Many people are fond of devoting their time in planning a vacation, choosing a car to buy, or even selecting the ideal place to have dinner than they do to estate planning. By estate planning, we are merely inferring to deciding who will inherit your assets after you’re gone.
While it may not be as fun to think about as booking a trip or checking out restaurant reviews, you can’t choose who gets everything that you worked so hard for without estate planning in Singapore. Some people think estate planning is only for the rich.
Without an ideal plan in place, settling your affairs after you go could have a long-lasting and costly impact on your loved ones. If you pass away without a valid will, your estate may be managed under letters of administration.
With letters of administration, a legal representative is appointed to handle asset distribution according to the Intestate Succession Act. With that in mind, here are some of the most popular benefits of estate planning in Singapore.
Protects Beneficiaries
Gone are the days when estate planning was only considered as something that only high net worth individuals needed. Now more than ever, many middle-class families need to plan for when something occurs to a family’s breadwinner. After all, you don’t have to be super-rich to do well in the stock market or real estate.
Removes Family Messes
It is common to hear of horror stories. Someone with money dies and the war between family members starts. One sibling may think they deserve more than another, or one sibling may think they should handle the finances even though they’re notorious for racking up debt. Things can get ugly and end up in court, with family members pitted against one another.
With estate planning, this is something you can easily avoid. After all, it allows you to choose who controls your finances and assets if you become mentally incapacitated or after you die. Also, estate planning goes a long way toward quelling any family strife and making sure your assets are handled in the way you intended.
If you want your assets and your loved ones protected when you can no longer do it, you need to have estate plan in place. Without one, your heirs could face significant tax burdens and the courts could designate how your assets are divided- and even who gets to raise your children.
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