In Singapore, estate owners must follow specific options to protect their assets. They need to consider the most effective strategies for lowering tax implications and prevent hardships for their family. These strategies can also prevent seizure through the probate process. The following is information about the estate planning process.
Setting Up an Irrevocable Trust
An irrevocable trust is set up as its own entity. All assets that the owner wants to transfer out of their estate are transferred to this trust. This eliminates all ownership of the asset on paper for the owner. They retain control over all assets that are transferred to the trust. When they die, the trust is given to a successor. Typically, the successor is the owner’s spouse or children.
Choosing Trust Fund Options
Trust funds are used for a variety of purposes. They include paying for college tuition and setting up financial support for family members. The trust funds come with provisions set up by the owner. This includes preventing access until the new owner becomes a certain age. Educational funds may limit the value that is disbursed each year. This could prevent the new owner from spending the money too quickly.
Health Care Plans
Health care plans are set up to ensure that the individual receives care from their preferred doctor. They can also set up a health care proxy that makes decisions for them when they are incapacitated. They can also set up a living will for these purposes to prevent life-saving procedures under certain conditions.
Guardianship Assignments for Children
The estate owner can address new guardianship for their children if they die while the children are minors. These assignments may come with a trust fund that provided to support the child. Provisions are also included in these assignments as well.
In Singapore, estate owners acquire protection through an estate plan. These plans address their assets and new assignments. They also help set up financial support for their family members. The plans help with ensuring that the individual receives the right health care as well. Estate owners who need to start this process contact estate planning lawyers in Singapore today.