Estate Planning Lessons from Real Life Case Studies
Have you thought about what could happen to your assets and investments after you're gone? Estate planning is crucial, but at times it can feel overwhelming. That's why we've gathered six real-life case studies to help you understand the importance of estate planning.
Want to learn more about these case studies? Download the PDF for a detailed analysis of these cases.
Summary
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Consider all your assets - that means everything from your prized possessions to your investments.
“8 siblings settle wrangle over late parents' property assets worth $20 million” - 7 Jan 2016, The Straits Times Website
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Make your wishes clear to your family by making a Will, even if you may be an indecisive person, you can always update your Will again.
“Man maligned late mother to deny siblings share of her $3m house” - 26 Feb 2023, The Straits Times Website
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Appoint a trusted Executor who will carry out your wishes and manage your estate.
“Man jailed 4 years after siphoning S$550,000 from late brother's estate to gamble, buy stocks” - 9 May 2022, Today Online Website
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If you have mental health conditions, seek appropriate medical care to ensure that you have the capacity to make a valid Will.
“Court dismisses challenge to wealthy widow's will by two children who got smaller inheritance than their siblings” - 23 Dec 2020, The Straits Times Website
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Understand the limitations of an administrator vs an executor before you decide not to make your Will.
“Grandmother and grandson tussle over assets, judge dismisses both sides’ claims” - 30 Dec 2020, The Straits Times Website
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Don't rely on verbal promises instead of making a complete Will.
“Suit No 80 of 2019 Between Teo Song Kheng (Plaintiff) And Teo Poh Hoon (Defendant)” - 16 Mar 2020, eLitigation Website
Not having a Will in place can give rise to numerous problems that can affect your loved ones in multiple ways. These issues can range from conflicts with stepchildren and in-laws to unintended distribution of assets, resulting in legal and financial hurdles for your loved ones.
No matter your family situation, it's important to assess the necessity of a Will and work with a Certified Estate Planner to create a comprehensive plan that reflects your wishes. Let us not make this ultimate gamble.
By taking proactive actions now, you can provide peace of mind for yourself and your loved ones, and safeguard your legacy for generations to come.