Pacific WillPlan
Our Pacific WillPlan services include:
- Professional legal advice on estate planning
- Conventional/ Christian/ Islamic Will writing, including Testamentary Trust(s) where appropriate
- Appointment of Pacific Trustees as Executor and Trustee
- Custody of original Will (compulsory for first year with automatic renewal for subsequent years)
- A Will is a very important document, without which the law decides how your estate is distributed. The preparation of a Will ensures that your estate is distributed according to your wishes.
- A Will can also include provisions for specific legacies and trust management for the estate.
- A Will involves up to five parties – Testator, Beneficiary (Legatee), Executor, Trustee and Testamentary Guardian (for minor beneficiary)
Benefits of a Will
- Ensures that estate distribution will be according to your wishes.
- Avoids cumbersome administrative process and delays in distribution.
- Protects your dependents from unreliable or unscrupulous persons who may gain control of your estate.
- Ensures your assets go to Beneficiaries you desire,and not decided by law.
- Reduces chances of family disputes over your estate.
- Let Beneficiaries know how you like them to use the assets.
- Ensures that your assets go to your intended Beneficiaries,and not decided by law.
We offer custodial services to ensure that important documents, including your Will, are stored safely and securely so that they can be found when needed.
Fees
Our fees are reasonable and fair to us and you, as they reflect the expertise, time and efforts that we dedicate to every case we handle. What you pay will depend on the number of clauses based on your requirements and wishes for your Will.
PACIFIC Will Rewriting
It is advisable to rewrite a new Will instead of making any clause amendment, addition or deletion to your existing Will. Our fees will also depend on the number of clauses based on your requirements and wishes for your Will. Existing clients will enjoy special rates to rewrite their Wills, with the status of original Will custody remaining unchanged.
When to Rewrite Your Will
- You are advised to rewrite your existing Will if one or more of the following circumstances have changed to ensure the validity of your Will is non-contestable in court:
- Marriage or remarriage
- Original Will lost or destroyed
- Conversion to Islam
- New-born child/ children
- Death of family member/ Beneficiary
- New asset/ property acquired
- Change of mind (inheritance arrangement)
- Remove and reappoint Executor, Guardian or Trustee
- Changes in law(s) relating to Wills
- Change of residency/domicile
- We offer special rates to existing clients to rewrite their Wills, with the status of the original Will custody remaining unchanged.
A typical Will should have the following provisions:
Executor
Decide who should be the Executor of your Will. This is the person who will administer your estate when you pass away. Upon your death, your assets are termed as your estate. Choosing an Executor is important if your assets are substantial.
Your Executor must be honest and trustworthy. If you don’t have confidence in anyone, then you can choose a Trust Corporation to be your Executor. If your assets are not that large, then it is quite common to select one or more of your Beneficiaries to be your Executor(s). You need not finalise your choice now, but should have at least have two or three names as potential Executors.
Guardian(s)
If you have children below age 18, you should nominate someone as a Guardian. Your spouse is usually the Guardian, but you should nominate another Guardian in case both you and your spouse die together, or your spouse passes away first.
A Guardian(s) would most likely be relatives or friends who love your children. Again, speak to them first and get their consent.
Beneficiaries
These are people who would benefit from your assets in the event of your demise. They are usually your family members, relatives and/or friends, but they can include charity organisations or anybody at all. If you choose to leave everything to only one person, say your spouse, then have alternative Beneficiary/ Beneficiaries in case your spouse doesn’t survive you.
Our Pacific WASIATPLAN is specially tailored to cater to the needs of Muslim individuals.
Islamic Estate Planning
A Wasiat (Islamic Will) is a declaration made by a person in writing during his/ her lifetime with respect to the distribution of his/ her estate upon death.
The assets of Muslims who die without a Wasiat shall be divided rigidly among their heirs in accordance with the Faraid, the Islamic law of inheritance.
A Muslim can will away to person(s) who will not benefit through Faraid distribution, for example, non-heirs, relatives blocked by Faraid, non-Muslim relatives, friends, neighbours or charitable organisations, subject to the 1/3 rule.
Heirs are specifically identified in Islam. A spouse, parents and legitimate children (provided they are Muslims) are never excluded from a deceased’s inheritance. Non-heirs in Islam include adopted children or parents; grandchildren; non-Muslim parents, next-of-kin and children; as well as organisation such as charities and schools.
Muslims are encouraged to write their Wasiat.
From the Quran
“It is prescribed, when death approaches any of you, if he leaves any goods, that he makesa bequest to parents and next of kin, according to reasonable usage; this is due from the Allah-fearing.”
(Al Baqarah, 2:180)
From the Sunnah
“It is not permissible for any Muslim who has something to will to stay for two nights without having his last Will and testament written and kept ready with him.”
Translation of Bukhari’s version Volume 4, Book 51, Number 1
Pacific Hibah Plan
- A Hibah (gift) is a gratuitous transfer of property to another person as an act of love, without any condition.
- Once the property is transferred by the donor to the donee, the latter has full ownership of it.
Pacific Hibah Amanah Plan
Hibah Amanah is a contract of gift of asset(s) made by the donor during his/ her lifetime for the benefit of Beneficiary(ies) without any consideration. The asset is entrusted to an appointed Trustee to be held for the benefit of the Beneficiary(ies) for a certain period of time under a Hibah Deed.
Benefits of Hibah Amanah
- Effective immediately upon completion of Hibah
- Not subject to Faraid
- Can appoint a Trust Corporation with perpetual existence
- The Settlor has the power to revoke the Hibah
- Hibah properties are excluded from estate distribution
“I tell you the truth, when you were younger, you dressed yourself and went where you wanted, but when you are old you will stretch out your hands, and someone else will dress you and lead you where you do not want to go.” (John 21:18)
Life is a cycle; it is about growing from a child to an adult. It is also about extending God’s kingdom from generation to generation.
At Pacific Trustees, we provide financial, estate and gift planning services, including arranging care for children or elderly parents, and naming a guardian for them, all these with special sensitivity to the Christian faith.
Thus, our Pacific Christian WillPlan can assist Christians with the unique opportunity to maximise their legacies to their loved ones and also for the Lord’s work.
Our Pacific Christian WillPlan is also an excellent vehicle to pass on your values, life experiences and aspirations to your families and future generations.