The Importance of Will & Estate Planning: Webinar Highlights
In the second edition of the AWE Financial Health webinar series, the team took a deep dive into the topic of will and estate planning.
At MSC, we recognize that active ageing is the key to maintaining a good quality of life. Engaging in active ageing requires a holistic approach, where multiple aspects like physical, mental, social and financial health come into play. The new webinar series will bring value to the seniors by exploring the new ‘Financial Health’ aspect of active ageing, as an addition to the existing AWE Programme.
Writing a will is an important yet neglected part of financial planning. Some of us are unaware of the adverse consequences of not having a valid Will when we pass on, whereas the rest are simply procrastinating.
Beyond that, people are increasingly aware that it is crucial to have some arrangements made in case we are not able to make decisions on our own. This is known as Lasting Power of Attorney (LPA).
Our featured speaker – Mr Patrick Chang, the Founding Director of SimplyWills, shared on the two key topics on 22 October morning, which was well-received by an audience of 73 over the Zoom webinar.
Watch the full recording to find out more!
KEY MESSAGES
- Detailing your wishes in the will allow you to distribute your legacy based on your intentions and not based on the default 9 rules.
- There is no need for a lawyer if you wish to write a will
- It is important to have a detailed schedule of asset, as an attachment for the official will.
- Central Provident Fund cannot be covered in the will.
- Writing a will helps to reduce potential confusion and conflict, as you can fully express your wishes to your loved ones and executor.
- Learn the main estate planning tools and know what are the arrangements you can make for each component.
- Lasting Power of Attorney (LPA) is important to allow some one to make decisions on your behalf in the event that you are unable to do so yourself.
- Knowledge in action is power, be it financial, physical or emotional health. Take action today!
QUESTION & ANSWER
In Singapore, we have the Lasting Power of Attorney LPA) which allows a Donor to appoint another person known as Donee to act on behalf to handle the personal welfare as well as the property and all affairs when the donor turns unsound.
The Office of Public Guardian requires the donor to be certified of sound mind by any of Certified Issuers accredited by them. Refer this link.
For wills writing, you can choose to register with the Wills Registry with a cost of $50. Bear in mind the details of the wills are not reveal and if there are any updates, you would need to register again and pay the registration cost.
Joint bank account will be assigned based on the original signing instruction given during the account application, as to whether only one signature is required or joint signature is required for fund withdrawals. If it’s a single signature requirement, the surviving party has the right to withdraw the funds. If the requirement is to have joint signature, both parties’ signature need to be present for the withdrawals. With no Wills by either of the account holders, it will follow the original instruction as per bank records. The other children reserve the right to contest the funds in the joint bank account. To do so, they need to engage a lawyer to pursue their case, which involves cost and time.
If the CDP account has been converted to an Estate Account, the dividend will be paid to the Estate of ABC instead of the deceased. The Executor needs to open an Estate Bank Account to receive any payments from the sale of the shares in the account or dividend payment to the Estate Account. The Estate bank account shall be operated by the Executor that is named in the Grant of Probate.
Feel free to contact Ms Susan Lim, the Senior Relationship Manager of Phillip Securities Pte Ltd, who is a Simply Wills Planner as well.
HP: 96811061
Email: Susanlimth@phillip.com.sg
OTHER WEBINAR SERIES
Living with Dementia Webinar Series: Memory and Medications
Be it for prevention or active treatment, elderly people are often prescribed many medications and also consume additional supplements. Over-prescription or polypharmacy can lead to a confused state, accidents and other disabilities. As such, it is important to avoid such complications and dangers. The second topic of our Living with Dementia webinar series will focus on medications and how they may impact our memory.
We will have with us, pharmacologist A/Prof Tan Chay Hoon and pharmacist Dr Yap Kai Zhen, to discuss how we can avoid common complications and dangers of polypharmacy, including over-the-counter drugs.
MORE INFORMATION
AWE Homepage:
AWE E-Learning Portal:
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We hope you enjoyed this webinar, and we look forward to seeing you again. Mind Science Centre has shared the video for educational purposes, in line with our goals to share knowledge and benefit the community. Please do not replicate the videos or slides without permission.
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