Wealth Management - Distribution

One of the objectives of wealth management is the to carry out  proper planning so that the wealth you have  accumulate can be distributed according to your wishes when the inevitability, death, occurs.  Wealth distribution starts with identifying estate planning objectives.  

Your Will,  being the most important document, has to be valid and specify your wishes clearly without any ambiguity. Needs of your family and other personal values are to be taken into consideration. It should  also clearly  specify how you want to have your wishes carried out when you are not in a position to carry out them yourself when you are incapacitated.  It should include for unlikely events where both spouses die together whereby you have to make provisions for your children who or minors and other dependents like your parents.  Beneficaries should be appointed for your non-probate assets. 

Current regulatory provisions allow for assets such as EPF and Insurance to be distributed outside your estate, as such proper nominations should be made. 

Estate Planning - Everybody needs a Will

Two things are certain in life, taxes and death.  After amassing your wealth, the last thing to worry is what will happen to your money upon your death.  Thus, plan for your estate.  A Will will reduce the amount of hassle, time and the hearth-ache that goes into how your estate is to be divided among your heirs (spouse, children, parents and others) compared to having the estate been divided as per the Distribution Act 1958 in the absence of  a Will.  When writing a will you decide who gets what and in what portion as specific as you would want and with no room for dispute.You can will your estate to a charity if you want too  or provide for a physically challenged person as long as its properly written and exucuted.