Mastering the Future with Estate Planning & The Power Of Attorney
Aligned with one of our values of Mastering the Future, the A-Star team had the opportunity to learn more about estate planning & the lasting power of attorney to plan for the unknown.
Estate planning (or will writing) is generally seen as a taboo topic. In Singapore, it’s estimated that no more than 15 percent of the population do up their wills to ensure their assets are distributed according to the wishes when they are still alive. This contrasts with a figure of more than 40 per cent in the United Kingdom.
Common misconceptions of estate planning are that it is time-consuming, costly and that all assets must be listed. However, if a person dies without a will and leaves behind multiple potential beneficiaries, there could be more complications as the court will need to work out who gets what according to the Intestate Succession Act, depending on which family relations are still alive, which can often lead to high legal fees.
Wills are not limited to the people who are rich. It is an everlasting gift you can give to your family.