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Monday, February 9, 2009

Things to consider when writing will:

Who to write your will?
Someone qualified, eg: Lawyer. So will is valid & can be executed

Appointment of Executor (s)
Responsible for the administration of the deceased’s estate until the entire estate is distributed to the beneficiaries.

Appointment of Trustee (s)
After the estate has been fully administered & distributed, trustee continues to manage your estate until the trust served its purpose or child attain the 18 years old.

Appointment of Guardian (s)
To take care of someone who is incapable of looking after oneself.

Payment of Debt & Liabilities
Debt & liabilities have to settled 1st before the assets can be distributed

Distribution of Assets

EPF

Insurance Policy

Residuary Clause

Special Instruction

Witnesses
At lease 2 witnesses who must be present

Inheritance
Family provision (eg:spouse, unmarried daughter, son below 21)

Review & Updating

Safe Custody of Your will
Keep at a safe place & inform your executor

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