231 Law

Things to Know about Estate Planning in Singapore

One of the most important things people can do before they die is to properly plan for the settlement of their estates. Estate planning is responsible and should be taken very seriously. Yet, many die, not having planned this matter, and they are left in an intestate position. This makes it very difficult for the survivors, especially because there is no will. Things can get tied up in court for a long time without an estate being left properly in place. There are estate planning lawyers in Singapore who help clients get their estates finalized. Here are some things to know about estate planning in Singapore.

Everything that a person owns, such as house, cars, boats and other assets are part of the person’s estate. In order to ensure that the people that should get the property gets it, a will has to be in place. This is all part of estate planning. The actual things that are included in part of the estate are the real estate, any business that is owned as a sole proprietor or partnership, shares in a private company, and public shares. Other things that may be included are cash, motor vehicles, insurance policies, claims and damages from an accident, and even funeral arrangements.

Some other things to keep in mind is to set up a trust fund for minor children. The will should be made and the executor should be aware of how to get access the will after the loved one dies, or becomes mentally unable to make decisions for himself or herself. This is where getting a Lasting Power of Attorney will be of great use. If the benefactor does not want the beneficiaries to know about the will, it can be kept safe in a Will Custody Service.

I.R.B. Law has been providing legal solutions for clients in Singapore for several years. In addition to helping clients with estate planning, the law firm also practices law in divorce law, drug offenses, criminal law, trademark law, and personal injury cases. If there are any persons who desire to consult with the lawyers, they can visit the attorneys’ website at http://irblaw.com.sg/our-expertise/probate-law-power-of-attorney/.