A Will is a legal document you draw up to declare your wishes for your loved ones as to how you want your assets to be distributed after you passed on.
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Will & Trust
What is a Will?
Why do I need a Will?
Without a Will, your assets could give more troubles than benefits to your family at a time when they are most vulnerable. Your loved ones could be involved in a long drawn legal process or fighting in a complex legal battle with other family members.
Without a Will, the law will decides who your beneficiaries, trustees and guardian would be. There is a legal process to go through before your loved ones can benefit from your assets.
Leave nothing to chance. Make a Will and the law will protect your wishes.
With a Will (Dies testate) - Apply Grant of Probate (GP)
The Executor appointed in the Will need to apply GP at the High Court. The GP can be obtained within 3 months to 1 year. Once the GP is extracted and all debts of the deceased settled, the Executor will distribute the estate according to the Will.
Without A Will (Dies intestate) - Apply Letter of Administration (LA)
Without A Will (Dies intestate) – Apply Letter of Administration (LA)
The legal beneficiaries of the deceased’s estate need to apply LA. One or two administrator(s) will need to be appointed for this purpose. Upon extraction of LA, the administrator(s) will distribute the net assets of the deceased (after settled all his debts) according to the Distribution Act 1958 (As amended in 1997).
What is Trust?
A Trust is an estate planning instrument for an Individual to ensure that his assets are protected and looked after by a Trustee or Trustees for the benefit of the trust beneficiaries.
There are three parties involved in a Trust.
The Settlor
Person who sets up the Trust.
Person who sets up the Trust.
The Trustee
The person or a corporation who manages the Trust assets.
The person or a corporation who manages the Trust assets.
The Beneficiary
The person who receives benefits from the Trust.
The person who receives benefits from the Trust.
How does a Trust work?
The Trustee receives the assets from the Settlor and is legally obligated to hold and manage the assets for the enjoyment of the beneficiaries during the trust period set by the Settlor. It is commonly known as “Living Trust”.
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