The most basic aspect of estate planning is drawing up a Will. But the question you might ask is do you really need one? The answer depends on you. If you have loved ones (especially your children) and assets, then the question is whether you truly care. Because you will not be around forever, it is important to make the necessary arrangements to ensure that what is yours will pass on to the beneficiaries of your choice with the least inconvenience and in the shortest possible time as well as ensuring that they are adequately provided for.

A Will is a document made in accordance with the law and has legal effect only after the demise of the maker (the testator). So, what does a Will do?

Faster Distribution of Assets
All assets of a person are “frozen” upon death. But with a valid Will, it need not take as long to unlock and distribute the assets of the estate. It is within your power to save your loved ones from the inconvenience of a lengthy and costly legal process.

No Administration Bond Required
Unlike when there is no valid Will, no administration bond for an amount equivalent to the gross value of the estate is necessary for testacy (when there is a will).

Choosing Your Beneficiaries and Determining their Entitlement
As they are your assets, so only you should choose who gets what and how much. Wouldn’t you have the peace of mind when you are assured that your assets will go to the beneficiaries of your choice?

Choosing Your Executor(s)
Your assets and your loved ones. Shouldn’t you be the one to decide who you can trust to carry out your last wishes?

Choosing a Testamentary Guardian
If you can’t be there for your children, who can you trust to look after their interest and welfare?

Creating A Testamentary Trust
Wouldn’t you be glad to know that by setting up a trust, you can ensure that your money will be spent on your loved ones according to your wishes, for example your children’s education or your elderly parents living expenses?