Estate Planning Checklist Pdf – A Guide to Comprehensive Insurance Planning in Singapore The best time to prepare for your death is while you are still alive.
Estate planning is a process of preparing and leaving legal guidelines for how we want our problems to be resolved before we are near.
Estate Planning Checklist Pdf
Like many cultures, Singaporeans do not like to think about death. Therefore, many people who have possessions, when the responsibility and financial plans fall, they are not ready for them until something bad happens.
Estate Planning Checklist
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Bank accounts; health insurance policies; Failure to do estate planning for your surviving family members can be costly, including not knowing personal IOUs with friends and not knowing how to properly manage investment projects.
The following sections provide an overview of estate planning for educational purposes, but are not intended as legal advice. As part of your estate planning, get professional advice on your specific issues.
Before providing the beneficiaries; The assets of the deceased must first be used to pay the debts owed to them. Failure to understand this can cause you to be disappointed in the final size of the gift left to your loved one.
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The value of all money left by the deceased is their property. Including bank accounts, including real estate and investments. The exceptions are your CPF Trust CPF funds and assets, both of which are legally binding and do not form part of the same assets. Therefore, borrowers will not be able to do well.
A family member usually trusts the person designated in the will to manage the deceased’s estate. A friend or lawyer is known as a manager. If the deceased left less than $50,000 in intestate assets. Surviving family members can apply for a trustee of the deceased’s estate under the Inheritance Act.
When a person dies, all their assets are frozen. The executor will then apply for probate, which is a court order to pay the deceased’s debts and distribute the remaining assets.
Funeral expenses are low. After that, the Administrator will use the assets to pay off the remaining debts, including steps to stop the investment. These include debts owed to the government (unpaid taxes); These include financial institutions (for loans, mortgages, credit card bills) and companies (for telephone and utility services).
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Only after the court has satisfied all the debts can it be distributed to the beneficiaries.
If it is found that the deceased’s creditors do not have assets that exceed their assets. After paying the funeral expenses, the debt settlement will be governed by the bankruptcy law.
In Singapore, Surviving Family Members are not liable for debts.
The exception is when the deceased has a credit account with the surviving family. He will immediately take responsibility for the debt of the deceased. Including public loans or mortgages.
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If there are any tenants or heirs of the mortgaged property, they are also responsible for the mortgage. They will then need to make payments to maintain the property or take out a new loan. If there are no partners; The principal will need to sell the property to pay off the loan.
In such cases, Credit Insurance covers bad credit and allows the beneficiary to retain assets. Selling a property for a short period of time can get you a better price.
If you sell the house for more than the loan, you can keep the difference, but you should know that the short sale is considered a discharge of the loan.
For HDB housing owners who use CPF to finance your loan; You have insurance coverage for forced mortgages, known as the Home Protection Program (HPS). It prevents families from losing their HDB houses and dying; Prevents disease or permanent disability. HPS insures members up to the age of 65 or after paying off the home loan, whichever is earlier.
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As I mentioned earlier, your CPF Income does not fall into your assets. Therefore, you must make a CPF Nomination to specify how you want your CPF funds to be distributed. CPF nominations are standard, non-standard Covering of CPF savings in MediSave and Pension Accounts. This includes unused CPF life funds used to pay for your CPF life and any SingTel dividend shares you may have.
As stated on the CPF website; Your CPF candidates have three options to choose from in order to receive your CPF balance. are:
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(iii) Special Savings Scheme (SNSS) Selection: This scheme is aimed at parents of children with special needs. It allows parents to nominate their children with special needs to receive monthly CPF savings. If you are considering this option for your children who need it the most; Find out more at Special Needs Trust Co
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As explained by the CPF Authority, a CPF number is not required or required. This is because it looks like your property was distributed without a valid will. Any savings in your CPF account will be distributed by the general trustee of your family in accordance with the laws of marriage or inheritance (for Muslims).
If you haven’t already done so, you should collect your assets and debts and create a will that includes a plan to ensure that your financial affairs are settled according to your wishes.
For example, you may have assets such as investments and real estate. It may make sense to hold off on the investment so that your family can continue to live in the property. If you do not clearly define your needs, your Manager may view the property (and accompanying loan) as a large liability and decide to sell at a loss while continuing to invest.
Contrary to popular belief, you do not need a lawyer to make a legal will. In fact, you can even do it online using services like MoneyOwl’s writing tool.
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You should also collect health insurance policies and retirement plans for your employer and family members to apply to insurance companies. While going through this process, you can also consider whether the level of health insurance is adequate for your needs.
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We spend a lot of time trying to juggle our income and survive trying to find the best time for our benefit. Now that we understand how our people can be held back by a lack of estate planning and communication, there’s no better time than now to do something about it.
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Real estate sales; Buy or rent? Reason 5 Reason 5 Your real estate agent’s black and white deed in California can be used to give some power to a trusted friend or relative when a power of attorney or manager is unable or unwilling to act. when needed. acting on behalf of the school principal; or a person known as an employee who is expected to take all decisions for the benefit of the manager. A text can show broad or narrow powers. And it can be combined to take effect in a long or short period of time.
Health Care Directives – Allows a person to choose a health representative (power of attorney) and to establish their end-of-life treatment (right to life).
Lasting (legal) power of attorney – allows someone else to make financial decisions when children and adults become incapacitated.
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General Power of Attorney – Allows one person to give another person financial power while they are in custody. If it is disabled, the form will be invalid.
Limited Power of Attorney – This form is intended to take into account certain situations where the principal may need to act as a representative.
Adoptive Parent (Minors) Power of Attorney – This form gives a parent the authority to make decisions on behalf of their children for temporary custody if the parent is temporarily absent and unable to do so. Make daily decisions for them.
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