Liquidity of estate
- Under most countries’ jurisdictions, when a person dies, someone has to deal with their money, property and possessions– their estate.
- Then the deceased’s assets may be frozen until the court issues a probate, which gives a specified person the right to administer the estate.
- Only then can the deceased’s frozen assets be touched and any money withdrawn or transferred from his/her bank accounts.
- Probate applications can take a long time, and this may cause additional burden to families who are going through emotional distress.
- To avoid the unnecessary hassle and ensure your wealth is distributed according to your wish, it is prudent to have a proper wealth transfer to give you control over your hard-earned money.
Separate your wealth transfer funds from retirement funds
Many people may think that evenly distributing all your remaining wealth is already a good plan to transfer wealth. There may in individual circumstances be merits to separating your wealth transfer funds from your retirement funds.
- Ensure sufficient retirement savings
- Ease your worries in consuming wealth you wish to pass on
- Boost your estate benefits with insurance solutions2
Wealth transfer of family business and assets
- An important and strong tradition within the Asian culture is passing on legacy and wealth to younger generation.
- Assets may cover a variety of categories, some of which cannot be easily divided among your heirs.
- When faced with a business and assets that cannot be divided, estate may not be fairly distributed to the successors.
- There are circumstances when life insurance can help create more liquid assets at the point of distribution of your wealth.
An estate inventory
- Real estate
- Securities (Stocks, Bonds and Unit Trusts)
- Bank accounts
- Life insurance policies
- All tangible personal property (e.g. cars, boats)
- MPF accounts
Your asset may cover a variety of categories, some of which cannot be easily divided among your heritance.
Want to review your future planning and see if you're on track to achieving your goals? Get started with Future Planner to gain insights into your planning and see what areas may need more attention.
Risk Profiling Questionnaire
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Frequently asked questions
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