Summit Planners: Unveiling the 5 Common Myths About Will Planning

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SINGAPORE, May 24, 2024 /PRNewswire/ — There are numerous misconceptions and inaccurate beliefs surrounding Wills. Summit Planners understands that many may lack knowledge when it comes to Will writing, leading to frequent delays in initiating the process. Therefore, we aim to tackle the widespread misconceptions related to Will Planning.

“I don’t have a lot of assets.”

While a Will is essential for distributing assets, its purpose extends beyond just estate distribution. A Will allows you to designate a trusted individual to look after your minor children upon your passing. Additionally, you can alleviate the burden on your loved ones by outlining your funeral preferences during this challenging time. This ensures that your wishes are honoured after your demise.

“I am still young and healthy.”

Even if you are young and healthy, nobody knows how, where, and when their time is up. Therefore, you should not leave the distribution of your assets to chance. With a Will, you can ensure that your assets are distributed quickly and following your wishes.

“My family can handle my estate.”

Leaving the responsibility of locating your assets to your loved ones may be challenging as they may face difficulties identifying your assets and liabilities when you are away. Furthermore, your estate may be the root of family disputes when your family members disagree with the distribution of the estate.

“Upon my death, my debts will be cleared.”

Even though your beneficiaries will not inherit the debts, they will not disappear after your demise. Generally, the debts will be deducted from your estate before any distribution. As a result, your loved ones will receive a lesser inheritance than what you want them to receive.

“The law will distribute my estate to my loved ones.”

If you pass away without a Will, your estate will be distributed following the Intestate Succession Act. Simply put, you won’t have a say in how your estate gets distributed and who will inherit it. This may lead to disagreements among your loved ones if they are dissatisfied with the predetermined distribution.

Thus, it is vital to consult professionals or seek reliable information about Will for a clearer understanding.

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

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.

 

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