If you’re a high net worth individual, you might’ve heard about the universal life insurance.
It’s generally more complex than the regular insurance plans, and it’s not that straightforward.
But it could be something to consider if you’re looking to maximise the wealth you’ve accumulated and leave a legacy.
So, read on!
How do we benefit ourselves, our children, and our grandchildren with a single plan?
A 3-generation lifetime income insurance plan.
It’s one type of plan that can have a strong impact on the people around you – enabling them to do more even when you’re not around anymore.
Read on to find out more!
Heard about Advance Care Planning (ACP) in Singapore?
You should.
Because it’s for everyone, and not just the weak and old.
It’s meant to plan for future healthcare needs, but it’s much more than that.
In this article, I talk about ACP in a broader view.
So, read on!
We plan for death with insurance and a will. Far fewer of us plan for the in-between: being alive, but no longer able to make our own decisions.
A stroke, accident, or dementia can take away your mental capacity in an instant. And here’s what catches families off guard: even your spouse or children can’t simply step in to manage your money or your care. Without the right document in place, no one has the legal authority to act for you.
That document is the Lasting Power of Attorney (LPA), and making one is now easier and cheaper than ever.
Here’s everything you need to know, including the exact steps to make one.
Estate planning is almost always an afterthought.
Most of us spend our working lives focused on earning, saving, and growing what we have. We rarely stop to think about what happens to it all when we’re no longer around. But we don’t build wealth just for ourselves. We build it for the people we love.
And if the basics of estate planning aren’t done properly, your money may not reach the people you intended. It can be tied up for months, eaten into by avoidable costs, or distributed by a formula the law decides for you.
The good news is that this is more straightforward than most people think. A lot of it can now be done online, and several of the key tools are free or close to it. This guide walks you through the whole picture, from the simple nominations everyone should make to wills, trusts, and planning for the years when you may not be able to decide for yourself.
One quick note before we start. This guide covers estate planning under Singapore’s civil law, which applies to non-Muslims. If you’re Muslim, your estate is governed by Muslim law instead, and the rules around who inherits work quite differently, so parts of this guide won’t apply to your situation.
What happens to your money, your home, and even your medical decisions if you pass away or lose your mental capacity without the right paperwork in place?
For a lot of Singaporeans, the answer is “I’m not sure,” and that gap shows up in the numbers below.
The reassuring part is that the fixes are mostly simple, and several are free.
Here are the key statistics on inheritance and estate planning in Singapore. We’ve leaned on official government data wherever possible, and used survey data for the things no government agency tracks.
Getting these basics right, alongside the right protection for your family, is what stops your hard work from going to the wrong place.
Reminder: There comes a time when all lives will end. And when that time comes, it might be too late.
Tracking your personal finances may seem boring, but it has a greater meaning behind it.
What happens when you die or become mentally incapacitated?
Critical information might be forever gone.
That’s why taking a snapshot of your personal finances (FinSnap) is one way to keep track AND sakekeep it.
Here’s a free google sheets/excel template you can download.
Not convinced why it’s important?
Read the short story below..
Have you heard of trusts?
(No, not the one between two people. The financial kind..)
Most would think that a trust is only for the ultra-rich. But it can also be relevant to retail individuals.
How is that possible? Because of the different types of trusts available.
Today, I’ll touch on:
The content is created to be as simple as possible.
So, read on!
Most of us care more about what happens when we’re alive rather than when we’re dead.
But even if you’ve set aside assets or bought life insurance policies for the sake of your loved ones, your job is not fully done.
The Will may be the final piece to the puzzle.
You don’t want the law to decide who shall receive your assets, right?
In this guide, I’ll touch on:
So, read on!
The topic of dying is not often talked about, much less dying without a Will in Singapore.
It’s easily neglected because you’ll never be the one who experiences it.
But if you do care about your loved ones, it‘s something to pay attention to because they will face obstacles.
In this article, I’ll cover:
So, read on!