Estate planning in Singapore

When we talk about estate planning in Singapore, what we are really doing is talking about the passing on of your legacy to the generations that follow.

Our inevitable mortality is an issue that we don’t like to think about too often, but it is a subject that we must visit for the simple fact that it will affect those whom we love and want to protect. The tendency to put off organising our estate is great, as we imagine it’s hopefully a ‘long way off’. Yet what if it’s not?

Using a Trust

Parents are often wary of leaving a huge lump sum to their children at their respective ages of maturity and it is worth asking the questions of what an 18 year old would do with £200,000 cash – this is where the Trust comes in. A Trust allows you to ensure that assets for your children are spread over a number of years and not all received at an age where they may be unable to deal with the full responsibility of such a large lump sum. It is also important to take professional advice on the tax implications of setting up Trusts.

Tax and IHT Planning

Inheritance tax planning is about planning ahead to minimise the uncertainties surrounding how your estate will be managed and how it many be taxed. 

Inheritance tax is sometimes referred to as ‘Voluntary Tax’ because with careful financial planning your estate may only have to pay a greatly reduced tax or even no tax at all in some cases.

There is a lot to consider with tax and estate planning, so a qualified adviser and tax specialist can guide you through the intricacies.

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