This article is a continuation of Financial Planning for Singles – Part 1.
In part 1, we highlighted the typical areas to review when it comes to insurance for Singles.
We also mentioned the importance of making preparations, in case of you losing the ability to make decisions due to reasons like
- Physical disability
- Mental illness
- Mental deficiency
- Advanced age
- And other causes
One way you can prepare is by using the Lasting Power of Attorney (LPA). The LPA is a legal document that specifies who has the authority to make decisions concerning your
- Personal welfare including healthcare
- Property and affairs including financial matters
It is important to put the LPA in place while you still have the mental capacity to do so.
If you are Single and pass away without a Will, your assets will be distributed according to Singapore’s Intestate Succession Act. This means your assets may be inherited by your parents, siblings, siblings’ children, or government if you do not have any prescribed next of kin.
Instead of having your estate distributed by the government, isn’t it better to write a Will to ensure your assets are left to the people or organizations that matter the most to you? A valid Will is required if you want to include a non-blood-relative, non-relative, or an organization as a beneficiary.
In addition to writing a Will, Singles should also make their CPF nominations, life insurance nominations, and Dependents Protection Scheme nominations to ensure that distribution to their beneficiaries is expedited. If you need help with Will writing, making nominations, or Estate Planning, please consult an experienced Financial Planner today.
