The Benefits Of Writing A Will

The benefits of writing a will and testament are manifold – for a document that is fairly simple and straightforward

We aim to provide simple and effective solutions to our clients. Through continuous learning and development programs, we ensure our clients that they can get the best advice they need,” says Jacky Li, Group Financial Services Director at The Writes Group. The group consists of 70 licensed financial consultants and provides holistic financial planning services, such as cash flow management, investment planning, insurance planning, and estate planning. Interestingly, before looking into asset accumulation plans, The Writes Group begins with identifying coverage gaps in a client’s set of plans to ensure that his or her dependents are well cared for.

Li walked us through one important device in wealth planning – the will.

Give me a concise and simple definition of what a will and testament is.

A will is a legal document declaring how your assets will be distributed after your passing. This includes instructions on who will take care of your children, for example, if they are minor. Simply put, this is a set of instructions on how to take care of your affairs that only takes effect upon death, but it can be revoked at any time before that.

What are the important contents of a will, and who are ideally involved in making them?

Before setting up your will, you need to identify three group(s) of people.

First, appoint an Executor. An Executor is a person or institution who will carry out the terms of the will for you. This can be a person you trust or a company providing such services. If you are appointing a person, it is good practice to appoint a secondary executor to carry out your will in the event the first executor passes on before you.