SINGAPORE, Sept. 23, 2024 /PRNewswire/ -- To raise awareness of the importance of Will Planning, Summit Planners are running monthly Will Planning seminars to encourage the members of the public to take action to ensure that their affairs are well taken care of after their demise.

Summit Planners believe that Will Planning is applicable to every individual, regardless of their current life stages. A Will plays a vital role in ensuring that your estate meets your intended purposes. However, its significance goes beyond asset distribution; it ensures your loved ones are provided for emotionally and financially.

Young Working Adults

Young adults who just started working may think they do not have many assets and, hence, do not need to write a Will. This assumption is incorrect, as every individual possesses valuable assets to distribute, such as bank accounts, insurance policies, etc.

Having a Will allows young working adults to distribute their assets according to their wishes in the event of premature death.

Families with Young Children/Special Needs Children

Families with young or special needs children may be concerned about their children's well-being after their passing. Who will care for the children emotionally and financially?

Having a Will ensures that your young or special needs children are cared for by a trusted individual and provided for financially. Most importantly, you have the option to distribute your assets to them when they reach maturity.

Families with Young Children and Elderly Parents

Families with elderly parents and young children often find themselves in the position of the sandwiched generation. Are you aware that your elderly parents are not entitled to your inheritance if you do not have a Will?

Having a Will ensures you can set aside a sum from your estate to support your elderly parents during their golden years. Additionally, your inheritance for your young children can be held in trust and distributed to them over time.

Individuals Going Through Life Changes

Individuals experiencing life changes may undergo significant changes. Consequently, they may want to distribute their assets differently and to different beneficiaries.

Simply having a Will is not sufficient. They will need to review and update their Wills in accordance with the changes or milestones in their lives to ensure that their estate is distributed according to their wishes.

Retirees

Most retirees have accumulated a substantial amount of assets throughout their working years, and they often wish that their estate could benefit their loved ones and last for generations.