Estate Planning
Estate planning is not just for those about to die, or the wealthy ones.
Besides accepting death as a certainty, we must recognize its unpredictability and plan for it.
The benefits of estate planning are many:
- To achieve speedy probate process and payment of estate duty, thus freeing up your assets.
- To distribute one’s wealth according to one's wishes and avoid transfer to unintended beneficiaries.
- To protect the estate against creditors.
- To achieve family unity and avoid disputes.
- To obtain the best terms for assets like business ownership.
- To provide sufficient liquid assets so that real property and businesses and shares can remain intact or be disposed at favorable times.
There are many benefits of preparing a will even if there is no estate duty. Otherwise, your assets will be distributed by a prescribed allocation method under Intestate Succession. (i.e. dying without a will). Do you know that only half of your assets will go to your spouse and the other half to your child (or children)?
You should also consider trusts, but there are many types of trusts so you have to be careful about choosing the right one.
To further understand why estate planning is not optional even for the poor, read the articles recommended on the left under the "Related Items".
