Fifth - Wealth Distribution This final guideline of this framework looks into the importance of preserving and distributing your wealth or i.e your estate. Whether you like it or not, one certainty in life is that we won't live forever. We will not be in this world someday.
Many people doesn't realize the need of planning their estates well. After working so hard during your lifetime, you wouldn't want your wealth is not distributed according to your will. An effective and efficient ESTATE PLAN would help in preserving and distributing your legacy.
For the not so rich or middle class people, you might ask, "Why bother since I'm not very rich?".
Yes, you may not be rich but I believe you would have owned properties, car, cash, stocks, unit trust, insurance, savings plans, jewelries and others. When in the event of death, your wife or beneficiary would have to deal with lawyers or government official to complete an arduous task of identifying yr assets and determine what goes to who. Your family will be disadvantaged by not knowing your estate.
About the author: Chieng Tee Ming has one year working experiences as financial advisor in Singapore. His favourite research area is on financial and wealth management targeted on ASEAN countries. For more articles and full article please visit http://startwealthy.blogspot.com.