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Estate Planning in Raffles Place, Singapore involves putting in place measures to manage your assets and personal welfare matters in the event you become mentally incapacitated in your lifetime, and after your demise. Some common components of estate planning include the creation of wills, setting up of trusts, power of attorney, and nomination of Central Provident Fund (CPF) beneficiaries. A comprehensive estate plan in Singapore ensures that your assets are distributed according to your wishes while allowing for a smooth transition and minimizing tax implications.
While estate planning may seem straightforward at times, it often involves complex legal procedures and requirements. A lawyer can ensure that your will is legally valid, advise you on potential tax implications, and guide you in establishing nuanced power of attorney documents. An attorney can also provide advice on trusts for managing your assets and limiting estate taxes. For those with substantial assets or complex family dynamics, a lawyer's advice and assistance are particularly vital.
Singapore's estate planning laws predominantly fall under the Conveyancing and Law of Property Act, the Wills Act, and the Intestate Succession Act. The Wills Act governs the ability to devise, bequeath, or dispose of one's property through a will. It also sets forth the requirements for creating a valid will. The intestate Succession Act, on the other hand, lays out the distribution of a deceased's estate if they die without a valid will. For Muslims, Estate Planning laws follow the Administration of Muslim Law Act, where the distribution of assets is based on Faraid, Islamic inheritance laws.
If you die intestate, or without a will, in Singapore, the Intestate Succession Act decides the division of your assets.
Your estate includes all the assets you own and control, such as properties, bank accounts, shares, and personal possessions. CPF monies are not included as they are covered under the CPF Act.
Yes, you have the liberty to distribute your assets as your wish through your will, unless you are Muslim and are governed by the Administration of Muslim Law Act.
A trust is a legal arrangement where a person (the trustor) gives another person or institution (the trustee) the right to hold and manage assets for another person (the beneficiary). It can provide more control over asset distribution and can have tax benefits.
A Power of Attorney document allows you to appoint a person to make decisions and act on your behalf when you are unable to do so.
Several institutions and websites offer resources on estate planning in Singapore, including the Public Trustee's Office, the Ministry of Law, the Law Society of Singapore, and the Council For Estate Agencies. They provide valuable information about estate planning, laws related to it, and the steps involved in executing a will, setting up a trust, or nominating CPF beneficiaries. You can also visit the Supreme Court's probate registry webpage for resources regarding how to apply for a Grant of Probate or Letters of Administration.
If you need legal assistance in Estate Planning, first, make a list of your assets, debts, and beneficiaries. Then consider your personal welfare matters in the event of mental incapacity. You can then look for a reputable estate planning lawyer in Raffles Place. When you meet up with your prospective lawyer, remember to ask any questions you may have and ensure that you fully understand any legal implications before signing any documents.
