Wealth management is an investment advisory service that helps serve generations of families for an effective transfer of family wealth. It is vital to be fully-equipped regarding your wealth structuring needs such as philanthropic intentions, family governance, probates as well as estate administration on any tax and legal issues.
More importantly, the steps you’re taking with the help of a private wealth advisor, ensuring that these solutions are catered towards your needs and how the entirety of your assets will be planned to work with the family’s dynamics.
What is it?
Nominations are arrangements regarding who are the nominees that will receive the insurance proceeds in the event of death or permanent disability.
What is it?
A trust is a private management, in which a settlor will transfer the legal ownerships of the assets to the trustee (the one who manages and holds the assets in place for the beneficiaries.) The beneficiaries may include you and your family members.
Selecting someone who will be administering your structure is as important as your succession plan. Trustees are the ones who will accept the responsibilities of personal and legal liability for financial welfare of the trust fund. Hence, the key decision in choosing a reliable trustee who will manage, protect and distribute the assets, will have its lasting implications.
Essentially, it is best to have a trustee that has professional legal knowledge and financial expertise, as it may require generations worth of workload, detailed record-keeping and coordinating with lawyers, accountants and other necessary parties. Therefore, with its complex management, it often comes alongside with challenging financial and investment decisions.
What is it?
The estate refers to your money and savings that will be distributed after your death. Thus, estate planning guarantees that the people and the causes you care deeply about will be able to receive what you hoped to give them. This will ensure your assets will be distributed specifically to your requests.
The execution of estate planning requires a high level of legal and professional expertise due to its nature of spreading over multiple jurisdictions. Professional executors are the ones who will ensure that all your assets are collected, all your debts are appropriately settled and that your net assets are properly distributed even after a person’s lifetime, the one in line with their will. Thus, choosing a young, professional trustee will make sure that the administration of your estate is in the best interests of your next generation. Lastly, by appointing a professional will avoid conflicts of interests that may happen between family members. This will help minimise its confrontations among the beneficiaries of the your estate, whilst providing continuity which an incompetent executor cannot offer.
Wills are governed by the Wills Act in Singapore. It states that a testator may devise and bequeath or dispose of his real or personal estate via a will.
What are the requirements for a valid will in Singapore, then?
What should be included in a will?