Without estate duty, there is no need for Estate Planning, truth or delusion?

With the announcement of the abolishment of estate duty in Singapore effective from 15 Feb 2008, there is a misconception that Estate Planning is no longer required.

It is true that in the past, people planned their estate to minimize the estate duty payable upon death. However, most people fail to recognize that estate duty planning is just one of the many objectives of Estate Planning.

Effective Estate Planning allows you to achieve the following objectives –

  1. To create surplus in your estate so that the value of all your assets including insurance policies must exceed all your debts and still have enough for your loved ones or charities.
  2. To ensure liquidity in your estate. Your estate must be able to provide immediate cash to your loved ones when they need it most for their daily living expenses etc.
  3. To allow ease of distribution of your estate to your beneficiaries. Estate Planning will ensure that the most effective & efficient tools are used to distribute your wealth so that there is minimal grief & confusion for your loved ones.

Estate Planning is for everyone, not just for the rich! A comprehensive Estate plan will give you a peace of mind i.e. to take care of your loved ones when you are gone.

Will Writing

Trust Planning

Planned Giving

Illustrations