The Business Times

The importance of writing wills and estate planning

Estate planning is crucial in financial planning to make sure assets are passed on efficiently and fairly, says CHUA ZONG YOU

Published Sun, Aug 10, 2014 · 10:00 PM
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AN elderly magnate passes and his children mourn together, displaying great solidarity. Fast forward a few months and these adult children make the headlines again - this time though, the siblings readily tell the court and the media about the character flaws that persist in one another, and why they deserve the lion's share of their father's inheritance.

All manner of dirty linen is aired, solidarity is abandoned and great legal costs are incurred. In the wake of all this, a shambled legacy is the outcome.

While the above scenario appears to be lifted directly off a daytime soap serial, the same scene is often played out in real life - and not just among the families of tycoons and magnates but also among ordinary people.

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