This post is also available in: 简体中文 (Chinese (Simplified))
Ensuring the Best Protection for Your Assets Begins With the Right Professional
When you decide to make a will, you need a professional executor who will oversee executing your Singapore will upon your death. This ensures your assets are well protected and your beneficiaries inherit what they should.
What is a Professional Executor of a Singapore Will?
A professional executor is appointed to oversee your will. They have a role to play in relation to you and your beneficiaries. You are known as the testator because you are the will. The individuals who will inherit your assets and estates are known as the beneficiaries.
Your professional executor will oversee the following:
- Administering and distributing your assets and estate after your death.
- They can be the trustee of your estate until the time comes (if your beneficiaries are under 21-years old).
- They have the power to hold your assets and estate upon your death until your beneficiaries are of age.
- Assist with the funeral arrangements.
- Pay off any debts that the deceased owes.
- Lodge an application with the court for Grant of Probate.
- Attend court appearances for your estate.
Who Should I Choose as My Will Executor?
You can choose anyone you want as the executor of your will. However, it is advised that you avoid choosing one of your beneficiaries to do it. This helps prevent conflict of interest from arising, which can happen unless your beneficiary is the sole beneficiary.
You have the option of choosing:
- A close relative
- A family friend whom you trust
- A professional trustee
Ideally, you should appoint an impartial third-party professional as your executor. You can’t appoint as many executors as you like for your Singapore will. The best approach is to appoint more than one to help ensure things are kept in check, or in case one executor is suddenly unable to perform their duties. A team of professionals solves this problem for you.
Why Choose 3E Accounting?
When it comes to choosing a professional executor for your Singapore will, you want a team who embodies these qualities:
- Provides professional services.
- Understands the accounting process thoroughly.
- Has experience handling valuation.
- Has experience with accounting, taxes, and more.
At 3E Accounting network, not only are we cost-effective, but we are also experienced. Since there is a lot of work involved in ensuring your assets are well taken care of, you want to choose a team you can trust.
For more information about our services, contact our team today.