Summit Planners: Legalising Your Wishes with Will Planning

SINGAPORE, Feb. 23, 2024 /PRNewswire/ -- Summit Planners believes that the topic of death is often avoided as it brings out uncomfortable feelings and fears. This could lead to unnecessary conflicts and disharmony among family members. While having an open conversation with your loved ones is essential, legalising your intentions and wishes holds greater significance.

Summit Planners uphold our opinion that the importance of preparing a Will should not be overlooked as much as we do not want to talk about death or wishes after death.

To raise awareness of the importance of Will Planning, Summit Planners will be 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.

What is a Will?

A Will is a legal document that sets out instructions for the distribution of assets, including moveable and immovable assets. Apart from estate distribution, funeral arrangements, and digital assets such as social media accounts can be included in the Will. Furthermore, a Will allows you to set instructions for caring for your minor children and loved ones upon your demise.

How can a Will benefit you and your family?

Detailed Instructions of Your Wishes: One of the most obvious advantages of having a Will is that you can choose your preferred beneficiary, how much they can receive, and when they will receive the distribution of your estate. Detailed instructions are vital to prevent unintended parties from benefiting from your Will.

Minimises Unnecessary Disputes Between Loved Ones: Having your wishes laid out ensures that the beneficiaries are clear about your distribution intention, which can reduce unnecessary confusion or surprises after your demise. This is vital when the value of the estate is significant, or the family structure is complicated.

Appoint a Legal Guardian for Your Minor: As parents, you want to give the best to your children during your lifetime, and you hope that your minor children are emotionally and financially cared for after your demise. Having a Will allows you to appoint someone you trust to bring up your children below the age of 21. With that, you will be assured that your minor children are well cared for by someone with the same values.

Appoint Your Preferred Executor and Trustee: The role of the executor involves the administrative work and claiming of assets, while the trustee manages the financial aspect of your estate. As such, it is important to appoint someone committed and capable of settling the estate after your demise. Without a Will, you will leave the decision to the Court to appoint someone on your behalf, and the person may not be a suitable candidate to manage your inheritance.

Funeral Decisions are Respected: Your loved ones may not know your preference for your final arrangements, and they may feel a range of emotions after your demise. With a Will in place, you can state your decisions on funeral arrangements and ease your loved one's burden during this difficult time.

Fasten the Overall Process: The asset distribution may be complicated if you pass away without a Will, resulting in a long estate settlement process. In addition, it can be more costly due to additional administrative work.

Regardless of age and background, Will Planning ensures that your assets are distributed following your wishes and minimizes potential disputes between your loved ones.

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.