In Singapore, estate owners undergo a process called estate planning. These opportunities allow the estate owner to manage the distribution of their assets. They can create documents that provide earlier ownership transfers as well as separate certain assets from the estate altogether. The following defines what is included through the process managed by estate planning lawyers in Singapore.
A Will for the Owner
A will provides several legal authorities. The estate owner chooses family members to provide money and properties. They add provisions if their children are under legal age. This may include the assignment of a guardian. The will can also set up protection for trusts that are created for the family. The estate owner has the opportunity to enforce their final wishes through these documents as well.
An Irrevocable Trust
An irrevocable trust is set up as a completely separate entity than the trust. All properties that are transferred into the trust are no longer listed as the property of the estate owner. However, the estate owner can remove these properties from the trust at any time. They maintain full control over these properties and provide ownership to a successor through this process.
Trust Fund Assignments
Trust funds enable an estate owner to distribute money to certain individuals. This money can be deposited into the account at any time. There aren’t any restrictions on these accounts based on local laws. The estate owner can add provisions based on the value that is distributed each year to protect the asset.
Health Care Proxies and Authorities
A health care proxy acquires the authority to make health care decisions for the estate owner. They can determine what type of treatment the estate owner receives based on their wishes. They can also determine what doctor the estate owner will visit and when life-saving techniques are used.
In Singapore, estate owners create an estate plan to protect their wealth. The plans enable them to enforce their choices even after they die. These strategies can lower the value of taxes their family pays. These options can also prevent families from suffering any further losses. Estate owners who want to start this process contact an attorney now.