Even Your Wishes Need A Plan


COVID-19 has impacted each one of us in different ways with the social distancing orders, safe management measures, and a changed pace of life. On the upside, the pandemic has led us to rethink our priorities and expectations, especially in the financial sense. Some important questions have begun bubbling to the surface: Are my loved ones protected? What if something were to happen to me tomorrow? Should I have a plan in place for the future?

Estate planning is one area that has received a lot of attention, specifically because of the uncertainty associated with the COVID-19 crisis, which has turned many lives upside down. Now, more than ever, it’s the best time to prepare for the unexpected, and what better way than to create an estate plan which is regularly reviewed to ensure it aligns with your goals:
  • What is Estate Planning? In my opinion, as much as no person is comfortable thinking about death, it’s important to plan your financial future in a way that helps keep your loved ones protected when you are not around. Estate planning ensures that your affairs (assets, liabilities and other financial expenses and arrangements) are handled as per specifically set out legal instructions, in case of your untimely demise.
  • Why It’s Important? The lack of an estate plan can actually lead to a huge cost your family members may need to bear. Without a will or estate plan, the Interstate Succession Act dictates how your assets are distributed after your demise. Not only can this be a costly process in many cases, and also a potential source of conflict for our heirs and loved ones, during a time of grieving and sadness. Even with a will, going through the legal probate process to ensure the validity of the will, is in itself a time-consuming and expensive affair which can be avoided by setting up a trust.
Common Estate Planning Tools in Singapore:
  • Establishing a Will or Trust
  • CPF Nomination
  • Obtaining Life Insurance Policies
  • Executing a Lasting Power of Attorney (LPA)
  • Signing an Advanced Medical Directive (AMD)
  • Holding Immovable Property
  • Life with Benefits – Inter Vivos Trust

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