Often enough, Wealth Distribution is a complicated process when the deceased leaves behind simple instructions in the Will; worsened if there are conflicting instructions.
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Principles of Wealth Distribution
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Dead Ferrari driver’s estate valued at S$8.1 million
“Dead Ferrari driver’s estate valued at S$8.1 million”, Yahoo! Newsroom, 8 Aug 2012.
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Case Studies
Some case studies prepared based on real situations, explained the problems in an un-planned estate plan. Articles are not for mass re-production.
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Presumption of Death
If your loved one is given the status “presumed dead”, the family members will not have closure as they do not know whether their loved one is dead or alive.
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You are Cohabiting
Whatever the reason for your cohabitation, estate planning is very important if both of you really care for each other.
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You are a homosexual
As a homosexual, if you are in a serious relationship with your partner, then you need to plan very carefully for the future.
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You have stepchildren or your children are stepchildren to your new spouse
The main issue of step children is that they have no legal position in the Intestate Succession Act. Therefore, one might unintentionally exclude one’s estate from deserving step-children if no proper estate planning is done.
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You are a Muslim
Islam is not only a religion; it is also a social-economic-political system. Therefore, to a Muslim, Islam is a way of life. Understand and appreciate certain Islamic estate planning ideas.
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