In addition to writing a will and establishing trusts within your estate plan, you might be keen on complementing them with further information and guidance on how you would like your assets to be handled, this is where a Letter of Wishes will come in place. What is a Letter of Wishes? A Letter of Wishes is a non-legally binding document that accompanies your will and/or trusts and provides guidance for persons dealing with your estate after and on matters that require their discretion. You can arrange for your Letter of Wishes to be shared with the beneficiaries or to only be seen by your exe ..read more

The Sandwich Generation refers to people who need to take care of and support both their parents and their own children. The trends of an increasing aging population and having children at a later age have contributed to the phenomenon of the Sandwich Generation in Singapore. Estate planning for the Sandwich Generation in Singapore requires one to take into account all of the differing needs and expectations of all three generations in order to adequately safeguard their future as a family.  Here are 3 estate planning tips that the Sandwich Generation in Singapore can consider: 1. Set Up ..read more

What is an Executor of Will? You may be wondering: what does an executor of will do? An executor is a person who will be tasked to carry out the instructions in a will. Their duties include applying to the court for a Grant of Probate (of which a probate lawyer can be hired to do so) so they can start the process of distributing the estate, locating the assets and paying creditors before distributing the remainder of the estate to the beneficiaries. Oftentimes, they are also in charge of making funeral arrangements. With such important responsibilities, you want to make sure that you are selec ..read more

When it comes to estate planning, there are many motivations that can spur one into embarking on the journey of arranging how you want your estate to be managed and disposed of upon incapacity or death. If your main objective in estate planning is to ensure that the ones you love will be well taken care of, the last thing you want is a family conflict arising because of your estate plan. Here are some tips that will help prevent any family disputes that might surface because of your estate plan: Ensure That Your Estate Plan Is Valid and Up-to-Date The validity of one’s will is often a common ..read more

Aside from wills, trusts are also one of the estate planning tools used to organize, transfer and protect your assets.  A trust is a legally binding arrangement in which a trustee is assigned to hold and manage assets for the benefit of beneficiaries. With this responsibility, the trustee holds legal title to trust property and assets — handling them according to the terms of the trust, which can include investing, distributing, and paying taxes on income and capital. Here are 3 common reasons for setting up a trust: Provide for Young or Vulnerable Beneficiaries If you have loved ones th ..read more

When it comes to writing your will, aside from deciding who to leave your property as well as other assets to, or even to decide who to disinherit in your will, another major decision you will need to make is deciding who you should choose as your executor. Appointing the right executor is undoubtedly one of the most important decisions to make considering the importance of what executors have to do. While many choose to appoint close friends or family to act as their executor, here are 4 situations where it is wise to hire a professional executor of will instead. 1. Your Assets and Liabilitie ..read more

If the unfortunate event of a loved one’s passing occurs, his or her estate will either have to go through probate (if a will is written prior to his or her death) or administration (if your loved one dies without a will). In the case where you have beneficial interest in the deceased’s estate and maintain concerns about the suitability or capability of the executor of will or the person applying to be the administrator of the estate, and do not want their application of a grant of probate or a letters of administration to go through, you can lodge a caveat.  What is a Caveat? According t ..read more

If you have purchased insurance policies, you may have already made nominations which put in place the nominees who will receive the insurance policy proceeds in the event of your death or permanent disability, depending on the type of insurance you have bought.  Unlike CPF monies which cannot be distributed with a will, insurance policy proceeds may or may not be distributed according to your will depending on the type of nomination you have made in respect to your insurance policies. Here are the 2 types of nominations: 1. Trust Nomination Trust nominations essentially create a trust ov ..read more

When it comes to estate management and planning, the assets that come to mind will most likely be tangible objects like money, properties, cars and so on. However, in this day and age, we cannot deny that a large part of our lives is intertwined with the digital world and we have to be aware of the importance of digital asset management.  What Are Digital Assets? From communication outlets like our email accounts, cloud storages as well as the content we store in them, social media accounts which for many counts as a source of income, to ecommerce and investment accounts, all these are co ..read more

In Singapore, section 7 of the Intestate Succession Act is enforced to distribute the deceased’s estate to the surviving next of kin if he or she passes away without a will. But what if you die without a will and next-of-kin in Singapore? Rightfully, the government will get the estate if the deceased does not have any surviving relatives, however there is the concept of Bona Vacantia that applies before that happens. What is Bona Vacantia? Bona Vacantia means “ownerless goods” or “vacant goods”. It refers to the assets in the estate of a deceased person who has no valid will and no surviving n ..read more