About Estate Planning Law in Raffles Place, Singapore
Estate Planning Law in Raffles Place, Singapore involves the provision of advice and preparation of legal documents to manage the disposition and protection of an individual's assets during their lifetime and posthumously. Estate planning includes wills and trusts, lifetime gifts, collective investments, enduring power of attorney and advance medical directives, tax planning, and business succession planning.
Why You May Need a Lawyer
Lawyers specializing in Estate Planning law can ensure the legality and execution of your will. They can provide expert advice regarding estate taxes, setting up a reliable trust, managing probate issues, and protecting your assets from potential creditors or legal claims. If you have a significant amount of wealth, a diverse range of assets, or complex family situations, legal assistance in estate planning becomes increasingly necessary.
Local Laws Overview
Singapore has an established legal material wealth framework that controls estate planning. The main legislation is the Wills Act, which requires for a will to be acknowledged in writing and witnessed by two non-beneficiary individuals. Under the Intestate Succession Act, if a person dies without a will, the deceased's assets are distributed by default among surviving family members. The Mental Capacity Act governs the appointing of donees in the event mental capacity is lost.
Frequently Asked Questions
1. Do I need a lawyer to write a will?
While not legally mandated, hiring a lawyer makes it easier to navigate through complex legal jargons and stipulations, ensuring your will fulfils legal requirements and truly represents your wishes.
2. What happens when someone dies without a will?
When a person dies intestate(without a will), the Intestate Succession Act governs the division of the deceased's property among eligible family members.
3. Can I change my will after it’s been written?
Yes, a will can be updated or rewritten at any point with the same legal requirements as the original. Usually, you would just add a "codicil" to make minor changes.
4. What is the role of an executor or trustee?
The executor is responsible for carrying out the directives in the will, settling the deceased's debts, and distributing the remaining assets to the beneficiaries. A trustee manages any trusts in the will.
5. Does setting up a trust help to avoid estate tax?
Singapore does not impose estate or inheritance tax. However, trusts can still provide legal protection of assets and dictate the terms of asset distribution.
Additional Resources
The Office of the Public Guardian and the Ministry of Law are good governmental resources to refer to for matters involving estates and trusts. The Law Society of Singapore also provides a guide on making a lasting power of attorney.
Next Steps
If you need legal assistance in Estate Planning, seek out an Estate Planning lawyer who can provide personalized advice based on your circumstances and requirements. Ensure that the lawyer is duly accredited with the Singapore Law Society. You might also find it beneficial to create an inventory of your assets and make preliminary decisions about their distribution before your initial consultation.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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