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Trust Your Heart

01 December 2018

- 4 mins read

Trusting our hearts is difficult. Our minds come up with numerous reasons why we should not do something, even when our hearts tell us otherwise. It is too time-consuming, too costly, too complicated, too troublesome. It is not urgent.

When it comes to estate planning, many behave in the same manner. Their hearts tell them that it is important to make adequate afterlife plans to safeguard the interests of their loved ones. They then rationalise and eventually no action is taken.

Having a clear understanding of estate planning is an effective way to convince your mind to trust your heart

Estate planning consists of three important steps – estate creation, estate preservation and estate distribution. In the event of your demise, your assets will become your estate. Estate creation is an important first step to ensure that your funnel will be ‘full’ when you pass on. This ensures that your loved ones will be well provided for.

Before your beneficiaries can receive your estate, there may be ‘leakages’ that reduce the value of your estate and these take priority over your beneficiaries. It is essential to minimise them and ensure estate preservation.

Next, plan for your estate distribution by using tools like a Will, Trust, Lasting Power of Attorney and CPF Nomination.

A will is a legal document that expresses your intentions after your passing. It allows you to appoint a trusted executor to carry out your final wishes, name guardians for your minor children, distribute your assets according to your intentions, avoid potential family disputes and bequeath a deserving charitable organisation.

Even with these benefits, many simply have not written their wills. Parents with young children are potentially leaving their children without any suitable guardian – not just a next-of-kin but more importantly, one who is able to raise the children with the right values.

Many people misunderstand that estate planning is simply about writing a will

A will only makes immediate distribution of your estate upon your demise. However, if you have vulnerable beneficiaries, it might be wise to consider a delayed distribution under a trust. Vulnerable beneficiaries may include seniors, immature youths, financially un-savvy spouses or people with addictive habits like gambling, drug or alcohol abuse. A trust helps safeguard the interests of your beneficiaries who might not be equipped to handle large sums of inheritance monies. Your appointed trustee will be able to hold and manage your estate professionally and ensure that the welfare of your beneficiaries is taken care of.

Listen and trust your heart

Start your estate planning journey to protect your loved ones. For a more comprehensive estate plan, it is wise to consider putting in trust, the love that you have for your beneficiaries.

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.