In Singapore, estate owners discover new ways to protect their assets. These methods eliminate a lengthy probate process and prevent creditors from seizing assets. An attorney can help these estate owners to lower tax implications and high fees that their child could face after they die. The following is a review of the estate planning process offered by estate planning lawyers in Singapore.
Creating a Will
A will provides the estate owner with the right to make final decisions about their property and assets. They assign new ownership and distribute their wealth to their family and loved ones. They can also apply certain provisions to these assignments to keep certain assets in the family. These provisions may also apply to assignments that are set up for minor children including guardianship.
Planning Out Health Care Needs
The estate owner can also address their health care needs through this process. They have the legal right to appoint a health care proxy that will make decisions about their medical care. This includes selecting doctors and surgeons when additional care is needed. A living will may also be included with this plan to explain the estate owner’s wishes in dire circumstances.
Irrevocable Trusts for Families
An irrevocable trust is set up for families to separate certain assets from the estate. Once transferred into the trust, they are no longer the property of the estate owner. However, the owner maintains full control over the assets. When they die, a successor acquires the trust and may utilize the assets as they wish.
Setting up Trust Funds
A trust fund is beneficial for setting up funds for college. They enable the estate owner to transfer funds into the trust fund at any time and in any value. The owner can set up provisions for these trust funds based on the beneficiary’s age and set limits on disbursements each year.
In Singapore, estate owners must follow careful measures to protect their assets. These measures are included in the estate planning process. The process is utilized to reduce the time in which the estate is managed by the probate court. Estate owners who need assistance can contact an attorney now.