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Written by Wilfred Ling
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Saturday, 05 January 2008 |
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Wilfred Ling asks, "Are you able to give some case study to illustrate the value-add which a Financial Planner can do which a lawyer cannot do pertaining to structuring a Will?"
Joan Lim replies. "I can give a real-life example that was reported in the newspapers (long time ago). A rich man engaged a lawyer and Willed his assets, including his residence to a certain kidney foundation. After his demise, the kidney foundation wanted to take over the late man's residence. The problem arose when the late man's widow was still living in it! The property was in his sole name. How could anyone force someone to shift out of a house that was her home for 30 years? There was a costly legal battle and it ended with the widow being allowed to live there until her demise. If a Financial Planner were to have assisted the rich man, all these problems may have been averted. This is because the FP would ask all the pertinent questions like "How is his relationship with his wife?", "Who does he favor and not favor?", "Who will come against him?" , "Is there anyone else that he would like to provide for? (eg kidney foundation, handicapped niece, porcupine ,,,, opps, concubine, sorry.... lady companion) ", etc "
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