IF YOU WERE TO PASS AWAY SUDDENLY, HOW WOULD YOUR FAMILY SURVIVE FINANCIALLY?
IT IS NOT SOMETHING WE LIKE TO THINK ABOUT BUT AS ‘LIFE’ HAPPENS, IT IS IMPORTANT TO HAVE YOUR FINANCIAL AFFAIRS SET IN PLACE.
When your family is everything to you, protecting and providing for your dependants after you are gone is bound to be a top priority.
Wills or Trusts – which is the best first step in estate planning?
Both wills and trusts have a place as a part of your estate planning.
- A will is a legal document which directs what you want to happen when you die – how you wish your affairs to be handled and who you want to benefit.
- A trust is a way for your assets to be held, managed, and distributed in line with your wishes both during your lifetime and after you have passed away.
Whilst a will takes effect upon your death, a trust may be created and used both during your lifetime and after you have passed away potentially providing for several generations to benefit from your gift.
Separately or together, wills and trusts play an important part of successful estate planning.
Often missed, it is also important to set up Powers of Attorney, covering ‘health and welfare’ and ‘property and financial affairs’ at an early stage.
A Power of Attorney is a legal document which allows a person you choose to make decisions for you when you no longer can.
You should set up your Powers of Attorney when you are fit and healthy to ensure that your affairs can be managed effectively should you no longer be able to make decisions for yourself.
When you create a Power of Attorney, you are termed the Donor, as you are giving the power to make decisions to someone. The person you select to make decisions for you is called the Donee.
There are 2 different categories of Powers of Attorney:
- One which deals with your property and financial affairs, and
- One which deals with your health and welfare (used for healthcare decisions).
You may decide to have the same Donees for both categories or choose different people to help with each.
When setting up your Powers of Attorney, it is possible for the power you give to be as broad or limited as you wish. You might give the Donee the power to make any decisions or restrict their authority to areas listed by you specifically.
Effective estate planning can also reduce the amount of estate taxes payable, enabling you to pass on more of your assets after taxes have been paid.
All of this can be complicated and requires timely and proper estate planning with the help of experts to get it right.
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- Award-Winning Company – ‘Best Firm (2021) International Adviser Best Practice Awards- East Asia
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- AAM Advisory Pte Ltd holds a Financial Adviser’s licence from the Monetary Authority of Singapore (No. FA100032)
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