Significance Of Estate Planning In Singapore (2017 Update)


June 17, 2017 Facebook Twitter LinkedIn Google+ Latest News,Moneylender


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Significance Of Estate Planning In Singapore

Your estate planning is the legacy that you leave for your future generations. Planning your wealth distribution in advance is not just a favor to your kin. But also a responsibility that you must fulfill at the earliest. This process is known as estate planning and it helps your family in managing their financial affairs. When you are gone. The failure to plan your estate will not only leave your family in a financial mess. But would also create a dicey situation for your hard-earned money which now lies in the bank or in assets, waiting for the rightful heir.

Why create a will?

Creating a will or planning an estate will help you in managing your money and possessions, even after death. You will be able to define which member of your family gets what. In this way, you can avoid a possible ruckus which would bring trouble to your family members. In conditions where you want to distribute your wealth according to yourself, a well-planned estate will come to your rescue. Let’s say that you wanted your younger son to take your apartment while your elder son to have your bank balances.

You wanted to leave the country farm to your wife and daughter while, your car and some cash for your parents. If you have not planned an estate, your wealth will be distributed unequally among them all and that too not in the way you wanted. When you write your will, everything will be done as per your wish without any challenge or question. Apart from this, you will save your family from litigation, which they must enter to receive their inheritance in the absence of an estate.

Importance of estate planning in Singapore

Many Singaporeans do not plan their estate, leaving the distribution of their assets and wealth upon a Public Trustee. The trustee’s job is to handle the money of the deceased lying in the bank or any other financial institution. He can also get your money from the stock exchange and can also transfer fully paid up for cars and other personal vehicles. Your items in a safety deposit box or any kind of government compensation to be received by the trustee.

The rules for transfer of wealth of a deceased are very strict. If you are married without children, your spouse will get 100% of your wealth. Thus, you wanted to leave something for your parents, siblings, friends, relatives or even a charity, it would be impossible with an estate. If you have kids, then your spouse will receive one half of the inheritance while the rest will be distributed among your children, equally. In general, parents are not entitled to the inheritance, especially when the spouse is alive.

Not planning your estate leaves you with limited options governed by the law of the country. Therefore, it is always better to plan an estate in Singapore and distribute your wealth as you like. Meet an estate planning agent to discuss your financial details further.

 

Money Lender Reviews

For more information on financial planning, feel free to consult our reviews of moneylenders in Singapore. An easily available database will help you make informed financial decisions easily.

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