The importance of proper planning for a better tomorrow
As a parent, you probably suspect that no cares about your family as much as you. You would be right – no one does.
This is why you need to make appropriate plans now that will ensure your affairs will continue to run smoothly and your family will be provided for, even if you become incapacitated. Incapacity is a situation whereby someone becomes unable to manage his/her financial affairs as a result of depleted physical and/or mental ability.
While some types of incapacitation can be predicted with the latest science, most cannot be predicted. In the face of this uncertainty, the best preparation is to set a plan in motion to guide and cater for our loved ones if incapacitation ever arises. Estate Planning particularly comes in handy in this regard.
To demonstrate how an Estate Plan can save you and your family, here is a story shared by Labake*, one of the listeners of the weekly FBN Trustees Legacy Series radio show.
“It was love that brought my mother and step-father together. My step-father loved my mother’s children – us – as much his own children. This didn’t go down well with his siblings, and things got worse after the unfortunate incident that left my step-father incapacitated and unable to speak. In search of a ‘solution’, his siblings have been taking him from pillar to post while they sent my mother and all of us away from the property where we lived. They have sold virtually everything he owned.
My step-father’s friends told us that he keeps asking for my mom but his siblings have made him believe that my mother left of her own accord. Someone who was once an influential man is now restricted to a church-house, barely able to eat well or receive needed care. He has been such a good father to us but in the past three years, he has reportedly become a shadow of his old self.”
The story of Labake’s family illustrates what could happen when we fail to put a proper wealth transfer plan in place. The consequence of not planning is often devastating for everyone involved. Labake’s family would never have needed to go through this situation if a Living Trust, or a similar Estate Plan, had been set up.
Right now, the comfort is that Labake’s parents are still married. Because of this, her mother can take legal action against her step father’s siblings and regain her right of cohabitation. Thereafter, as his legal wife, she can begin the process of recovering his assets and providing care for him.
We always recommend that you set up an Estate Plan before the unexpected happens. Planning ahead will help you and your loved ones prevent confusion, lack of direction and save money that would otherwise have been used in settling court proceedings.
At FBN Trustees, we exist to help you manage your wealth so that it can be beneficial to you and your loved ones in the future.
As a member of the reputed FBN Holdings Group, we are a team of experts who have in-depth industry knowledge, local awareness and relevant experience, having helped individuals and families develop wealth transfer plans over several decades.
Do not wait until the unfortunate happens, start planning for your future today. Contact us to get started.
*This is a sponsored content brought to you by FBN Trustees. Real names have not been used in this post to protect the identity of customers.
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