The Importance of Estate Planning for Expatriates in Singapore
Wherever you find yourself working and owning property, you know that your family will always be your highest priority. The only way to provide for and protect your loved ones is to ensure that you have a fully valid and completed will ready for them after you pass away. As much as people want to stop aging, the only way to truly ensure the future of the people you love is to leave a will behind.
However, this can be a bit intimidating if you find yourself owning property and working in another country, such as Singapore. Even if you became fluent in the language and customs during your stay, you are highly unlikely to understand the many laws around estate planning in this country. The best thing for an expatriate who looks for estate planning in Singapore to do is to hire a professional estate planner from the start to handle the legal aspects.
Wherever you live or work, a single mistake while filing paperwork or any other aspect of estate planning could invalidate all of your hard work. Unfortunately, many of these mistakes are not discovered until after a person’s passing when almost nothing can be done to correct the problem. The right professionals understand the complexities of Singaporean law and can help you make the best decisions according to its requirements and standards.
If you were to make a mistake, an invalid will could leave family without the financial support needed to carry on without you. If you put a large portion of your estate toward protecting the future of a child or dependent that cannot support himself or herself, this can be especially devastating. Only the right estate planning firms can help you get it done right from the start and avoid unnecessary delays or frustrations throughout the process.
A will is a document written as a means of expressing how your assets and money are to be distributed in the event of your death. As the person who chose to make the will, you are considered the testator, while those benefiting from it are called beneficiaries. The professionals who you hire to help you draw up your will can come to your aid the moment you legally become an adult.
As an expatriate, you have to consider any and all assets owned in your current location and back home in your country of origin. If you and your partner were born in separate countries, this could bring multiple jurisdictions into the equation, further complicating the process. To handle all of this complexity, you need a highly trained and experienced professional there to guide the way.
In addition to your drawing up your will, such professionals can also help you draw up a document giving someone power of attorney. This document is designed to give another person the legal right to make decisions on your behalf and that person is called the donee, while you are the donor. Said authorised person would then be able to make decisions for you if you were to become severely ill, injured, or otherwise incapacitated, as well as be able to sign legal documents for you. This can help to ensure that your wishes are carried out without exception.