Date Published: 2 April 2018
Mr Joel Wee from CNPLaw LLP, formerly known as Colin Ng & Partners LLP, was invited to conduct a talk recently to a group of high net worth individuals on estate planning including wills, trusts, lasting power of attorney and other instruments. The response of the talk was positive.
The talk highlighted the importance of preparing a will and a lasting power of attorney. It also highlighted the benefits of setting up a trust to provide for multi-generational legacy planning.
Attendees of this event who wants to view a copy of the slides may email [email protected] to indicate your interest.
Having a will enables one to go further than just providing for one’s family at present. It ensures that upon one’s demise, the selected people will get the amount dictated, and the appointed person will be put in charge of the assets to distribute them according to one’s wishes.
Making a will need not be difficult nor time-consuming. Our fast track wills system eases the will-making process, making it focused on addressing the requirements of our clients in an efficient and cost-effective manner.
Nonetheless, we are mindful that each will is unique and has to be tailored to the specific needs of the client. Clients are therefore invited to discuss their plans with us so that we can ensure their will covers the different classes of assets and beneficiaries in accordance with their wishes.
We also regularly advise and assist clients with the setting up of trusts for various purposes, ranging from protection of assets from creditors to ring-fencing the assets from probate proceedings.
Estate and succession planning can be described as the art of planning and organising personal affairs to achieve maximum wealth protection, for one’s family.
An estate plan may be prepared at any time of one’s life but we usually recommend our clients to start early as this is more effective. Effective estate planning may include appropriately drafted wills and the use of trusts, among other things.
With proper estate planning, our clients are able to minimise the exposure of their accumulated wealth to unnecessary expenses and taxes. This helps them safeguard their wealth during their lifetime and ensures that their loved ones will be properly provided for when their time comes.