Unmarried daughter with one mum aged 90 and 10 married brothers, owns solely a property and intends to leave 60% of the asset to her mum. ( Case Study )
Case Study 2
Leaving your inheritors wealthy is better than leaving them poor begging the others. However in this case study, it is quite worrying to handover 60% of the total assets to an elderly that is immobile without any security. Imagine 60% of $1 million is $600,000. By looking at the amount that will be left for her mum and understanding her family structure and challenges, we discover the challenges that her surviving mum and siblings might face in the event of death:
- Harm to the mum.
By holding excessive cash in hand, it might expose the mum to theft, scam, online scam, fraud, etc. Yes, we understand that the mum needs the fund for her medical expenses and welfare. Therefore, part of our plan is to provide maximum security to ensure that the asset is properly administered and executed while the daughter’s wish will come true.
- Chaos to the family.
By not having clear instructions and plans, the family might take some time to figure out how to administer the finances and the welfare of the mum, since the mum has been staying with the daughter for years and taking care of her.
- Caregiver of the mum.
Since all the while the daughter is the caregiver of her mum and manages her medication and expenses, part of the plan is to appoint other siblings that are able to carry out the duty as caregiver and provide remuneration for taking care of the mum.
- Reliable and responsible person to manage the mum’s finances.
When we are getting old, we don’t hold any liabilities. Instead, we are the liabilities. We need funds to manage our medical expenses and our own welfare. Therefore, having someone who is reliable and responsible to manage our finances when we are older is a great advantage. All decisions that he/she makes are for your best interest. Both your welfare and assets are properly protected.
By discovering these challenges, we are able to write the will sensibly and the surviving family members will be able to execute it efficiently