People are not too keen on thinking about the disposition of assets and financial resources in case of one’s incapacitation or death. The matter appears far-fetched at the moment, if not gloomy to ever imagine. However, estate planning is crucial and beneficial to family members or heirs.
Singapore implements its intestacy laws strictly, and the rules are unbending. This should be the compelling reason why those who have measurable wealth need to dwell on estate planning without delay. Intestacy means the distribution of assets of a deceased person in the absence of a signed will. This can create a magnitude of problems for their surviving family members or heirs.
Singapore estate planning is not as intimidating as it seems. Individuals can have an estate planner craft a strategy that will facilitate an orderly distribution of their accumulated assets or what is collectively termed as an ‘estate’ should anything untoward happens to them.
For those with genuine concern for loved ones, estate planning is the solution to avoid disputes and unnecessary conflicts between family members arising from their untimely passing.
5 Key Benefits of Estate Planning
The first order of the day is to seek advice from professionals who specialize in estate planning. They can design a comprehensive and meaningful exit plan for individuals with concerns for loved ones. Below are the five key benefits of estate planning:
- The “Will” or the plan will be anchored according to the specific wishes and instructions of requesting clients 2. They can be assured that all of their accumulated assets left behind will be managed efficiently including the handling of estate taxes
- All the instructions will be properly documented, legalized and made binding
- The plan will be executed and implemented in an orderly manner
- The requesting person will leave a lasting legacy to bereaved loved ones
Estate planning is the best solution for people who care for their family members and desire to leave them with an enduring memory. It is best arranged while the person is still healthy and coherent. The thought may sound morbid, but it is better to prepare rather than burden family members. Having an estate plan in place will benefit surviving heirs and secure their future happiness.