It is inexpensive to have your Will drafted with law firms or other service providers. This will provide instructions for the executor of your estate to follow through upon your demise. If you do not have a Will, your estate will be distributed by the Intestate Succession Act.
With a CPF nomination, the payout of your CPF money can be distributed more efficiently to your loved ones. Without one, Intestate Succession Act will distribute your estate. This process will take a relatively longer time as compared to distribution when there is a CPF nomination. With nomination, the pay out is immediate.
Advance Medical Directive ('AMD')
Lasting Power of Attorney (LPA)
You should do Lasting Power of Attorney (LPA) while you still have the mental capacity to decide. Through this you can assign a trusted person to act on your behalf when you fall ill that rendered you to be mentally or physically incapacitated. Affairs concerning your assets
You should do nominations for your insurance policies immediately. The distribution process under a Will takes longer time as compared to a nominated insurance policy due to the grant of probate. Without nomination, only the first $150,000 will be paid out, the remaining amount will be paid out upon the grant of probate or letter of administration. With nomination, the paid out is immediate and therefore welfare can continue.
Understanding Why Estate Planning Is Crucial
It is a document you sign to instruct the doctor treating you (where you are terminally ill and unconscious or incapable of making a rational decision) that you do not want any artificial means of prolonging your life, such as the use of life-sustaining equipment (eg artificial respirator), where there is clearly no hope of finding a cure on either a temporary or permanent basis.
You only have one life, live and leave with no regrets left behind.
Just like a funeral planning, you can only have one in your lifetime.
Do it right the first time with us at