Ranuga Devy M. Packirisamy
Advocate and Solicitor
As we grow older, we may develop physical or mental impairments, which would at some point of time prevent us from leading completely independent lives.
While we are young we are busy running our daily lives caring for a young family and trying to earn an honest living, in the process we try to save something for a rainy day.
However as the years go by we are faced with new commitment and we try to accumulate funds for our future and try to build a legacy for our loved ones to inherit.
A truth almost everyone must face, as you grow older, your emphasis will shift from accumulating asserts to distributing them wisely. Very few people give little thought to putting their personal and financial affairs in order for their families that survive them.
Law provides various forms of instruments to enable a person to provide for their beneficiaries.
|Wills||A will is essentially a legal valid document that outlines how one’s property or other asserts are transferred when he/she dies.|
|Power of Attorney||Allows the person you appoint to step into your shoes to take over the running of your business if you are not able to do so. A regular Power of Attorney is useful if you want to give someone a short lived authority while you are in hospital or incapacitated. It can be revoked anytime once you are able to carry out your responsibility.|
|A Trust||This is a fiduciary relationship in which one person/ a body (the trustee/s) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiaries). A trust allows you to dictate in advance how certain assets are to be managed and to monitor the actions of a trustee for a while. Trust are usually established to hold money or to run business for the beneficiaries until they reach maturity and are able to manage the bequest.|
Plan your estate while you are in good health. So what is your estate? It is everything that you own that you want to leave for the benefit of your loved ones. Estate planning involves making decision about your property, your dependents, your health, future incompetency, funeral arrangements i.e cremation or burial or any other memorial arrangements. Persons to contact with names address and telephone numbers.
The choice of beneficiaries and how you divide your estate is completely up to you. As well as considering family, relatives and friends, many people also take the opportunity to leave a bequest to a cause or a charity that they have supported or been involved with throughout their lives.
It is always good to seek legal advice before deciding which of the above instrument would be suitable for your needs before you take the appropriate action to safeguard your loved ones.
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