Balancing Philanthropic Goals And Financial Legacy In Estate Management – Estate planning is about looking forward to leaving wealth to your loved ones. The process begins with explaining your vision and intentions. It’s important to start when you have control over your finances. clear mind and good health
Start by taking an inventory of all your assets and liabilities. Keeping this list up to date is just as important. with extracting information The net value of your estate depends on your assets, liabilities, fees, and expenses. and the nature of property ownership
Balancing Philanthropic Goals And Financial Legacy In Estate Management
You might be thinking: Why write a will? When you can express your wishes to the person you love?
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The main benefit is that it provides clarity and prevents unnecessary delays in transferring your assets. This is because a will is a legally binding document that helps you specify how and to whom you want your assets distributed.
If you don’t have a will Singapore’s Sexual Conduct Act (or Islamic inheritance law for Muslims) determines who gets what. Asset distribution may not align with your needs. And settlement can be a time-consuming process.
The administrator submitted an administrative bond with two guarantors promising to distribute assets in accordance with Singapore’s Narcotics Trafficking Act or Islamic inheritance laws.
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A power of attorney is issued and the administrator allocates assets according to the Intellectual Inheritance Act.
Review your will periodically. This is especially true when your life circumstances change. For example, marriage overrides wishes you had when you were single. However, having children and divorce do not affect the validity of your will.
Changes to your will can be made at any time. As long as you have the mental capacity to do so.
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For example, you may want to keep the home for your spouse to use instead of selling it. Or, you may want to set aside some money for your child’s university education. and set aside another amount to care for elderly parents.
Who will care for your dependents? And who do you trust to manage your assets on your behalf?
If you have children under the age of 21, a legal guardian should be appointed in your will to ensure that your minor children are cared for well and responsibly. And if you’re single You want to make sure your parents, siblings, and/or pets are taken care of.
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If you already have a will You will need to register a separate Central Provident Fund (CPF) as CPF savings cannot be distributed through a will.
Without CPF registration, your CPF savings will be distributed in accordance with Singapore’s breeding laws. (or Islamic inheritance law)
By registering for CPF, you can avoid paying fees at the Public Trustee’s Office to manage unregistered CPF funds and avoid administrative delays.
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You can register in person at any CPF service center or complete the CPF registration form and submit it online.
As with your will, your CPF nomination should be reviewed regularly. This is especially true when your life circumstances change. For example, marriage will invalidate any CPF registration you made while single. However, divorce does not affect the validity of your CPF registration. This is because you still want to support your ex-spouse and children.
You can update your CPF registration at any time. As long as you have the mental capacity to update it. Here are some reasons to register for a new CPF:
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Life is unpredictable. And protection from the curve of life should be considered. Insurance is a financial safety net that keeps your loved ones from incurring your expenses and debts.
There is no need to register for separate insurance. This is especially true if you already know how to distribute your assets. However, insurance registration gives you the opportunity to distribute the policy amount to your loved ones according to their needs. which is separate from your desires
Under the Insurance Registration Act Policyholders of health insurance plans with life, accident and death benefits are given two options:
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By nominating a trust The policy owner waives all rights to own the policy. and can only be canceled with the consent of all nominees. This can be a useful opportunity to protect your assets from probate. This is because only your spouse and children can benefit from a nominated trust.
In the case of a revocable nomination Policy owners are free to change, add or remove nominees without consent.
A Lasting Power of Attorney (LPA) is created to appoint a person who is entrusted with your care (the donor) and to make decisions on your behalf when you lose your mental capacity. Custody has two aspects: personal welfare and property. and financial matters
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There is no default ‘right’ for families to manage their loved ones’ affairs. Without an LPA, some families could end up in unnecessary and lengthy court proceedings to control their accounts and assets. Including income from insurance
If you have a mental disability, an LPA can help protect your assets from being squandered by irresponsible custodians. As such, it goes hand in hand with creating a wish to influence death.
For an LPA to work, it must be registered with the Office of the Public Guardian (OPG). All Singapore citizens are exempt from fees for applying for LPA Form 1 until 31 March 2023, to encourage more Singaporeans to plan ahead. and apply for LPA
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Trusts serve to protect family assets that may go to beneficiaries who are too young to inherit a large amount. or those who are financially immature or weak
With trust The final distribution to these beneficiaries must be delayed for a period of time so that they will receive their inheritance when they reach the required age or maturity.
The Advanced Medical Directive (AMD) expresses your determination not to provide extraordinary life-saving treatment. If you are suffering from a terminal illness and are unconscious or unable to use reasonable judgment.
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By doing this, your family members do not have to make decisions that may cause immense guilt. and avoid the financial burden of life-saving treatment.
In the end Traditional planning is all about making sure your loved ones receive what you want to give them in an efficient manner. From retirement to traditional planning If you need help valuing your assets, Treasures Relations Manager is ready to help you. Like us:
This article is for informational purposes only. and should not be considered financial advice. Before deciding to buy, sell, or hold any investment or insurance product You should consult your financial advisor regarding suitability. 1919 Investment Counsel, LLC (“1919”) was founded on the belief that no two clients are the same. For more than a century, we have provided services and solutions tailored to protect, build, and manage assets. We are committed to helping our clients achieve their financial goals with thoughtful advice.
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A financial and real estate plan provides the framework for your overall investment strategy. We believe a strong plan is the first step in a broader wealth management strategy. and can help you and your family achieve both short-term and long-term financial goals.
Many companies handle estate planning and investment portfolios separately. We believe that the two are uniquely connected. And our clients are best served when their investment strategies are optimized in the context of their financial plans.
All life events have different and potentially important impacts on your resources and financial goals. Financial and estate planning can provide peace of mind for both expected and unexpected events that may inevitably arise along the way. We can help build this foundation for you. and ensure that your investment strategy aligns with your financial plan. Include your specific goals and objectives.
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Financial planning is the first fundamental step in any lifelong investment plan. Events and life situations that we can help plan for:
Many of our clients are multi-generational families with complex businesses. This includes closely held businesses. real estate Charitable structure as well as trusts and assets. They may have traditional holdings and liquid investments. To help bring clarity to the complex lives of our clients, 1919 offers two types of trust and estate planning services: Generational Wealth Planning Services and Trust Advisory Services.
Our wealth advisors will meet with you to understand you, your family, and your goals. They will review your current estate plan and balance sheet. For business owners We will review all your holdings. Ownership structure and help you understand how those holdings fit into the overall plan. After careful evaluation and discussion, your 1919 team will provide the best advice based on your circumstances.
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Our guide helps you determine your trust structure to minimize state or federal estate taxes. Established a charitable foundation Or create a special needs trust for a loved one.
Our wealth advisors keep abreast of developments in estate planning. and has strong relationships with the community of trust and estate professionals. We can extend a wide range of resources to help you succeed.
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