Estate planning explained

The greatest gift you can give to your loved ones is not just wealth, but harmony and peace for a sustainable and comfortable life for your family when you are no longer around.

Everyone has an estate. It comprises of everything you own, from your car, home, other residential/commercial properties, bank accounts, investments, life insurances and personal possessions.

Estate planning is a process of arranging the distribution of your estate to the people or organisations you care most about. By providing clear instructions of who you want to be receiver, what you want them to receive and when they are able to receive it. This process aims to maximise your estate value by reducing potential taxes, legal fees and other expenses.

But a good estate planning goes beyond that. It allows you to pass on your moral values, provide instructions to cater for the event that you become mentally unsound, provide income replacement for long term care in the event you are unable to work due to illness or injury, appoint an inheritance manager for minors or family members with special needs, provide for loved ones who may not be responsible with money, transfer your business upon your retirement, disability or death and minimise unnecessary tax, legal or court expenses.

It is an on-going process which needs to be reviewed and updated according to your family and financial situations in your lifetime.