What are will & trust planning are so important?
Wealth succession planning is an important part of your financial planning. In the event of your death, your loved ones should be able to receive your assets and the money and investments you have worked hard for. Contact Tan & Yan Leong Advocates & Solicitors today and get your WILL or TRUST planning done.
What is will?
In the event that you die and your property needs to be distributed to your heirs, a will is a legal document that serves as a legal representative to your property.
Why you should write will?
If you haven’t already prepared a will, it is important to contact TYL legal firm to draft and prepare your will writing immediately as this could avoid any conflict or delay in the distribution of your property after your death and also avoid unnecessary estate tax liability.
What is trust?
A Trust is a legal arrangement where property is held by “Trustee” for the benefit of beneficiaries. The Trustee holds the legal title to the property and it’s distributed to beneficiaries according to the Trust Deed, it can be set up to distribute property before death, at death or afterwards. The trustees are usually individual or a company appointed by the trust instrument.
Why you should write trust?
A Trust is a very powerful estate planning tool and can be used to help reduce estate taxes, protect your children from debt and in administering an estate.
What is the difference between wills and trusts planning?
A will can be an important part of your overall estate planning, but what is the difference between wills and trusts planning? The main difference between the two is that a will passes through probate, means that the court oversees the administration of the will and ensures that the will is accurate.
A trust does not go through probate, but means that you have to name a trustee to handle your assets and that the assets will not pass-through probate upon your passing.
How many parties involved in trusts?
- The Settlor – Person who sets up the Trust.
- The Trustee – The person or a corporation who manages the Trust assets.
- The Beneficiary – The person who receives benefits from the Trust.
What assets can be included in a trust?
The assets commonly used to set up a trust are cash, insurance policies, unit trust, properties & shares.