The purpose of estate planning is to ensure the clients’ dependents receive the intended monies to assist them in their lively hood until they are financial independent. Second purpose is to ensure liabilities are paid on the demise of a borrower. Third purpose is to leave behind a legacy to the intended beneficiaries and to ensure unintended beneficiaries do not receive it. Finally but most importantly to ensure that the decease appoints a trusted Executors/Trustees for who will have the fiduciary duty to ensure the estate is managed and distributed for the interest of the beneficiaries.
The tools used in Estate Planning are: Will, CPF Nomination, Revocable Trust, Irrevocable Trust and Portfolio Bonds.
See this FAQ on estate planning: HERE
Like this article? Subscribe to my newsletter below for more.