Wills & Nominations In Singapore
Wills and nominations are tools which allow you to plan and protect your own interests and wishes after you have passed on. These tools will allow you to ensure your inheritance is distributed accordingly and give you a peace of mind in your later years ahead.
If there are no wills in place upon your passing, your assets will be distributed via the Intestate Succession Act.
What Is A Will?
A will is a formal written contract on how a person would want their assets to be distributed upon his passing. There are many benefits of a will which will help your family, such as an expedited court process, allowing distribution to take place with less hassle and cost.
What Is A Nomination?
Nominees can be chosen to inherit specific items after a person’s passing. Not all assets can have nominees, but the 2 most common assets that nominations are made for are CPF and insurance. Depending on the type of nomination made, it can take precedence over wills, and nominees are able to claim the payouts directly without going through the court.
Making Crucial Decision
Besides financial matters, there are documents that can aid you and your loved ones during unfortunate events. They are the Advanced Medical Directives (AMD) and Lasting Power of Attorney (LPA). Each of these directives are able to determine the actions to be taken in your place during times where you are physically or mentally incapable to make decisions.
Why These Decisions Matters?
Although these preparations are for your personal matters, it also minimises the burden that your family might have during tough times. As family units in Singapore shrink in size, proper retirement planning would ensure that you do not require financial assistance from your children.
Drafting the proper documents will also ensure that your wishes have been informed to your family and properly carried out. Whether you are retiring or have already retired, it is never too late to start.
Our Comprehensive Services
Retirement Financial Planning
While CPF Life gives you the minimal income for retirement, it is usually not enough to live comfortably. Many people would like to splurge a little more for themselves such as going on more trips every year or indulging in food and entertainment. There are financial tools available for you to supplement CPF Life and enable you to live life the way you envision it to be.
Estate and Legacy Planning
Coupling with wills, we also assist in estate and legacy planning. They are a step further in detail compared to wills, and consists of more intimate planning of your assets. This can come in many forms from succession planning for business owners to charitable giving. We can aid you in leaving behind your legacy.
Wills and LPA
We have a curated list of lawyers that specialise in wills and LPA writing. Their experience will guide you and highlight any items you might have missed so that we ensure you are fully covered. We assist in documenting the process such that files and records can easily be found should the need arise.
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