End-of-Life Planning in Singapore: How to Be One Step Ahead

Estate Planning Guide in Singapore
Estate Planning Guide in Singapore

Having an end-of-life plan on hand will prove to be a boon when the inevitable approaches. The preparations you make for your estate will bring you peace of mind that your wishes will be honoured even if you’re no longer capable or present to carry them out yourself. At the same time, it will help you ensure that the people that matter the most to you will be looked after whatever happens.

No matter what your age is, it’s a good idea to ensure that your end-of-life plan is in place and that it is updated periodically. The good news is that for Singapore citizens and residents, there are guides that can help you make a plan that will cover all your concerns in a format that can be easily understood by the people who will carry it out for you. The resources provided by government agencies can help you get started on your estate planning Singapore project, and these references can also serve as a guide should you want to update your existing plan in the future. Here’s how you can get started.

Understand Why You’re Planning in the First Place

To ensure that your future plans will be aligned with your objectives, you need to have a clear idea of why you’re planning in the first place. Perhaps you want to have a say on how you will be cared for in case you get injured or ill. Maybe you have someone in your family that requires specific care arrangements, or you’re the breadwinner of your family and you want your dependents to be cared for in a particular way in case you become incapacitated. It can also be that you want to take care of your funeral details before it happens so you can give your family time to grieve.

There are many reasons for taking care of your end-of-life plan ahead of time. Knowing your reason for doing so can help you choose the best actions to help you achieve your goals.

Gather All Your Important Documents and Keep a Virtual Copy of Them 

The first step in preparing for your end-of-life decision is to get a copy of all your important documents. It’s a must to keep them in an organised manner so that whoever will be taking care of executing your wishes will have an easier time dealing with all the processes they need to complete. Among the things you need to have a copy of are your will, identification documents, birth certificate, and marriage and divorce certificates, if applicable, as well as copies of the documents that concern your tangible and intangible assets, debts, your directives for managing your estate tax Singapore obligation, and other financial responsibilities. Keep a physical as well as a virtual copy of these papers by uploading them on the My Legacy secure vault.

Share Your Funeral Wishes and Make the Necessary Arrangements 

Planning for your funeral ahead of time will ensure that people know exactly what you want to happen when you’re no longer around. Also, taking care of your funeral arrangements before you need it will give your loved ones a bit of breathing space in an emotionally charged period in their lives. Choose a funeral services provider that you are happy with and purchase a plan or package from them to reduce the financial stress on the people that you’ll leave behind. Plus, give your service providers the number of the person who will care for your funeral affairs for you.

Also, your loved ones should be well aware of the arrangements that you’ve prepared. Choose someone to manage your final affairs for you and ensure that they’re prepared to handle this responsibility. Make a note of your funeral preferences too, such as how you want the remains to be handled, where the funeral will take place and the kind of ceremony that you want to be carried out.

Prepare Legal Documents for Your Future Needs

Some of the essential documents to your end-of-life plan will come from you. Among the records that you need to prepare are your advance care plan (ACP), lasting power of attorney (LPA), and advance medical directive (AMD). Your ACP and AMD should reflect the values and factors that you want to consider for your treatment in the event that you no longer have the capacity to decide for yourself. An LPA, on the other hand, enables you to assign someone of age to manage your affairs in case you are not able to do this yourself.

Life can be unpredictable. Preparing for things that you don’t expect to have much control over will help you feel more at ease with whatever may come your way. With an end-of-life plan prepared, you can focus your full attention on setting goals for yourself, pursuing your dreams, and building relationships that really matter to you. In this way, having an end-of-life plan on the ready can help you live in the moment and have a more firm hand in determining your destiny.

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