Estate planning can be embraced as an opportunity; a chance to create a better life for and leave a great legacy for those you love and treasure. If at some point you have taken the necessary steps to create an estate plan – congratulations – you are truly a Planner with foresight and control over your finances!
If you have an estate plan in place, one question to ask yourself in the New Year: how long has it been since you last had it reviewed? It’s important to embrace the concept that estate planning is not static – it should be a lifelong process to ensure that your legacy will be as you wish and carried out efficiently.
LIFE CHANGES that may inspire you to review your existing estate plan:
Family: Marriage, divorce, birth and death are significant life changes in a person’s lifetime. However your estate plan does not update automatically when these events occur, so you will need to review your plan. If one of your beneficiaries dies, you will need to remove them from your estate plan. With the addition of children/grandchildren, it can entail naming of new beneficiaries.
Health: Your health condition may dictate changes to your estate plan. If you should find yourself in a situation where you require long-term palliative care, you can also specify in your plan the kind of care you prefer. If it has been a long while since you reviewed your will or trust, your grown up children may now take on the role as the executor of your estate.
Retirement: Before you enjoy your golden years, take time to review your finances as well as estate plan. Following retirement your source of income will greatly differ; hence it is a good time to review with your financial planner to seek alternative ways to supplement your income. It is also opportune to ensure that your assets are maximised in a way to leave a legacy that is most beneficial to your loved ones.
To review an existing estate plan, or to create one if you have yet to, speak to our Planners for a detailed consultation of your needs. You may also like to register for an upcoming seminar where our Principal Consultant Mr Stephen Chew will be speaking about estate planning must-know.
Speaker: Stephen Chew, Principal Consultant, Summit Planners
Date: 19 January 2017, Thursday
Time: 7.00pm to 10.00pm
Venue: Suntec Singapore Convention & Exhibition Centre, Level 3, Room 327
Admission: $18 per person
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