Wills
Many people assume that their assets will automatically pass to their loved ones when they die.
Unfortunately, this is not the case.
There is a legal process that must be followed before any assets can be transferred.
What happen when a person dies?
(Refer to the diagram on the right-hand side)
Without a will, not only is the process lengthy and time-consuming, but your assets will also be distributed according to the Distribution Act.
(Refer to Diagram on the left-hand side)
Trusts
Trusts are invaluable tools in estate planning that can complement wills in various scenarios. They can:
– Bypass the probate process, ensuring quicker and more private asset distribution.
– Provide for minor children or family members with special needs by managing assets on their behalf.
– Protect assets from creditors or legal disputes.
– Facilitate charitable giving and ensure your philanthropic goals are met.
– Preserve assets for future generations, allowing for controlled distribution over time.
Effective estate planning ensures that your assets are distributed according to your wishes, providing peace of mind and security for your loved ones. Let WeLink Advisory guide you through this process to protect your legacy and ensure your intentions are honored.
