Estate planning is the process where you decide what happens to all your belongings upon your death. This can be a painful process to many. Thinking of your own demise will probably make it crystal clear to you about what was most important to you during your lifetime. When you think about who deserves which portion of your wealth you will realise how much or how little your immediate family and your relatives mattered to you. However, this issue must be addressed at some point in your life. If not, depending on the laws of your country your wealth will either be inherited by the ruling authority or by your blood relatives as deemed suitable by your state.
Guardians for your children
In case your children are left without a parent before they legally become adults, they will need a guardian appointed that will take care of their needs. Usually if both parents are lost unexpectedly and the children are orphaned, a guardian will be appointed by court. In this instance all decisions will be taken in the best interests of the children. However, this may not create the ideal circumstances under which you want your child to grow up in, so it is better for you to make this choice while you can.
How your estate should be divided
This is usually not a problem for those who can easily pass down their wealth to their spouse or children. However, for those who have been estranged from their family, those who have on going family feuds or those that don’t even have a charity that they can donate to, this can become a pressing problem. If these are not properly defined by a last will or similar document the heirs will be determined through a civil litigation procedure that also provide security and protection.
If you are in trouble the best way to find a solution is to divulge all the information you know to your estate planning lawyers in Singapore. Information such as your civil status, whether or not you have legally separated from your spouse or if those issues have not been finalised. If you have any extramarital affairs they also may be relevant to your lawyer. Your lawyer will not be able to defend you properly if certain important facts are kept in the dark.
Caring for a disabled or wasteful child
Opening up a trust for this type of children will make sure the funds will not be mismanaged by your children. A trust fund will make sure a disabled child has enough money to spend on their medical as well as other requirements.
Some trusts are created in such a way that they money invested will be useful to many generations succeeding the initial investor.
If it is simply a cat or a dog you may assign a trusted relative to take care of them for the rest of their lives, but if you have horse or bull or such a pet you will need to make more careful plans. Perhaps you may have to open a trust in their name.
Estate planning is no doubt one of the most painful things you need to do. However, this is essential if you want to avoid unnecessary lawsuits after your death where a substantial amount of your estate will be wasted.