Estate Planning/ Wills Singapore Expat Advisory

Estate Planning: Wills and Trusts

Estate planning for expats is an ongoing process and should be started as soon as one has any measurable asset base. As life progresses and goals change, your estate plan should develop. Lack of adequate estate planning can cause an undue financial burden to loved ones (estate taxes can run higher than 40%), so at the very least Wills for expats in Singapore should be set up even if the taxable estate is not large.

Some of the major estate planning tasks include:

Creating a will
Establishing a guardian for living dependents
Naming an executor of the estate to oversee the terms of the will
Creating/updating beneficiaries on plans such as life insurance, pensions and investment portfolios
Setting up funeral arrangements
Setting up a lasting power of attorney (POA) in case of mental incapacity
Establishing annual gifting to reduce the taxable estate
Limiting estate taxes by setting up trust accounts in the name of beneficiaries

Trusts are one of the most valuable financial planning tools, but they are also one of the least-well understood. A trust is a legal arrangement where you give cash, property or investments to someone else so they can look after them for the benefit of a third person. For example, you might put some of your savings aside in a trust for your children.

Temporary Legal Guardianship

If you have children, wills are even more important. If both parents were to die, who would look after the children? Whoever gets to look after the children will be nominated their legal guardian and will therefore have total control over all the assets that you leave them!

You may already have arranged a will, in which case congratulations. However, it is likely that if you have children, the nominated guardian may be in another country. In which case it is important to have a “Temporary Guardian” nominated, so in the unfortunate situation of both parents dying, there is someone locally who can collect and look after the children until the nominated guardian arrives. The alternative could be that the children are put into care until the guardian comes and claims them.

Consult Our Estate Planning Specialists in Singapore

Singapore Expat Advisory is the premier estate planning firm for expatriates. Our team of experienced estate planning consultants and lawyers are dedicated to helping you plan for the future. We have in-depth expertise in a wide range of international estate planning tasks including wills and trusts, tax planning, life insurance and lasting powers of attorney. Contact us today for a free consultation.

Contact Singapore Expat Advisory

Phone: +65 9432 8781

Email: advice@singaporeexpatadvisory.com

Office 1:
7500A Beach Rd,
02-312 The Plaza,
Singapore 199591

Office 2:
#9 Raffles Place
Level 58, Republic Plaza
Singapore 048619