Essential Steps for Effective Estate Planning

Estate planning is a crucial process that ensures your assets are distributed according to your wishes after your passing. It can seem overwhelming, but breaking it down into manageable steps can simplify the process. In this case, the person making the Will, have a former and present family, which he wants his distribution of assets to be clear.

Family Photo

Brief Background

What he owned the present -

The man had married early, had children. Over time, the marriage crumbled over the weight of different expectations. His ex-wife took the children and left. Eventually divorce happened.

The second life began, almost unexpectedly, when the man was in his sixties. His present wife is on long term visit pass. Together, they had a child. His health is failing, but still of sound mind. And then the thought arrived, cold and clarifying - what will happen if he does nothing? How will the law treat his case? What will happen to his present spouse?

His present spouse had no PR, had very little 'legal standing' if nothing is done. If the man passes on, his assets would be distributed in ways he had never intended.

In addition, the thought of present spouse navigating probate alone, in a country that is not fully familiar to her, make him feel something close to shame.

He decided to meet Ben after considering how Ben illustrated.

Step 1: Assess Your Assets

Step 2: Define Your Wishes

Step 3: Choose Your Executors and Trustees

Step 4: Create a Will

Step 5: Consider Trusts

Step 6: Establish Your Powers of Attorney

Step 7: Create Healthcare Directives

Step 8: Review and Update Your Plan Regularly

Step 9: Communicate Your Wishes

(Steps may vary in sequence)