Why Write a Will?

Why Write a Will

There are 4 W’s to wealth planning:
Wealth Protection ensures success for your own and your family’s financial goals through risk management.
Wealth Accumulation is about developing a financial and investment plan.
Wealth Management seeks to allocate assets into diversified asset classes according to your risk profile.
Wealth Distribution includes Estate Planning and ensures that the right assets are distributed to the right people, the way you want it.

Writing a Will is a good start for Wealth Distribution planning, and its important to do so when we still possess the mental capacity and clarity to ensure the will is valid.

Benefits and Advantages of a Will

Appoint trustworthy people to administer your estate and to carry out your wishes, safe guarding the interest of those whom you love and care for

The ability to choose guardians for infant children instead of allowing the court decide. You know better.

Avoid family contention over the right to administer your estate, which can be time consuming, costly, and sometimes, dividing.

Cost of legal fees to apply for Letters of Administration (without a Will) is usually more than applying for Grant of Probate (with a Will).

Do not need two sureties to stand as guarantors as in the case of intestacy (i.e. a no Will situation).

Can withhold outright gifts to beneficiaries lacking maturity or competence to handle money by adding testamentary trusts in the Will.

Avoid legal cost and tussle between individuals or groups of individuals fighting in court for the position of Administrator.

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