you wish to appoint yr sister as a guardian, then put her as an executor as well.
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While it is fine to name your executor as the guardian, some with family problems may want to reconsider separating the two roles to different parties.

There was a case where the testator (Jane) appointed her sister (Anna) as the guardian and the executor. After Jane move on, Anna assume the responsibility of taking care of Jane's two children. One day, Anna's husband went into financial hardship as his business was not doing well. Anna, out of love for her husband, use the children's inheritance to help her husband.

We can't say that Anna is completely cold blooded / irresponsible, this scenario can be prevented with proper estate planning.
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