Why Estate Planning?
It is a paradox in life that death is certain, but the time of death is uncertain. Therefore, one has to think and act (i.e. plan) to ensure the love ones can continue to live on, at least financially, should one dies untimely. It is unfair and illogical to leave such important matters to chances. Yet, many don’t plan their estate; many more procrastinate their estate planning.
The other issue about not planning your estate has to do with the laws. Depending on your life stage & religious faith, the Singapore laws might put your love ones into a disadvantage position financially when you die without an estate plan. In Singapore, if you are a Muslim, the Islamic law of estate distribution come into play. The less than adequate application of the estate distribution law can result in unsatisfactory outcome that does not reflect the fair and just objective of the faith.
A well thought through estate plan will enable you to secure the necessary financial base for your love ones. A good estate plan can help you to create your desired estate for your love ones immediately; protect your accumulated estate from creditors’ risk; and distribute your estate either in a lump sum or periodically to your love ones depending on the financial maturity of your beneficiary whom you know best.
If you are a business owner, a well thought through estate plan will also enable your business to have a smooth succession plan to carry on when you die or mentally incapacitated. In most cases, in an unplanned situation, the business simply collapse with bitterness amongst existing stakeholders.
Estate planning is not only concern about death; it also addresses the issue if you lose your mental capacity. In such situation, you might want to have a secured financial base and trusted people take care of you. Such planning needs to be done now and not when the event happens.
Feel free to navigate around this web-site to find out more about estate planning and how it might impact you. Or call us or drop us an email, our team of experienced estate planning financial advisors will be pleased to serve you further.