Transferring your wealth can be drama-free with early planning

The process allows you to leave an inheritance that aligns with your values and helps your loved ones

- Angela Tan

Where there is a will, there is supposed to be a way. But while your intentions may be clearly outlined in your will, there is no guarantee they will be carried out as planned.

We have read many stories about wills being contested. Lawyers say these are mostly due to children or dependants believing that they deserve a larger share than what was stipulated in the will. It could even involve someone you do not intend to give a cent to inheriting some of your wealth.

Globally, the older generation is preparing to transfer trillions of dollars in assets to its young heirs over the next decade. Contested wills are going to become more common, especially in this part of the world where discussions about mortality have long been taboo, and viewed as a harbinger of misfortune and bad luck.

More likely than not, there will be a variation to how you envisioned and intended your money and assets to be distributed after you are gone.

This is where planning comes in. It allows you to leave an inheritance that aligns with your values, helps your loved ones and simplifies the overall wealth transfer process.

Going to court to contest a will can be costly, and in many cases, the cost involved just does not make financial sense.

Mr Christopher Tan, chief executive officer of Providend, a fee-only wealth advisory firm, says his richer and older clients who are business owners worry about who will run the company when they are no longer around, and whether the fair value of the business will be captured.

He says among the things clients think about in legacy and estate planning are: "How do I ensure that my loved ones will not squander the wealth left behind for them? How do I ensure that I leave them enough wealth to give them a head start in life but not take away the motivation of hard work?"

Some want to ring-fence their assets from their children's spouses and in-laws.