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Passing on what you have
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Estate planning ensures that your wealth is seamlessly passed on to future generations according to your wishes. With careful planning, you can enhance your wealth and create an immediate estate that can last generations.
As with many cultures, Singaporeans don’t like to think about death. As a result, many people are unprepared for what happens to their assets, liabilities and financial arrangements for their loved ones when they pass on.
Therefore, it is important to have things set in place while you are still in control of your finances and have a lucid mind. Contrary to popular belief, estate planning is for everyone, not just for the rich and famous or those who are nearing retirement. By doing so, you are being responsible for making your intentions clear to your beneficiaries and reducing potential conflicts and tedious, costly legal procedures.
After establishing your wealth distribution plan, you will have the assurance that you have done what you can to ensure your loved ones will be well cared for. Secondly, it will be easier to review and make changes along the way.
Karen will work with you and a lawyer to keep your estate plan up to date through changing economic and family circumstances, protecting the assets you wish to leave to your beneficiaries.
Common estate planning tools include:
- Wills and Testamentary Trusts
- Lasting Power of Attorney (LPA)
- Central Provident Fund (CPF) nominations
- Life Insurance nominations
- Advance Medical Directive (AMD)
- Inter vivos trusts
- Distribution of estates owned by Muslims in Singapore