The main difference between will planning and estate planning is that will planning outlines the distribution of your assets upon your passing, while estate planning covers how your assets and wealth will be managed on your behalf when you’re alive and after your demise.
Both processes are incredibly important aspects of managing one's finances. As private wealth managers at Melbourne Capital Group, we have helped clients from all walks of life in managing their wealth and ensuring its smooth transition to the next generation.
Before we move on, if you are a British expatriate or have assets in the United Kingdom worth over £325,000, join us for our British Inheritance Tax seminar this 22nd June 2023. Our estate planning specialist, Jamie Bubb-Sacklyn will be there to answer all your questions on reducing your inheritance tax.
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Will planning can be a relatively simple process that involves drafting your last will and testament. It allows you to express your desires on how you wish to distribute your assets to your loved ones after your death.
Suppose you fail to plan a Will before your death, you’ll leave nothing legitimate behind to ensure your wishes are executed or fulfilled properly. In this case, judges or state officials will take over decisions about your asset management, which will put your family and heirs in even more distress. They need to spend more time, money, and emotional energy settling the affairs left behind.
While no single document can solve every potential issue, especially those related to wealth and property distribution, a well-written Will can come close.
Here are the benefits a well-drafted Will provides:
Simply put, Will planning puts you ahead of time and gives you control over your asset distribution after death. If you're looking for a will writing service in Malaysia, Contact Melbourne Capital Group.
Estate planning allows you to document your wishes on how to preserve, manage, and distribute your wealth in the event of your death or incapacitation.
If you're wondering what comprises your estate, the list can be exhaustive, but these are the common elements of your estate:
Your estate is your net worth; estate planning allows you to preserve your wealth, provide for your spouse or children, fund your children or grandchildren's education, and even leave a charitable legacy.
Will planning is a component of a comprehensive estate planning strategy. The following steps are key in planning your estate:
In short, estate planning is a comprehensive plan for managing your legacy. If you're looking for trustworthy and reliable advice on estate planning, please don’t hesitate to contact Melbourne Capital Group.
Estate planning and Will planning are two processes that frequently go hand-in-hand, but they are not interchangeable.
Estate planning is a detailed and comprehensive plan that includes documents that are effective during your lifetime and documents that can only come into effect after your death. These documents show who has the authority to make healthcare and financial decisions on your behalf during your life, as well as who receives your assets upon your death.
Hiring a professional to draft your will is an integral part of your estate planning process. A will primarily specifies your asset distribution after your death and whom you appoint as the guardian of your underaged children.
Apart from a Will, there are several other documents that create a comprehensive estate plan:
Wills and estate planning are necessary safeguards that keep you and your family away from unnecessary hassle and burden during tough times. They ease the management of your assets and allow your wishes to be fulfilled in your absence.
Contact Melbourne Capital Group today if you’re looking for experienced professionals who offer estate planning and will writing services in Malaysia. Whatever your financial goals are, we can help.
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