Estate Planning Singapore

Are you aware that if there’s no will, your beneficiaries might need to pay Additional Buyer Stamp Duties (ABSD)? 

We’ll show you the pitfalls of not planning critically into the distribution of your movable (e.g. cash in bank and stocks) and immovable (e.g. properties) assets. 

There’s a famous saying: 

If you fail to plan, you plan to fail. 

The truth is: 

7 Poor Planning That Lead To Family Disputes

Poor Planning #1: A Will Is Enough

If you want the estate to be distributed privately, a will is insufficient.

Your estate will be part of the public record to go through probate in court. The will is open for debate when one party is unhappy with the outcome and it can be contested for the benefit of any claimant who believes that the will protocols are not complied.

The claimant could challenge when he/she believes that the testator (person who makes the will) is influenced/pressured by other parties (undue influence) or is of an unsound mind while drafting the will.

If the will is invalidated, the deceased’s estate will be distributed according to the Intestate Succession Act.  

Poor Planning #2: Distribute Equally To Be Fair

What if one of the beneficiaries who inherits the share of the company/property wants to cash out while the other wants to hold?

All parties want the best monetary gain out of their inheritance and when there’s difference in views, conflict arises.

Is that what you want?  

Poor Planning #3: My Spouse Will Take Care When I’m Gone

“I’ll will my estate to my spouse who will use my money to take care of my children”.

Do you want your monies to be given to stranger’s children!? Upon your departure, your spouse may remarry and will the estate to the new spouse. The monies goes to a stranger’s children and not yours! 

What if your spouse mismanage the monies meant for the children?

How to ensure that your estate only goes to your children?  

PHOTOS: ST PHOTOS: NG SOR LUAN

$1 million gone in one year after widow mismanaged the monies for the children. She was told not to touch the monies set aside for the children’s future but spent it on bad investments whom she trusted.

“I cannot survive with RM2,000 a month. I am thinking of going to work in Singapore. But I feel ashamed” said Madam Pusparani. 

Poor Planning #4: Then.. Will To My Children Directly

Firstly, a minor beneficiary who is under 21 years old will not be able to inherit your estate.

Secondly, when your children attain the age of majority at 21 years old, do you think they understand how to handle your huge inheritance or will they splurge on their first Lamborgini?

How to have a control vehicle to timely distribute the estate to prevent squandering?

PHOTOS: SG ROAD VIGILANETE / FACEBOOK

The Lamborghini driver was 22-year-old and crashed into a Mini Cooper and Toyota Estima in Sentosa. 

Poor Planning #5: I’ll Will To My Illegitimate Child

Many biological parent(s) is/are advised to will to their illegitimate child as Intestate Succession Act defines “child” as a legitimated child including those legally adopted.

If your spouse is the Executor of your will, how will your spouse feel when distributing your assets to the illegitimate child who is out of the wedlock?

Is there a better alternative?

Poor Planning #6: My Spouse Will Inherit The Shares Of My Companies

Will other shareholders take advantage of the situation by liquidating the company because your spouse doesn’t know how to operate the business?

You left a valuable asset to your family but it is sabotaged by other shareholders of the company.

How to ensure that your assets are protected and given to your loved ones?

Poor Planning #7: I’ll Never Suffer From Mental-Related Illnesses

“The law will allow my spouse to take money from bank accounts, sell my properties if we don’t have enough monies and manage my finances”. 

It’s a huge misconception! 

Your accounts will be freeze and no one including your parents, spouse and children can act on your behalf when you are mentality incapacitated. 

How to ensure that your trusted and appointed family members access to the accounts on your behalf?

Mr Chong is 48 and already grappling with dementia.

Studies show that currently, 1 in 10 people who are aged 60 suffers from dementia and the figure is half for those above 85 years old in Singapore. 

Prevent Family Conflicts With Better Planning Of Estates

Family Conflict #1: The late Mr Lee Kuan Yew, whose a lawyer, and his will may be challenged over the dispute of 38 Oxley Road. 

Family Conflict #2: The Tong Garden family feud as the brother sues siblings for diverting business. The siblings say that the move was to save the father’s legacy. 

Family Conflict #3: The family of former SA Tours boss, who is now dementia, was suing his long-time mistress alleging that she had fraudulently transferred his share of the tour company to herself. 

These 3 cases of family conflicts due to personal, business and mental incapacity can be avoided with our secrets to estate planning.

It ensures safety vehicles are in place to prevent potential dispute.. it saves your family millions of dollars of court processes too!

We Have The Perfect Answer For You

You know intuitively that detailed planning must be done to ensure private distribution of assets including business succession and personal legacy.

Yet everyone whom you speak to advises you to do a will which you know is inadequate.

Guess what?

You’ve found a gold mine! 

We’ll discuss and avoid potential disputes in our process to ensure 4 estate planning goals. 

Potential Disputes

4 Estate Planning Goals

Why Choose An Estate Planner Over A Lawyer?

Detailed Planning Vs. Instructions Taking

The approach of an estate planner is to guide a process of detailed financial planning with the clients. The planning involves understanding assets such as insurance and debts (such as mortgages) and any concerns to ring-fence or protect the assets. Finally, a structure/plan is created with various financial tools such as wills or trusts to ensure that the concerns are addressed efficiently and effectively. 

We’ve heard that most cases, the will making process is just a session of “taking instructions” from the clients. The only advise from the lawyers are whether it’s legally allowed. 

Our Best Kept Secrets To Estate Planning Revealed!

Why You Should Act Now?

These categories of people should urgently take action now: 

1. HDB and private property owners
2. Married with minor children
3. Married foreign spouse (foreigners cannot inherit a HDB)
4. Divorce/single parent
5. Business owners
6. Special needs children or love ones who need extra attention
7. Sole breadwinners

Many think that they are still young and their wealth isn’t huge enough to start estate planning. 

We have a secret method to increase your wealth and net worth and hence you don’t have anymore excuse!

But frankly, it isn’t about you and how young or wealthy you are. 

It’s about being accountable and responsible to your family and loved ones.

If accident hit, your family members suffer (not you) as they have to waste monies on lengthy and draggy (can be years) court processes.

I don’t care how successful or bright and successful in your lifetime. If stroke unexpectedly strikes, your loved ones are stuck with no solutions and blame you for the financial and mental stress due to the lack of planning.