Who’s Steering Your Legacy When You’re Out of the Driver’s Seat?

Every Formula One driver understands that success cannot be achieved alone. Even the most talented champion cannot win without a dependable pit crew to keep the car running smoothly, implement tactics effectively, and make quick decisions under pressure. The driver may take the wheel, but it is the team behind them that keeps the race on track.

In life, the same principle applies to estate planning. While you are currently in control, there may come a day when you are no longer in charge, whether due to incapacity, disease, or death. The question then becomes, “Who is steering your legacy?”

The Estate Planning “Pit Crew”

Your estate plan requires a carefully chosen team to ensure your wishes are respected and your loved ones are protected. These roles include:

Executors – The Race Strategists

Your executor ensures that your will is carried out according to your wishes. Much like a race strategist who develops and executes the overarching game plan, executors administer the assets and carry out the wishes of the deceased as outlined in his/her will.

Trustees – The Long-Term Engineers

Trustees are in charge of upholding legal obligations and duties associated with a trust. Their responsibility is to ensure that your legacy is not only passed along, but also sustained and grown properly. F1 engineers assure the car’s long-term performance; trustees ensure that your assets benefit your loved ones, possibly for generations to come.

Lasting Power of Attorneys – The Reserve Drivers

While executors and trustees step in after death, a Lasting Power of Attorney (LPA) ensures you have someone to take the wheel during your lifetime if you lose the capacity to make decisions. A donee appointed under your LPA can manage your financial matters, personal welfare, and healthcare decisions.

The Importance of Planning on the Track and in Life

Races are often won or lost in the pit stop — a fraction of a second can change the outcome. The same is true for estate planning. Setting up your will, trust, and LPA early ensures that there are no delays, disputes, or confusion when life takes an unexpected turn.

Choose your pit crew wisely and equip them with the authority and clarity to keep your legacy moving forward when you’re no longer in control.

Sources:

1. https://www.moneysense.gov.sg/understanding-estate-planning/
2. https://www.manulife.com.sg/en/insights/a-complete-guide-to-estate-planning.html
3. https://singaporelegaladvice.com/law-articles/what-should-i-do-with-a-deceased-relatives-will-how-is-a-will-executed/
4. https://sg.indeed.com/career-advice/finding-a-job/what-does-trustee-do

Disclaimer:

The information provided is for general information only and does not constitute financial advice. While we have taken care to check the source of the information, we cannot guarantee that the information is accurate, complete, or will suit your individual financial needs. You are advised to seek professional assistance.