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Estate planning law in Chinatown, Singapore is primarily about the way you arrange your assets so that they can be utilized in the most beneficial way for your loved ones after your death. This includes the drafting of wills, trusts, power of attorney, and more. It is essential to understand your responsibility and how to make these arrangements under Singapore’s laws. Therefore, understanding the estate planning law is of paramount importance.
There are several reasons why you might need an estate planning lawyer. This includes drafting a will, setting up a trust for your children, managing estate taxes, or navigating Singapore's complex laws relating to estate distribution. These tasks can be very challenging without a deep understanding of estate planning law. Moreover, any mistake in the procedure can lead to a significant loss of wealth or cause disputes among family members, so professional legal advice is highly recommended.
Singapore has specific laws that govern how an individual's assets are distributed after their death. It is regulated primarily by the Wills Act and the Intestate Succession Act. The Wills Act governs the creation, amendment or revocation of a will, while the Intestate Succession Act outlines how assets will be distributed if no will was created. Furthermore, nominated CPF savings are disbursed outside the will, governed by the Central Provident Fund Act. There are also certain restrictions on who can serve as a guardian or trustee under the Trustees Act.
Yes, you can create a Will by yourself in Singapore. However, specific requirements must be followed for the will to be legally enforceable. These requirements can be complex and easy to overlook without legal expertise.
If you die without a valid will, your estate will be distributed according to the rules set by the Intestate Succession Act.
A Trust is a legal arrangement where one person holds and manages assets for another person. Establishing a trust can have various advantages, including tax benefits, protection of assets, and providing for minors or disabled family members.
Yes, foreign assets can be included in a Singaporean will. However, the distribution of such assets can be more complex and may be subject to laws in the foreign country. Legal advice is strongly recommended in this situation.
No, your Central Provident Fund (CPF) savings are not part of your estate and therefore cannot be included in your Will. CPF savings are distributed via nomination, governed by the CPF Act.
The Public Trustee’s Office (PTO) offers assistance with the distribution of estates of deceased persons. Additionally, the Legal Aid Bureau provides legal advice and representation to eligible Singapore citizens in need. Reading related statutes such as the Wills Act, Intestate Succession Act, and Trustees Act, can also be helpful to get familiarized with the legalities.
If you need legal assistance in estate planning, seek a reputable estate planning lawyer in Chinatown, Singapore. They can provide you with personalized advice, assist in paperwork, and help you make sense of complicated legal procedures. Having a reliable lawyer ensures your estate is planned and distributed as per your wishes, securing your family's future after your demise.
