Why I had a Will and Living Trust drawn up?

As a parent with children and elderly parents, I am always concerned of how their lives would be if I were to leave this World suddenly. Who will take care of them? Will my wife be able to cope with taking care of them both emotionally and financially?  Or will she be too distraught to do anything at all? If common disaster happens to me and my wife, who is to take care of my children and parents?

I might not be the best father, son or husband on this earth, but the least I could do is to plan my Estate in such a way to ensure that my loved ones are well taken care of when I am no longer around. Beside my family, I have always wanted to give to my preferred Charities on a long term basis. To do so, I had a Will done together with a Living Trust set up. A life insurance was assigned into my Living Trust to provide for immediate Estate liquidity with a pour over provision in my Will so that a portion of my Residuary Estate will be transferred into my Living Trust. My wife was appointed as the first Executor & Trustee and having Precepts Trustee Ltd (formerly known as Rockwills Trustee Ltd) as the contingent Executor & Trustee.  In my Letter of Wishes, I made provisions for annual payments to my loved ones and designated Charities as well as payouts for medical treatments of my elderly parents and tertiary education funding for my children.

Why the hassle of having a Will and Living Trust set up? Most Singaporean friends and people I spoke with have not done a basic Will let alone a Living Trust! My personal belief is that I am only a Steward of all that have been given to me - my material wealth and loved ones. As a professional Estate Planner, my passion and mission is to encourage my clients and friends to have an Estate Plan drawn up providing care and support to their loved ones as well as Charity. I believe in walking the talk - How can I expect others to incorporate Planned Giving in their Estate Plan when I myself did not do It? Fulfillment in life to me comes from enlightening the minds and touching the hearts of those I cross path with so as to help make life better for their loved ones as well as the underprivileged and needy in our Society. So if I happen to talk to you about providing for your loved ones and the Charity, be mindful that I am only helping you plan your legacy of eternal love. Many little drops make an ocean - Planned Giving - even if it is a small amount of money will make a lot of difference if everyone of us does our little part.

For a no obligation meeting to share some thoughts on the above, please drop me an email - attention to Philip Khoo.

Will Writing

Trust Planning

Planned Giving

Illustrations