Property in Singapore is a big deal in a small country, with home ownership rates among the world’s highest. Regardless of what kind of home you own, it’s vital to put down in black and white your plan for its future.
- Be specific
If you have more than one child, you may simply state in your will that your house should be sold and the earnings shared equally among your children. However, bear in mind that no matter how well they get along now, things may not always be this harmonious. As such, make provisions for specific circumstances and how, in each circumstance, the proceeds from the sale of your property should be divided.
Additionally, if you have an HDB flat, remember that after you pass on, your children will have six months to sell the flat. If you intend to pass the flat on to them, you can only do so if they are above the age of 18 and do not have their own HDB flats.
- Be willing to spend a little
If you can afford to, hire a professional estate planner who specialises in real estate planning. Many rely on their insurance agents or private bankers, who usually possess general knowledge on estate planning but little experience in catering to specific needs in that area.
A professional estate planner will be able to advise you on the best course of action regarding your property and will tailor his services to suit your needs. Whether it’s financial planning, writing your will, protecting your assets, discussing the possible circumstances for which you need to prepare, a trustworthy estate planner can provide expert advice and assistance.
- Be prepared
It’s unpleasant to think about, but there’s no predicting if you will be of sound mind and body till your last breath. Should you suffer from Alzheimer’s or dementia in your old age, or find yourself on life support, having a Lasting Power of Attorney (LPOA) can be critical.
An LPOA permits you to select a trustworthy party to make decisions for you or make sure your decisions are executed in case you lack the mental ability to do so. For instance, if your eldest sibling is the person you trust the most, you can appoint him / her under an LPOA to take care of your estate if you are unable to do so.
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This article was first published in the print version PropertyGuru News & Views. Download PDFs of full print issues or read more stories now! | ||