One of the biggest misconceptions we hear is that estate planning is just for the rich. Regardless of your background, estate planning exists to help you set into place how you want your assets to be distributed after death. It could be a house or a car, or even something low in monetary value but high in sentimental value.
Upon death, most of the deceased’s assets would be frozen. These assets would be available for distribution only after the Court issues the Grant of Probate OR Letter of Administration. If there was a Will, the distribution would usually be based on the choice of the testator or deceased. If there was no Will, the distribution would be based according to the Intestate Succession Act.
Here at Hearts Funeral Singapore, we are able to provide estate planning as part of our one stop funeral planning service.
Estate Planning Tools:
Will
A will is a legal document that instructs the administration and distribution of what a person owns (his ‘estate’) among his beneficiaries after his death. Creating an indisputable will, ensuring the safe distribution of your assets, planning for your loved ones after your demise and common misconceptions involved in legacy planning. Death bed gift is a future gift made in expectation of the donor’s imminent death (Will)
Trust
A trust is a legal arrangement whereby an individual transfers his assets to a third party (‘Trustee’). The trustee is bound by a Deed to follow a set of directives and rules to hold and manage the assets, for the benefit of the beneficiaries.
Advance Medical Directive
An AMD is a legal document that a person signs in advance, informing that he does not want any life-sustaining treatment to be used to prolong his life, in the event that he becomes terminally ill, unconscious or when death is imminent.
Lasting Power of Attorney
A LPA is a legal document which allows a person who is 21 years of age or older (‘donor’), to voluntarily appoint one or more persons (‘donee’), to act and make decisions on his behalf, as proxy or decision maker, in the event that he loses his mental capacity.
Please feel free to get in touch with us anytime if you would like to find out more.
