We always see people having family conflicts after the head of a company or family dies in TV drama and news. The main reason of having the mess is because they do not have a suitable estate plan.
Estate planning is essential to put an end to family conflicts. For instance, if a plan is not well-written, the family members may not understand what kind of assets they will get. The sister may think she deserves more than the brother, and the uncle may eventually get involved in the succession too. Such family drama may end up in courts and the public will find out your family matters which you do not want to explain to them.
To prevent such tragedy happens, an estate plan is needed to pass an inheritance to your children or other beneficiaries. Estate planning does not only stop family conflicts, it also helps to lower tax burden for the beneficiaries.
There are mainly two types of estate planning, trust and will respectively. Both trust and will are used to transfer estate to heirs, trust is set up by a trustee who manages your assets for the beneficiaries, the latter one is usually handled by a qualified solicitor to distribute the assets after your death.
Below is the brief comparison of trust and will:
Both trust and will are legal arrangements and guarantee to pass family wealth to the offspring. If you would like to know which estate planning is suitable for you, feel free to consult our experts and we help to decide the best solution for you.
Noah Trust (Asia) Limited
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