When you plan & act so much, just leave a very important step to be perfect (2)

Remember the story of Mr Tan?
What can Mr Tan do to avoid the tragedy?

The tragedy can be avoided if Mr. Tan had followed and executed a professionally constructed estate plan during his lifetime. A comprehensive estate plan should include the following features:

• Proper disposition of assets including cancellation of liabilities and protection from creditors
• Shorten undesirable long legal process
• Ensuring effective execution and avoiding disputes
• Providing sufficient funds for sustenance of family and dependants and in case of incapacity
• Strategies to maintain liquidity and tax efficiency
• Maintaining control through properly structured trusts, prevent squandering and providing incentives
• Appointing a licensed professional trust corporation as personal representative to ensure efficient and impartial execution
• Preserving confidentiality of specific shareholdings
• Protecting the value of business through setting up proper business succession planning
• Protecting and preserving wealth through the use of special purpose vehicles or instruments over multiple generations if desired

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Source: Comprehensive Advisory Services