Page 35

Let us look at the types of business setups commonly found in Singapore, and how a business succession plan can help you maximise your company’s value and strategies.

At Summit Planners, one of our forte lies in estate planning including that of Muslims. We endeavor to look at every case holistically and with your specific wishes in mind.

The keyman is the person or persons that are instrumental to the success of a company. Let’s look at one aspect of business planning that is often neglected – Keyman Insurance.

A will only takes effect when the person passes on. The will does not come into effect even when the person goes into a coma, suffers a stroke or becomes debilitated by dementia; even if the person is no longer mentally capable of making his/her own decisions. This can lead to stress and hardship for the family members. It is recommended in addition to writing a will that you also draw up a Lasting Power of Attorney. A Lasting Power of Attorney (LPA) is a legal document which allows you (“donor”) to appoint one or more persons (“donee(s)”) to manage your affairs if you become mentally incapable of handling them.

Estate planning helps you plan for your needs through your living days, but also upon your passing on. A well thought through estate plan will enable you to secure the necessary financial base for your loved ones and your important causes.