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Estate Planning Service in Singapore
Estate planning, as the name suggests, is the preparatory tasks of estate management to help an individual to properly distribute and dispose of his or her assets in the event of their incapacitation or death.
What is Estate Planning?
Almost everyone has an estate, no matter you are rich or not. Your estate consists of everything you own, ranging from your house, car, other property, bank savings, and investments to your personal possessions. On top of this, it is a known fact that you cannot bring along with you when you die.
A well thought of estate planning can help you to take back the control of how those things (your estate) will be distributed to the people or organizations you care most about. It is because you will provide clear instructions indicating whom you want to give, what you intend to give, and when will they receive it. Simply put, estate planning helps you to make a plan in advance and decide whom you want to receive the things you own after you pass on.
What is an “Estate”?
As mentioned above, your “estate” comprises all property you owned at the time of your death:
- Real estate
- Bank accounts
- Investment like stocks and other securities
- Life insurance policies
- Personal possessions like car, artwork and so on
How Can Estate Planning Help?
No matter how old you are and how much estate you own (the size of your estate); an estate plan can help you to achieve the following:
- Identify whom (generally, this covers the family members and other loved ones) you wish to give your property after your death.
- Ensure that your property will be distributed to those you have identified/ nominated, with as little legal hurdles as possible.
- Minimize the taxes (that will need to be paid) so that your property can be passed to others after your death.
- Avoid the time-consuming probate process by setting up living trusts.
- Decide the type of medical care you want to have in the event of incapacitation and you are unable to make your wishes known.
- Decide and plan your own funeral, as what you would like (including how related expenses are to be paid).
Why Do You Need Estate Planning?
- Estate planning is not only for the wealthy Many people mistakenly think that estate planning is just for rich. Although people who are rich or who have built some wealth do think of estate distribution, estate planning is for everyone because it ensures your loved ones are well taken of and your estates are properly distributed.
- It helps you plan in advance Many people shy away from estate planning because the assume that they think they do not own big-sized estates, or they are still young, or they are too busy. Many times, people are confused with estate planning and they do not know who can help them. However, when something happens to them, their families and loved ones have to pick up the pieces.Instead, estate planning will allow you to think and organize your estate distribution as well as beneficiary designations.
- Estate planning is not always expensive Yes, estate planning can be something affordable. You can easily start with what you can afford rather than looking for a complex estate plan. For single adult or a young family, they can always start with a will, term life insurance, health care decisions, and the powers of attorney for your assets.
- If not now, when? While many people are aware of the possibility and the fact of death and incapacitation, not many people think about their own mortality or the possibility of being unable to make decisions for themselves. Hence, many families are caught off-guard and unprepared when incapacity or death strikes.
- It gives you the peace of mind this is certainly the biggest benefit of estate planning. A properly planned estate distribution that has been done in advance will give you and your family the peace of mind.
Get Professional Help with Your Estate Planning
Estate planning is not a one-time event but an on-going process. Your estate plan should be regularly reviewed and updated as your family and financial situations (including laws and regulations) change over time. An experienced attorney or professional estate-planning advisor will be able to provide essential guidance and assistance that all your documents are prepared and handled properly.
Contact us today where our associated partner can provide professional assistance with your estate planning need.