Estate Planning In Singapore
Even as timely and avid estate planning has been given increasing importance in recent times, it wouldn’t be entirely inaccurate to say that most people leave this task for very late, or never really get around to finishing it if unforeseen circumstances strike unexpectedly.
Estate planning is an area that deals with the drafting of all the legal documents that govern the way one’s property will be treated after their death, or when they are no longer in a position to make reasoned decisions about these matters, such as people who have dementia or Alzheimer’s.
As such it is important not only in relation to what share and which items of property are passed on, but also provide a pathway with which people can carry out their personal ambitions, such as giving to charity after they have passed.
Regardless of the range and value of property and assets at one’s disposal, everyone just become familiar with the basic outline of estate planning in Singapore - GlobalEye especially since the processes involved are fairly simple for the average man.
Estate planning does not pertain only to commercial or residential property, but also other assets, savings, and money. In some cases, even pension accounts could be attached.
In cases of high net worth individuals, it is very common for people to make use of an executor. This is a person who operates the trust and ensures that the money and assets involved reach the named beneficiaries at the chosen junctures.
A number of macroeconomic policies and factors make Singapore a popular destination for people looking to do this, and include a pro-business policy environment, precise legal system, impressive infrastructure, and solid financial regulation.
While a popular tool for high net worth individuals, trusts can also be expensive to run, which means in practice, their use is especially relevant to cases where wealthy parents want to ensure their children use their money wisely.
Estate planning involves certain terms and legal jargon that might seem out of reach to some, but can be explained fairly simply.
Most people are familiar with what a will does.
On the other hand, a power of attorney refers to giving someone the ability to sign your name.
Trustee(s) are people who have the legal authority to administer, control, and distribute the items under a trust, while the alternate beneficiary is someone or an organization that is named to receive assets if the primary beneficiary passes away.