Mr. Liu, who is a widowed, decided to make his Will so that he can leave his estates to his love ones according to his wishes. He went to his lawyer to get the Will drafted. He drafted a simple Will that is just to distribute in equal share to his 2 sons. The lawyer was very professional and got the Will drafted. Mr. Liu was very please with himself that everything is in place and is confident that the 2 sons will not squabble over his (not much) wealth when he leave this world. He decided to call his best friend, Mr. Kiang, for coffee and shared what he had done so that his best friend knew he had drafted a Will and hope he can assist his family if needed.
Mr. Liu told his friend,” Bro, I did a Will and everything will be divided in equal share between my 2 sons. It will be a fair and equal share so they will not squabble over unfair treatment.”
Mr. Kiang asked Mr. Liu, ” Do you think it is a fair and equal share that will leave them happy with each other?”
Mr. Liu was surprised with that question. Afterall, what can be more peaceful and fair than an equal share among 2 sons? Mr. Kiang continues,” Bro, your elder son is married and staying with his wife in their own house and your younger son is single staying with you. By getting 50/50 of your house, what do you think they will do with it?”
Mr. Liu replied,” Most probably my elder son will want to sell it since he has his own house and take 50% of the proceed while my younger son will want to continue staying in it.”
Mr. Kiang asked again,” What will happen?” And there was silence…
The above scenario might be a situation when a person speaks to a legal professional to get a Will drafted and when the estate planning is done with an Associate Estate Planning Practitioner(AEPP) before getting the Will drafted.
An AEPP is not there to influence your Will but to give you a scenario of “What-if”, highlight the possible hiccups if the estate is distributed in a certain manner and most importantly, to provide a solution if your estate distribution face a potential issue (such as the case of Mr. Liu).
I am glad to be certified as an Associate Estate Planning Practitioner after procrastinating for a few years due to busy schedule. I hope my knowledge and skills gain in this course and the financial planning experience accumulated over the years will help to provide a better service and advice to my clients.