Write Will to secure your estate from needless family feud
SEE ALSO :17 shortlisted for Auditor GeneralThose who do not take the matter to court sort it out physically, sometimes with fatal results. What is certain is that inheritance of land and property is an emotive issue that can lead to bitter lifelong rivalries among family members. Dealing with death and inheritance are complex matters. Even where property is transferred successfully, some heirs lack capacity to manage the estate or the business as well as the deceased vision holder, and soon the property is lost. Writing a Will is therefore only one of the tools used in estate planning. ‘Intestacy’ is the legal term for the situation that arises when one dies without leaving a Will. Intestacy may also occur where a person made a Will, which is later, invalidated by the court or he/she revoked the Will but died before replacing it. One may also die partially testate and partially intestate. This happens where a person’s Will covers some but not all of his assets. On the other hand, ‘Estate Planning’ is defined as anticipating and arranging, during a person’s life, for the management and disposal of the estate during the person’s life and after death. Indeed, it can be emotionally taxing and complex but failure to plan increases the opportunity for greed, the likelihood for family feuds, and the collapse of the estate or the inability of potential beneficiaries to track assets. The efforts of one’s lifetime are thus wasted. Estate planning is broader than merely having or not having a Will. It is a complex legal process which, in certain cases involves the expertise of various professionals such as lawyers, accountants, investment advisers, actuaries and even counselors depending on the complexity of one’s personal life and the vastness of the estate. Estate planning can build harmony within the family, preserve the estate, secure its potential and value, as well as protect the present and future financial security of those left behind. CPF Financial Services supports families through the administration of retirement schemes, provision of consultancy and financial services to guide them to better manage their assets, finances and estates to enable them to enjoy the quality of life they deserve. It was, in fact, for this reason that the CPF Trust Fund was established, to take care of basic necessities such as school fees and medical needs for minors of the deceased members of the pension schemes we administer, until such a time that they attain majority status. The Trust Fund is also open to non-members as a tool of estate planning for their beneficiaries.
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