Grow Assets Even After Death!
It’s an holistic estate and legacy planning webinar.
It was held on 27th Oct 2021 evening.
Let me take this opportunity to thank my attendees who take time to attend the “Grow Assets Even After Death” and have participated in the polls conducted during the live webinar.
This has empowered me to share interesting insight from the webinar.
There are 4 polls which I have prepared.
Here’s my reflection!
In my first poll, there are 4 questions.
In every 1 out of 2 responded that they have done up their Will. This is an encouraging sign.
What is so uplifting is that we have 86% understood what a Will can do for them!
However, the number reduced by about half when coming to trust arrangement. And this is what I have intentionally prepared for the webinar. A number of case studies were mentioned why a Trust arrangement is important for a number of situations. My initial feel was right!
As expected, LPA (aka Last Power of Attorney) is still “new” to the public, so I not surprised with the 1/3 sign up. Whether is it Form 1 or Form 2, I’m can’t tell. However, I guess it’s highly likely to be Form 1 with general power assigned to their appointed Donees.
In my second poll, I would expect many weren’t aware that there is a Will already written for us by our government.
Such a “Will” is legally known as Intestate Succession Act. (Chapter 146).
Intestacy is the term used for someone who has passed away without a Will.
So when one passed on intestate, your estate will be distributed according to Intestate Succession Act. (Chapter 146).
And to my pleasant surprise, though not shockingly, 7 out of 10 attended were aware that such Will exist!
I felt awesome with the result.
However, I felt a bit uneasy, as compared with one of my survey questions in the 1st poll, only 50% has done/updated up their Will.
This makes me wonder.
Knowing, but not doing?
Anyway, I move on to discuss a couple of cases on how to establish a Will-Trust Mechanics.
In a nutshell, the assets could bypassed the Probate and one of the objectives is to have a smooth transition for the assets to "take over" by the intended beneficiaries.
Trust can protect their assets from unwanted people who otherwise touchable on their assets.
After explaining how we can leverage a Will-Trust arrangement to benefit our intended beneficiaries, I’m glad to see 30% acknowledged the importance of setting up one!
Additional 40% is probably thinking how such arrangement can be useful in their situation.
Maybe I should put another poll to ask if anyone has already set up their “piggy bank” (aka Trust arrangement) for their loved ones!
Finally, we have the last item for the night!
It strikes almost everyone when I put forward the poll asking “Upon becoming ‘P’, do you want a stranger to manage your finance?”
I gotten the result fast as almost All say NO!
Certainly and logically, it makes sense to many that how can our hard earned wealth in this lifetime be managed by someone who we don’t know!
But, if you have not appointed your PAD ("Property Affairs Donee") in your LPA, this could happened.
Some might wonder what is P? P is a descriptive term used to mention the anyone who has lost their mental capacity.
If you are considering how to do your holistic estate and legacy planning, but unsure, I would suggest you to engage an estate planner or a probate lawyer.
Meanwhile, you are invited to attend my upcoming estate planing webinar, “Grow Assets Even After Death”.
The next live run will be on 17th Nov 2021 at 8 pm.
See you at the live webinar.
Chew Hock Beng is a Certified Financial Planner, Chartered Financial Consultant, Chartered Life Underwriter & Chartered Family Office Specialist. He has community involvement experience and has held appointments like Honorary Treasurer & Exam Board Chair with Financial Planning Association of Singapore (FPAS), Education Sub-committee with IFPAS, PSG Chairman. Hock Beng is a certified IBF instructor with Financial Perspectives and an Adjunct Trainer with Falco Academy. Currently he is managing a team of independent financial adviser representatives, providing training, mentoring & coaching.