Peace of Mind for Your Loved Ones When They are Most Vulnerable
Most people acknowledge the importance of having an up-to-date Will and, in many cases, a good Trust. But all too often this crucial aspect of financial and estate planning is neglected.
Some may have wills, but have not bothered to update them for many years. Others would like to have a will, but put it off because they find the preparation a hassle. Not surprisingly, many believe their health is fine and they will live for a long time and still think there is plenty of time to organize everything.
Then something terrible happens and it's suddenly too late to protect the ones you love most.
It could be a car accident, an unexpected medical attack or you may suffer a stroke. Regardless, the end result is the same - your family suffers and your money may go where it was not meant to and under serious delays.
These events are difficult enough to manage in your home country, but for expats living abroad there are even more dangers, particularly those with children and relatives from a previous marriage. Foreign country jurisdictions may require local language versions of documents in order to recognize their legality. Local police and lawyers may be required, making things much more complicated.
The need for certainty and clarity becomes even greater in these situations and the consequences of not having your estate matters clearly detailed can be very costly and painful for those you want to look after and protect.
A brief interview with a representative from MBMG seems a small price to pay for peace of mind to protect those you love. Our team of Thai and English legal professionals can assist you to prepare a will or a trust that will take care of your loved ones should anything happen to you.
The Consequences of Not Having a Will…
You lose the opportunity to:
- Distribute your money as you wish
- Save tax
- Keep money in trust for children until they are ulder than 18
- Allow for sensible investment of your assets
- Appoint the Executor of your choice
- Leave gifts to people outside your family
- Leave out people you don’t like or who don’t need anything from you
Preparing a Will Now Will Enable You To: - Revoke (cancel) any other out of date Wills you have made
- Appoint an administrator (Executor)
- Appoint Trustees
- Appoint Guardians for minor children
- Give gifts of items or money
- Direct assets to main beneficiaries suggesting who should get what thereby negating family arguments
- Leave instructions about the disposal of your body
- Leave instructions about your animals
What is the Difference Between a Will and a Trust?
A Will is a document which gives instructions about the distribution of your money and other assets after your death.
A lifetime Trust hands over the assets while you are ALIVE and Trustees take care of them for you and your beneficiaries, but before your death.
When you die nothing happens to the Trust but the secondary beneficiaries will be the recipients of the income and/or capital of the money etc that you gave to the Trustees to look after. It must be emphasised that you can still benefit from a Trust whilst you are alive.
By placing Assets in Trust you can provide a degree of financial security for the immediate family and beyond and give parents and grandparents peace of mind as to the well-being of future generations.
Assets written in Trust do not (usually) form part of the Settlor’s estate. Assets NOT written into the Trust will be considered part of the estate and will be liable to Probate rules.
This can result in considerable delays if your Trust and/or Will is not clear and correctly drafted.
Contact someone from MBMG today to sort out your Will and discuss options open to you regarding forming a Trust.