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In today’s fast-paced world, where change is constant and uncertainty looms large, it’s essential to plan for the future and the unexpected. Legacy and succession planning may not be top of mind for many, but they play a crucial role in ensuring the well-being of your loved ones and preserving your legacy for generations to come. As you embark on the journey of legacy and succession planning, there are several key considerations to keep in mind.
Here are some essential strategies to safeguard your family’s future:
1. Have a Will One of the fundamental aspects of legacy planning is drafting a Will. A Will outlines how you want your assets to be distributed after your passing, ensuring that your wishes are carried out accordingly. Expatriates with assets in multiple countries should consider having separate Wills for assets in each jurisdiction to avoid complications and delays in the probate process. This ensures a smooth administration of the estate.
2. Invest in Life Insurance: Life insurance can provide financial security for your loved ones in the event of the unfortunate. By investing in a life insurance policy, you can ensure that your family members are protected from financial hardship and can maintain their standard of living. When taking out life insurance, there are many key considerations including: calculation of coverage, term, different riders, reputable companies and balancing between needs and affordability. Life insurance premiums in Singapore are competitively priced and premiums are tax deductible. Seeking professional advice can assist in understanding the various options and making the right decision.
3. Establish Temporary Guardianship: For any expatriate living abroad, it is important to appoint a temporary legal guardian in the event of the unfortunate happening to both parents. The designated trusted individuals can then assume responsibility for your children until the permanent guardians can take over. This ensures that the children are not placed in the state’s custody and the children are well looked after during this difficult period.
4. Trusts for Estate planning: Trusts are powerful estate planning tools that allow you to protect and manage your assets for your nominated beneficiaries, Trusts can provide additional benefits for expatriate estate planning such as asset protection, tax planning, avoidance of probate and continuity of family businesses. Trusts also allow more flexibility in how assets are distributed and managed. The recognition and treatment of trusts varies between civil law and common law jurisdictions, including different countries tax treatments, so professional advice and personal financial planning is recommended.
5. Seek guidance and advice from experienced professionals. Everyone’s circumstances are unique, and it is recommended to obtain personalised advice that is tailored to your needs and objectives. Will writers, estate planning professionals, financial advisors, and tax experts can all help in implementing your legacy and succession plan, including regular reviews to ensure it remains relevant and reflects any changes in your life.
By taking proactive steps to plan for the future, you can ensure that your loved ones will be well cared for, and having the peace of mind is the most important.
To find out more on this important topic, Select Investors will be hosting a workshop on Wills, Protection, & Legacy Planning on Tuesday 14 May at 6pm – 7:30pm.
Click here for more details and to register your interest, click here
Batya’s Bio: Batya Shulman, is a Partner at Select Investors who specialises in wealth, tax and succession planning. Batya works with international clients providing holistic and ongoing financial advice, wherever the journey may take them. Batya is also a mother to three busy boys and understands first hand, the importance of planning for her loved ones!
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances. You are advised to seek independent tax advice from suitably qualified professionals before making any decision as to the tax implications of any investment. Advice relating to a will, trust and/or guardianship involve(s) the referral to a service that is separate and distinct to those offered by St. James’s Place.
The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Members of the St. James’s Place Partnership in Singapore represent St. James’s Place (Singapore) Private Limited, which is part of the St. James’s Place Wealth Management Group, and it is regulated by the Monetary Authority of Singapore and is a member of the Investment Management Association of Singapore and Association of Financial Advisers (Singapore). Company Registration No. 200406398R. Capital Markets Services Licence No. CMS100851. St. James’s Place Wealth Management Group Ltd Registered Office: St. James’s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP, United Kingdom. Registered in England Number 02627518.
