About Succession Planning
Will
A legal document used in distribution of estates (properties, cash, etc) after one’s death. A will is important to have. It is usually used in one-time distribution and it can also appoint guardian for your minor children. For effectiveness, not every estate is encouraged to be put in a will.
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In every will, there is a creator of the will, called a Testator. There is also an Executor. The role of the Executor is to execute all the provisions in the will by the Testator until its final distribution. Then, there is Beneficiary(ies) who will, as the name indicates, benefit from the trust. Finally, is the Guardian(s) for any minor children (if any). Before any wish is carried out, a probate has to be obtained in the court to determine the validity of the will the testator may have created. A probate is publicly recorded, and therefore, it reduces the level of privacy in the estate distribution.
Trust
It seems to be a big, fancy and complicated legal word for a layman to understand. Allow me to explain it in layman terms.
A TRUST is a legal document widely used in estate planning.
The purpose of using a Trust is to protect, preserve & distribute wealth at a suitable time. In every trust, there is a creator of the trust, called a Settlor. There is also a Trustee, usually a trust company. The role of the Trustee is to hold the asset given to it by the Settlor and to follow the instructions of the Settlor. Finally, there is Beneficiary(ies) who will, as the name indicates, benefit from the trust.
When a trust is created, it is usually in writing for it to be proven and to prevent misuse. Therefore, the settlor will state his/her instructions in a trust deed which he/she signs and agreed by the trustee. The trustee will be given the asset stated in the trust to benefit the person(s) named in the trust as beneficiary(ies). A protector is named to be the main point of contact between the beneficiaries and the Trustee.
Insurance
Insurance is a legal contract between two parties – the insured (usually, an individual) and the insurer (the insurance company). Insured pays a sum of money, also known as, premium(s), and the insurer provides a sum of money, also known as, coverage or sum insured, when the insured makes a claim.
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There are many types of insurance plans that one can apply for:
a) Life plan (covering Death / Total Permanent Disability)
b) Income Replacement plan
c) Medical Card (also known as Hospitalization & Surgical assistant) plan
d) Personal Accidental plan
e) Education plan
f) Retirement plan
g) Travel Insurance plan
h) Car Insurance plan
i) Housing Loan Insurance plan (also known as MLTA)
j) Property Insurance plan
Investment Advisory
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Fixed Income Fund
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Private Equity Fund
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Multi Currencies Fund
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Private Mandate