Don’t Be Too Safe with Your Estate Plans

Like it or not, estate planning is an important part of our lives that we should be responsible for. A well prepared plan can ensure that your wishes are carried out and your assets are properly distributed, thus reducing the burden off your loved ones.

That is unless you forget to inform them

Documents such as wills, trusts and life insurance policies often need to be produced at the time they are executed. Many choose not to inform families of their existence to avoid conflicts, or simply overlook informing them. However, if there is no clear path for the recipients to obtain these, then there is effectively no plan.

This is actually a common occurrence – many families do not know what their late loved ones left behind, and they are left to tackle matters after a time consuming and sometimes costly process. Some families find this information much later tucked away in an obscure location, while others simply never find out. Thousands of unclaimed policies and estates exist for this reason, which you can search online through sites such as www.lia.org.sg and www.unclaimedmonies.gov.sg.

Thankfully, there are easy ways to manage this risk

Storing your estate plans on your own can work, if you inform your family ahead of time. Other methods include offsite physical storage with firms and even online digital storage that can safekeep messages and wishes to be sent in the future. More information can be found on www.timeliss.com.

Conclusion

Whether you bequeath to loved ones or contribute to charities such as the Singapore Heart Foundation’s Legacy Giving Programme, take a moment to decide how you will share those plans. Some simple steps will go a long way to ensure that your wishes are carried out.

SHF Legacy Giving Programme

A gift of any size, after you have provided for your loved ones, will enable us to continue our important lifesaving work to reduce premature death and suffering from
heart diseases and stroke.

Types of Legacy Gifts

• CPF (Central Provident Fund) Savings
• Making a bequest through a Will
• Life Insurance
• Memorial Giving

If you would like to find out more about the SHF Legacy Giving Programme, please call us at 6354 9340 or email legacy@heart.org.sg.

The article is contributed by Ms Kat Neo, Business Development Director, Timeliss and is a continuation of this article.