Ting Shiau’s Post

📌 Money is the LEAST important part of inheritance... I think we all wanna leave our kids something after we die. Some money to help with... 🏡 A downpayment on a house 🎓 Putting kids through college 🏝️ Paying for a fun family trip At my new job, we talk about inheritance a lot... and I've realized that money is the least important part of inheritance. 🗓️ Most heirs spend their inheritance in less than 18 months. 🥊 And the assets left behind are often the cause of families being torn apart, siblings never speaking to one another again, law suits, resentment, anger, and bitterness. 👉 Here's my new favorite definition of inheritance. Steal it if you want. 𝐢𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞 [ in-her-i-tuhns ] 𝘯𝘰𝘶𝘯 To receive an irrevocable gift with an emphasis on the special relationship between the benefactor and the recipients. 🚨 The most meaningful aspect of inheritance is found in the special relationships you have between yourself and your benefactors... 𝐃𝐨 𝐭𝐡𝐞𝐲 𝐤𝐧𝐨𝐰 𝐰𝐡𝐨 𝐲𝐨𝐮 𝐚𝐫𝐞, 𝐰𝐡𝐚𝐭 𝐲𝐨𝐮 𝐯𝐚𝐥𝐮𝐞, 𝐚𝐧𝐝 𝐰𝐡𝐚𝐭 𝐲𝐨𝐮 𝐛𝐞𝐥𝐢𝐞𝐯𝐞? And... 𝐃𝐨 𝐲𝐨𝐮 𝐤𝐧𝐨𝐰 𝐰𝐡𝐲 𝐭𝐡𝐞𝐲 𝐚𝐫𝐞, 𝐰𝐡𝐚𝐭 𝐭𝐡𝐞𝐲 𝐯𝐚𝐥𝐮𝐞, 𝐚𝐧𝐝 𝐰𝐡𝐚𝐭 𝐭𝐡𝐞𝐲 𝐛𝐞𝐥𝐢𝐞𝐯𝐞? That's called "Purpose." And it's the foundation of a true legacy that endures. I wanna hear what your purpose is, even if it's not perfectly fleshed out yet. Leave your thoughts in the comments!

Estate Planning: Be intentional and be in Control Without a #WILL or a carefully crafted WILL detailing your instructions and intentions, your Estate and Assets may be distributed away to unintended #beneficiaries . Be in control, be clear with your Assets via your #scheduleofAssets , be clear about your intended Beneficiaries or Class of Beneficiaries, be clear with your instructions and intentions via a customise comprehensive #willsandtrusts . Take a look at the following news article on #TheStraitsTimes for more insights. Man fails in claim for inheritance left by grandfather to only male-line grandsons https://lnkd.in/gdKamYMC

Crucial to a successful estate plan is your ability to address two major questions: who will get your stuff when you die, and how will they receive their inheritance?

Are you ready to start inheritance planning? Talk to us about your situation and how we could help you get organised: https://lnkd.in/ef5N6f8Z #inheritance #inheritancetax #futureplanning #beneficiary

Is there an age limit for squabbling over inheritance? Apparently not. A recent case involving seven siblings, ranging from 60 to 74 years old, embroiled in a dispute over an KES 18 million inheritance left by their late mother, Lusila Wairu Waweru has brought this aspect to light. The inheritance, comprising land and commercial properties, was initially allocated among the siblings in the will, with some left out. This exclusion prompted legal action challenging the will, resulting in a court decision that upheld it but revised the terms to include all siblings. Despite this adjustment, the inheritance remains intact four years later, with the dispute ongoing and sibling relationships fractured as well. Link: https://lnkd.in/dwXYSC2A. This story emphasizes the devastating impact inheritance disputes can have on families, regardless of age. Having a clear, well-drafted will that reflects your wishes can minimize misunderstandings and conflict after your passing. Additionally, we need to start discussing our estate plans with our families to ensure everyone understands the intentions behind the will. For further insights into navigating wealth transfer and family legacy planning, consider reading "Wealth Beyond Generations" by Karumba Kinyua. Call to place an order for your copy at 0748893367.

𝗜𝗡𝗛𝗘𝗥𝗜𝗧𝗔𝗡𝗖𝗘 𝗣𝗥𝗜𝗡𝗖𝗜𝗣𝗟𝗘𝗦 𝗜𝗡 𝗜𝗦𝗟𝗔𝗠𝗜𝗖 𝗟𝗔𝗪 There are three concepts that are particularly relevant when considering estate matters; gifts (‘hibah’); inheritance (‘mirath’ or ‘faraid’) and bequests (‘wasiyyah’). Gifts (‘hibah’) refers to assets that are transferred in ownership during one's lifetime. However, for a gift to be valid by someone passing, it must involve transfer of ownership, possession, and it cannot be in one's final illness and bedridden state, otherwise, the law will be that a gift to one's heir will be invalid, and will only execute until one-third of the estate when it is to a non-heir. Secondly, inheritance (‘faraid’ or ‘mirath’) is the fixed inheritance as prescribed in the Quran. When a person passes away, the inheritors become shared owners of everything that is left behind. This is different to UK law, where the property vests into a trust and is managed by an executor until it is distributed to the beneficiaries (the people who will inherit). Finally, bequests (‘wasiyyah’) is an intention of the deceased to gift part of their property / assets upon their death hence why the will is known as ‘wasiyyah’. In reality, a muslim can only gift up to ⅓ of their assets to their non-heirs. Once a person has died, the order of the devolving of the estate is as follows; 1. Burial expenses  2. Repayment of debts 3. Bequests – only for up to ⅓ of the estate 4. Inheritance FIXED SHARES IN THE QURAN 1. Husband: Inherits ½ if the deceased has no children or ¼ if the deceased has children. 2. Wife: Inherits ¼ if the deceased has no children or 1/8 if the deceased has children. 3. Daughters: Inherits ½ if the deceased only has one daughter and no sons. Inherits 2/3 if the deceased has multiple daughters and no sons (shared equally between all daughters). 4. Son and daughter: Inherit a shared portion with a 2:1 ratio. 5. Father: Inherits 1/6 if the deceased has children. 6. Mother: Inherits 1/3 if the deceased has no children or siblings, or 1/6 if the deceased has children or siblings. TWO EXAMPLES 1️⃣ A husband passes away leaving behind a wife, son, and daughter. The estate will be distributed as follows: Wife (1/8) = 3/24 Son (residuary share) = 14/24 Daughter (residuary share due to son's presence) = 7/24 2️⃣ A husband passes away leaving behind a wife, son, and two daughters. The estate will be distributed as follows: Wife (1/8) = 4/32 Son (residuary share) = 14/32 Daughter one (residuary share due to son's presence) = 7/32 Daughter two (residuary share due to son's presence) = 7/32

Estate planning mistake allows assets to go to wealthy cousin despite the deceased's wishes: #EstatePlan #Will #WitnessedWill https://lnkd.in/e3g6iHBu

Is it time to start inheritance planning? Talk to us about your situation and how we could help you get organised: https://lnkd.in/ef5N6f8Z #inheritance #inheritancetax #futureplanning #beneficiary

In this piece, HENRY FALAIYE examines the significance of writing a will and how to strategically plan inheritance assets. https://lnkd.in/dP89DtBM #inheritanceplanning #inheritance #plan #personalfinance #will #willsandtrusts

Are you worried about what happens to your assets after your demise? A will can help simplify the inheritance process by allowing you to specify how your assets should be distributed and name your beneficiaries. By making a will, you can minimize the risk of disputes and ensure that your assets go to the intended individuals. Consider estate planning today and visit PropSeva to know more. https://lnkd.in/g3KWazhU #inheritance #estateplanning #estateplanner #propseva #willsandtrusts #property