Legacy planning for my family
Recently, my mom wanted to do up a Will for herself and suggested that we seek the aid of a legal firm. Incidentally, the following day, one of my readers requested me to do a topic on legacy planning. Henceforth, in this article, I will pen down my thoughts and insights on legacy planning. I also hope that readers will benefit from my research on this topic.
Most people tend to procrastinate on legacy planning. Indeed, in life, there are many priorities that take up our time and resources. But you should note that death is an inevitable part of our life journey. If you don’t do a proper legacy planning, your loved ones could be at a loss of what to do if you suffered from an unfortunate event. Just imagine the emotional turmoil and the prospect of navigating through the financial maze when family disaster strikes.
Legacy planning involves more than just crafting a Will. A proper legacy planning also need to factor in retirement planning and the potential event of total incapacitation. A Will is only effective upon the Will-maker’s death while Lasting Power of Attorney (LPA) operates after the donor loses his mental capacity. Basically legacy planning is a financial strategy on how you would want your wealth to be distributed among your loved ones in the event of an unfortunate event.
At the age of 40, legacy planning become more and more important for my family as my assets and liabilities grow. I always tell myself if I don’t manage legacy planning properly, my spouse and children will be facing great distress in the event of my sudden departure. Over the years, I have written a number of articles on legacy planning. Below the list of premium articles on this topic.
CPF nomination and making a will
HDB: The difference between Joint Tenancy and Tenancy-in-Common
Supplementary Retirement Scheme (SRS) strategies
Dark side of Lasting Power of Attorney (LPA)
Note that this is an opinion article and is not meant to advise readers on matters relating to legacy planning. Please seek legal advise if you have doubts on legacy planning. In addition, this is not a sponsored article. The views contained here are solely mine and I am not promoting any products or services of any legal firms.
Legacy planning: The Process
Firstly, it is not compulsory to engage a lawyer to craft your Will. However, a lawyer can add value by advising you to do a proper Will. There are assets which cannot be covered under a Will. Examples are your CPF monies and joint tenancy properties. Also, a key feature of the Will involves naming an executor who will carry out your wishes upon your demise according to the Will. There are people who may not be aware of these and subsequently do up their Wills using free online platforms. As a result, their Wills became invalid upon their demises, causing more financial difficulties for their loved ones.
If there is a valid Will: Upon the death of a person with a valid Will, the executor who has been named in the Will has to apply to the court for a Grant of Probate. Probate is a legal document which authorizes the applicant to administer the assets of the deceased. Take for example, if you are [This is a premium article. The rest of the content is blocked and can be accessible by SG Wealth Builder Members only. To read the full content, please sign up as member.]
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