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In Chinatown, Singapore, estate planning law primarily involves helping clients to manage and dispose of their estates upon passing on. It encompasses essential decisions regarding wealth transfer, inheritance tax, and long term care provisions. Estate Planning law also includes areas such as drafting wills, trusts, and lasting power of attorney (LPA).
In the field of estate planning, individuals ordinarily require a lawyer to avoid potential legal pitfalls. Crafting a comprehensive estate plan protects your assets, ensures they're distributed to the individuals you intend, and minimises potential conflicts within your family. Lawyers can provide advice on estate taxes, draft necessary documents like a will or trust, and assist with LPA — which ensures you have someone to make decisions for you should you become mentally incapable.
A few key local laws that are specifically relevant to Estate Planning in Chinatown, Singapore, include the Wills Act, which regulates the creation of valid wills, and the Intestate Succession Act, which deals with the distribution of one's estate if one dies without a valid will. The Mental Capacity Act also plays an important role in Estate Planning, providing for the appointment of donees to manage your health and wealth should you lose your mental capacity.
In Singapore, while it's not mandatory to have a will, having one facilitates the efficient distribution of your assets upon passing. Without a will, the distribution follows the Intestate Succession Act, which might not align with your wishes.
A Lasting Power of Attorney lets you appoint one or more donees to make decisions on your behalf regarding your personal welfare and/or property and affairs, should you lose mental capacity.
A lawyer can help direct wealth transfer, reduce tax liabilities, draft necessary documents, like wills and trusts, and provide professional advice on the establishment of an LPA.
Yes, a Singapore will can cover foreign properties. However, it's recommended to seek local legal advice in the country where the property is located due to variation in inheritance laws.
If no LPA has been made and you lose your mental capacity, applications would have to be made to court to appoint a deputy to make decisions on your behalf, a process that could be lengthy and costly.
The Public Trustee's Office assists in distributing the estates of deceased persons who pass away intestate. The Office of the Public Guardian can also provide useful information, particularly about LPAs. Additionally, the Singapore Academy of Law has a wide range of educational resources on its website, including a section for law awareness.
If you require legal assistance in Estate Planning, your first step would be to consult a lawyer who specialises in this area. They can provide a comprehensive understanding of your situation, guide you in document preparation and ensure the protection of your assets and beneficiaries.
