Summit Planners: How does Will Planning benefit the beneficiaries?

SINGAPORE, June 24, 2024 /PRNewswire/ -- Summit Planners has a mission to educate the members of the public about the benefits of Will Planning. They aim to help the members of the public make well-informed decisions by sharing their knowledge and expertise on Will Planning.

Apart from having the power to distribute the estate to the intended beneficiaries, having a Will holds critical benefits, particularly for minors, special needs individuals, or financially incapable beneficiaries. In essence, Will Planning can benefit the beneficiaries in ways that we can never imagine.

Power to appoint someone you trust to care for your minor

A Will allows you to appoint a legal guardian with the same values to care for your child if both your spouse and you pass away. On the other hand, you may also appoint a co-legal guardian to make decisions jointly with your spouse or ex-spouse for your child's best interests. In your absence, the appointed legal guardian will be responsible for your child's upbringing and welfare.

Ensure that your inheritance is not exhausted quickly

Giving a lump sum to spendthrift beneficiaries may not be wise, as they may not be financially capable of handling a vast sum of inheritance. The inheritance may be exhausted quicker than anticipated due to their reckless spending. Thus, having a Will with testamentary instructions enables you to stagger your estate distribution, thereby protecting your inheritance.

Provide specific instructions for distribution

Testamentary instructions in a Will offer great flexibility in estate distribution. You can choose to distribute the estate in a lump sum, periodically, or upon reaching certain milestones. This flexibility is particularly beneficial for minors or individuals with special needs, as it allows you to provide specific instructions on how the beneficiaries should utilize your inheritance, ensuring it meets their unique circumstances and needs. For instance, a mother may want to give a monthly allowance to her minor child until he/she reaches age 21, or a father may wish to provide a lump sum amount to his children for their first property purchase.

Therefore, possessing a Will is essential to ensure that your hard-earned wealth meets its intended purposes and that your beneficiaries are well-cared for after your demise.

To raise awareness of the importance of Will Planning, Summit Planners is running monthly Will Planning seminars to encourage the members of the public to take action to ensure that their affairs are well taken care of after their demise.

Click here for more information on the Will Planning Seminars.

About Summit Planners

"Summit Planners is committed to redefining the way individuals approach estate planning and make estate planning simplified and understandable."

Summit Planners is an organisation specializing in comprehensive estate planning solutions. With a team of seasoned professionals, we are dedicated to helping individuals and families secure their financial legacies for generations to come.

At Summit Planners, we strive to provide our clients with customised solutions from our suite of services to match the size of their organisation and ambitions. From sole proprietorships to corporations and individuals to families, their trust in our services and partners has enabled us to grow from strength to strength.

SOURCE Summit Planners Pte. Ltd.