Continuing from our previous article (Part 1), we will take a deeper dive in this article.
🔑 Why EPF Nominations Are Crucial
If you don’t make a nomination, your family may face delays and extra procedures when claiming your savings.
With a nomination: the money goes directly to your nominee(s), much faster, providing them with immediate cash flow during a critical time.
Without a nomination: your family must prove their entitlement, often by going through court or administrative processes.
In short — nomination makes the process smoother, cheaper, and quicker for your loved ones.
🛡️ Backup Nomination Clause
Technically, EPF nomination overrides will. That means the person named in your EPF nomination will inherit the funds, not the person you name in your will.
So why still mention EPF in a will?
To cover situations where your nomination fails (for example, if the nominee passes away before you).
🔑 Why Insurance Nominations Are Crucial
Insurance isn’t just about protecting wealth — it’s about ensuring loved ones are cared for when the unexpected happens. Nominations play a vital role in making sure benefits reach the right people quickly and without complications.
🛡️ Backup in Case of Nomination Failure
- Having a backup nominee ensures continuity and avoids delays in releasing funds.
- This safeguard provides peace of mind that benefits will still reach the intended family members.
📢 Reminder for Family Members
- Many families are unaware of existing insurance policies, especially if they are not discussed openly.
- Without a nomination, or if no one knows about the policy, benefits may go unclaimed — leaving loved ones without the support you intended.
- A clear nomination acts as a reminder and signal to family members that the policy exists and who is entitled to claim it.
💡 Neglected Assets
When it comes to estate planning, it’s often the little things that get forgotten. Assets like PRS savings, SSPN accounts, safe deposit boxes, or even unclaimed funds can easily slip through the cracks. If they’re not properly documented, your loved ones may never know they exist — and that means those resources could remain hidden or out of reach. Taking the time to list and plan for these ensures nothing is lost and every benefit goes to the people you care about
Why It Matters: Families may miss out on valuable resources simply because they weren’t listed or communicated.
Best Practice: Encourage clients to create a comprehensive inventory of all assets — even the “small” ones — and update it regularly. – Our company offers packages designed to cater to your needs.
⚖️ Bankruptcy Clause
Sometimes, a beneficiary may face bankruptcy at the time of inheritance. Without protective measures, their share could be seized by creditors, leaving them with nothing.
- Solution: By including a bankruptcy clause in the Will or Trust, assets can be safeguarded from being tied up in bankruptcy proceedings.
- Best Practice: Estate planners should highlight this clause as a proactive safeguard, especially in families with business owners or financially exposed individuals.
💌 Term of Endearment
A Will doesn’t have to be cold or impersonal. Beyond dividing assets, it can carry your voice, your love, and your gratitude.
- Say What’s Hard to Say: Sometimes we leave important words unsaid — love, thanks, even apologies. A Will gives you the chance to put those feelings into writing, so they live on.
- Avoid Regret: Life is unpredictable. Leaving heartfelt words ensures your loved ones hear what matters most, becoming a lasting reminder of your care.
✨ In the end, a Will is more than paperwork — it’s a legacy of love.
Ah ha! As you can see, we can guide you from A to Z. The points mentioned above are not everything, make an appointment with our legal advisor -Chelsia here: https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
